OMG! Decadent Donuts is made up of 70+ licensees owning their own small businesses in their own community. It gives them a flexible livelihood, and the ability to be their own boss and make their own decisions whilst being supported throughout the lifetime of the business by the OMG HQ Team and extended family of licensees.
Owning a business in Australia can be a rewarding and exciting experience for those who are driven and passionate about their work. However, going into it with realistic expectations and a solid understanding of the Australian business landscape is essential. Here are some things to consider if you’re thinking about owning your own business in Australia:
Firstly, it’s important to know what type of business structure you want to operate under. In Australia, there are various business structures to choose from including sole trader, partnership, company, or trust. Each structure comes with its own pros and cons, so it’s important to do your research and choose the one that best suits your individual goals and needs. At OMG! Decadent Donuts the structure used by about 95% of our licensees is “Company” with the remaining 5% as a “Trust”. Some have started as a sole trader or partnership and then had to convert to a company about 6 months after commencing (because they’ve been earning so much!). But this ended up being a very costly exercise for them.
Another important consideration is obtaining the necessary licenses and permits. Depending on the type of business you want to run, you may need to obtain specific licenses and permits from the relevant authorities. This could include things like a food safety permit.
Beyond licensing and permits, it’s also important to ensure that you comply with taxation and employment laws. Australia has strict laws and regulations in place for things like payroll, superannuation, and workers’ compensation. As an employer and business owner, you will need to familiarize yourself with these laws and ensure that you’re meeting your obligations.
One of the biggest challenges facing small business owners in Australia is cash flow. In order to ensure the success of your business, it’s important to have a solid financial plan in place. This could include a combination of strategies such as cash reserves, invoice factoring, or business loans. Managing your cash flow effectively can be the key to sustainability and growth in the long term.
Marketing and branding are also crucial areas to focus on as a small business owner. In the age of social media, having a strong online presence can be the difference between success and failure. At OMG! Decadent Donuts we do much of the heavy marketing lifting for you and, as a licensee, this doesn’t cost you anything. Included in the business start-up is a professional website with a page dedicated just to you, social media set-up and provision of assets, search engine optimization and Public Relations to help your business reach its target audience and stand out.
Finally, networking and building relationships are essential for business growth and success in Australia. There are many local business communities and resources available in most cities and towns. These could include industry associations, business networking groups, and even local chambers of commerce. Attending events and building relationships with other entrepreneurs can help you gain valuable insights, referrals, and support.
In conclusion, owning your own business in Australia can be a fulfilling and exciting journey. However, it’s important to go into it with a solid understanding of the challenges and opportunities that come with entrepreneurship. By taking the time to research, plan, and execute effectively, you can increase your chances of success and build a thriving business that makes a positive impact on your community and beyond.
For information on owning your own OMG! Decadent Donuts business please click here to complete our enquiry form and we’ll send you information on how you can be your own best boss.
