Business News

Wed Jul 31

The Most Successful Start-Ups in Australia

Written by News Company

The future looks bright for Australia’s start-up sector. Cities like Sydney, Melbourne and Perth are beginning to be recognized as most popular Australian start-up hubs. More and more companies are beginning to get an admirable international reputation due to their unique value, reflecting the vast potential of this sector of economy. Here we list some of the most prominent businesses of this type which have contributed to the overall Australian start-up success.

Canva

A well-known graphic design platform, convenient for amateurs and professionals alike. At present, this start-up has a business value of $345 million, and as of January this year, it has grown to $1bn market valuation. The lady behind this prolific business, Melanie Perkins, is one of the most successful young CEOs in the world who believes in the potential of modern workforce. The business is booming and further growth is expected.

Lottoland

At first a small start-up, Lottoland has done wonders in only six years. Now it is a recognized leader when it comes to online jackpot betting platforms with hundreds of employees all over the globe. With over 10 million customers in 2019, over a billion dollars have been paid out to lucky winners. This is a business fully licensed and authorised by the government which is just one of the factors that guarantees a full payout. Its insurance-based business model makes it possible for lucky winners worldwide to receive their jackpots. In 2017, Lottoland received the ‘Rising Star’ at the EGR Operator Awards in Sydney, which is, by the looks of it, only the beginning.

ShippIt

This cloud-based delivery start-up was the brainchild of William On and Rob Hango-Zada in 2014. It has since blossomed into a business servicing up to 300 merchants and businesses worldwide while offering contemporary shipping solutions to carriers and consumers. With the equity funding of $1.63 million, it has now partnered with big names in the shipping industry, such as TNT, Australia Post, Mail Call Courier and the like.

The Iconic

This is one of Australia’s most popular fashion retailers. The founders, Adam Jacobs and Cameron Votan, gathered a seed funding of $26 million with much support from the famous tech company – Rocket Internet. What made them stand out in the hectic business world is their 3-hour delivery policy in Sydney and Melbourne, as well as the 100-day return policy. What’s more, all orders up to $47 are delivered free of charge.

ClassBento

This is a start-up whose goal is to make art accessible and affordable to all. Interestingly enough, the founders of ClassBento met while working for The Iconic, and decided to create easy access to art for Australians. This company has a high rating of 4.9 out of 5 and over 500 reviews from satisfied customers. They offer classes and art workshops, and are a role model for all enthusiastic entrepreneurs.

Tech innovation has taken root in some of the biggest Australian cities, making them the hubs of a thriving start-up economy. These are just some of the names in the ever-developing start-up sector, but enough to inspire you and get those creative juices going towards success and profit.

Tue Jul 30

Three important challenges small businesses face and how to fix them

Written by News Company

Running a business can be hard, and sometimes, it can be harder than you think when first entering into this otherwise unknown world.

Because of this, many small businesses in Australia are afraid to take risks, and who can blame them.

But, to make sure you’re fully aware of what to expect when starting a small business, we’ve highlighted the three important challenges you’ll come up against at the start, and how to tackle them, below.

Finances

One of the biggest challenges you’ll face is your finances, or, to be more specific, knowing about them.

You’ll need valuable, reliable information when it comes to this area for not only yourself but investors and the remainder of the organisation. Companies such as RSM have a wealth of experience in this area and can offer auditing and assurance services to companies in all sectors, to ensure you have all the financial knowledge you need when it comes to the company.

Finding customers

Obviously, to run a successful business, you need customers, and with more customers, comes more financial success. It can be difficult to drum up new business when you’re a new business because no one knows your name.

However, the way to combat this is to identify exactly who your customer is from the start. This way, you can spread the word about your business to the exact people you intended to hit, rather than casting your net far and wide in the hope of finding a few. Once you’ve identified the person, and persona, your messaging will be much easier to communicate, and reaching people should be easier.

Brand awareness

Once you start, the next thing is building your brand and its identity. Companies that are household names today have been working for decades to build their name, which would have included a few failures along the way.

However, to fix this, there are a few things you should do, which are:

Invest in a PR agency. These people have contacts and the know-how to get your brand known
Co-marketing with another brand so you can access their customer base
Social media marketing. It’s cheap and reaching your audience can be done quickly and easily
Be online. Making sure you’re on all social platforms and even blogs are highly important in the digital age

Having these in your strategy should help to build your brand name, reach those customers you’re looking to target and in turn, help to return a profit.

While there will be other hurdles along the way, these are the three initial issues you’ll definitely come up against. But, as you can see, each one feeds into the other, which means, if you tackle the one, you’ll also be tackling the other at the same time. Once you’ve got all of the above right, that’s when you can move on to the next set of hurdles, which will rear their head quicker than you’re ready for.