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Why 40%+ of Australian small businesses fail: big ideas and cold realities [2/12]

Here's why 40% or more of Australian small businesses fail. Australian Business Podcast episode #2 is now live on Rask.

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Australian Business Podcast episode #2 is now live on the Rask network, and I’m thrilled.

In this episode, I — Owen Rask, founder of The Rask Group — dive into a small business’ most important asset: you.

This episode of The Australian Business Podcast aligns perfectly with Lesson Two of Rask’s free business course.

💡How many Australian businesses fail: it’s estimated around 40%-60% of new Australian small businesses won’t survive the next 5 years. I suspect a big reason for small business failure can be put down to a failure to prepare.

Australian Business Podcast episode 2 outline:

  • Your number-one business asset is you
    • “What are you prepared to sacrifice?” Melissa Browne’s advice on budgets applies to business
  • Creating a vision board before you launch your business
  • Following the money – why it’s bloody hard but the key to business success
image shows why following the money works but why it's hard
Source: Australian Business Podcast & Rask’s free business course
  • Side hustles versus small businesses
    • “Don’t test the water with both feet” – Warren Buffett
  • Owen’s advice, and getting a Suga Mumma and Suga Daddy — it’s not what you think!
  • The three stages of small business owner’s skillset (from Emyth)
    • Technician 💇‍♂️ – be great at what you do
    • Manager 🙋‍♀️ – achieve greatness by letting others thrive
    • Entrepreneur 🧠 – motivation and strategy define success

Love the Australian Business Podcast? Let me know about it by leaving a review on Apple or Spotify. 

If you want to help me out with the course, right now the best thing you can do is subscribe and review this podcast in Apple or Spotify. Please use the “Ask a question” menu link on the Rask websites, or leave your questions in the Apple Reviews.

Send us your business questions for this weekend’s episode

Anyone can send us questions… that means you! Click here send Jordan, Danil and Owen a question to answer on air. Just select “The Australian Business Podcast” when prompted.

New here? Subscribe for weekly shows! 

Subscribe to the Australian Business Podcast on all major platforms. We release episodes weekly!

  1. Apple podcast
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  4. Castbox

Australian Business Podcast resources

Amazing deals go below 👇

✅ Grey Space Advisory – snag a $100 health check

Do you get stuck worrying about your business’ finances? Or what needs to be paid to ATO, employees, Super funds and so on? The Australian Business Podcast is proud to announce that our sponsor, Grey Space Advisory, is offering all business owners a financial health check.

Jordan and Danil’s expert team of accountants will conduct a review of your tax structure, bank setup, ATO obligations and reporting, business insurance and provide some advice on how to manage all of this — for just $99! You can book a $99 health check with the Grey Space Advisory team and tell them Owen sent you.

 Rumble Coffee Roasters — our first partner!

Rumble Coffee Roasters is dedicated to helping you drink better coffee. Knock-out blends, world-class single origins, bold espressos and flavour-filled filter roasts. Rumble Coffee prides itself on personal relationships with producers and customers alike. 

They pay farmers fairly so that they can invest in their land, their employees and their communities. You can buy some beans to drink at home or in the office via rumblecoffee.com.au. Alternatively, if you’re a coffee shop owner — get in touch and discover better ways to serve your customers. Tell them Rask sent you. 

🏰 Rask – Get Owen’s best investing research

The Australian Business Podcast’s official sponsor is Rask, our very own company. We empower hundreds of thousands of investors around Australia, whether you’re new or have been investing for 40 years. You can take an investing course on Rask Education to discover how Owen carefully researches small or blue chip companies, or become a premium Rask member today to speak directly with Owen and see what he is investing in.

As Warren Buffett famously said, “I am a better investor because I am a businessman, and a better businessman because I am no investor.” 

***

The information on this website and in our podcasts is general financial advice only. That means, the advice does not take into account your objectives, financial situation or needs. Because of that, you should consider if the advice is appropriate to you and your needs, before acting on the information. In addition, you should obtain and read the product disclosure statement (PDS) before making a decision to acquire a financial product. If you don’t know what your needs are, you should consult a trusted and licensed financial adviser who can provide you with personal financial product advice. Please read our Terms & Conditions and Financial Services Guide before using this website.

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