{"id":45733,"date":"2023-10-20T15:46:01","date_gmt":"2023-10-20T15:46:01","guid":{"rendered":"http:\/\/startupsmart.test\/2023\/10\/20\/how-my-start-up-nearly-overwhelmed-me-startupsmart\/"},"modified":"2023-10-20T15:46:01","modified_gmt":"2023-10-20T15:46:01","slug":"how-my-start-up-nearly-overwhelmed-me-startupsmart","status":"publish","type":"post","link":"https:\/\/www.startupsmart.com.au\/uncategorized\/how-my-start-up-nearly-overwhelmed-me-startupsmart\/","title":{"rendered":"How my start-up nearly overwhelmed me – StartupSmart"},"content":{"rendered":"
\"my-best-mistake-20120601-2-thumb\"<\/div>\n

Business planning is key to plotting a growth path for your start-up, but the reality often involves getting your hands dirty with an overwhelming number of tasks, as entrepreneur Edward Mallet found out.<\/p>\n

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Mallet is the managing director of Employsure, a Sydney-based employment law consultancy. He set up his business last year after recognising a gap in the Australian market.<\/p>\n

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\u201cI was a barrister in the UK, specialising in employment law,\u201d he says.<\/p>\n

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\u201cI suppose I was providing advice on these issues in the most old-fashioned sort of way, charging by the hour or the day for my services.\u201d<\/p>\n

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After relocating from the UK to Australia, Mallet decided to set up a one-stop-shop service aimed specifically at SMEs.<\/p>\n

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\u201cUntil recent legislation changes, there wasn\u2019t such a heavy demand for advice at an SME level,\u201d he says.<\/p>\n

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\u201cFair Work Australia changed that and suddenly SMEs needed advice as much as anyone. What makes us different to a HR firm or a law firm is we offer an entire service for a fixed fee.\u201d<\/p>\n

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\u201cWe are a genuine one-stop-shop for these issues.\u201d<\/p>\n

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However, Mallet says he underestimated how much money he would need to invest in the business, and soon found himself \u201crunning on the fumes of a start-up\u201d.<\/p>\n

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\u201cI invested all my own savings in the business, which was about $250,000 Australian,\u201d he says.<\/p>\n

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\u201cI used to have a property in the UK. I sold that when we moved over here and spent that money when I started the business.\u201d<\/p>\n

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\u201cAs a classic start-up situation, I would run around doing 101 things, from sales to dealing with office admin to customer service \u2013 the whole lot. That\u2019s not the way to create scale.\u201d<\/p>\n

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Eventually, Mallet knew he would need to seek outside help in order to give his business the boost it needed, so he started looking towards investors.<\/p>\n

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Business planning is key to plotting a growth path for your start-up, but the reality often involves getting your hands<\/p>\n","protected":false},"author":1,"featured_media":58611,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5,14,23,1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/45733"}],"collection":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/comments?post=45733"}],"version-history":[{"count":0,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/45733\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media\/58611"}],"wp:attachment":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media?parent=45733"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/categories?post=45733"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/tags?post=45733"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}