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5 Tips to starting a new business in Australia

Posted: October 23, 2017 at 8:28 pm   /   by   /   comments (0)

Australia is one of the best places in the world to do business. In fact, it is becoming a great startup hub in 2017. Aside from the country’s uninterrupted economic growth for two decades, Australia also has a talented workforce. If you are planning to launch your startup in Australia, you could benefit from the ease of doing business and its connection to other territories such as Asia. But before bringing your brilliant ideas into being, here are a few tips you might want to consider:

  1. Research what’s in-demand in Australia right now. Food will always be a good idea if you are looking for a profitable business with low investment. Aussies love to eat, after all. But if you are after the trend, online retail and technology services are all the rage these days. Anything about health, wellness, and going green are also hot right now.

  2. Create a great product. After deciding what kind of business to put up, it is time to create a great product. This is a very crucial thing to consider regardless if you are thinking of selling physical goods or professional services. Yes, PR and marketing would help to sell your products like hotcakes but all your resources will only go to waste when you have a bad product.

  3. Consider a pay-as-you-use space instead of buying an office space. Buying an office space is a huge expense. This is regardless of the fact that the Australian government has provided better grants and loans for businesses who want to invest in the real estate. With a serviced office space in Australia, you can set up your business in a desirable location at a fraction of a cost.

  4. Consult a business advisor regarding the legal essentials in Australia. Just like in any country, you will have to pay a variety of taxes before commencing your business activities in the country. Lessen your burdens about the legal matters by getting the expertise of an accountant or a business advisor.

  5. Outsource. There are many reasons why it is a good idea to outsource. One of them is the fact that it lets you gain access to new market areas. Many big companies outsource because it saves them lots of money on labor costs. As much as possible, let others do the things you can’t do. For example, hire someone else to do the bookkeeping or accounting if those things are not your expertise. This way, you can save your energy on far more important matters and focus on the core business processes.

Above all, it would be of great help if you study Australia’s culture first especially if it’s your first time traveling to the country. Like any country, Australia also has its fair share of certain business etiquettes and customs. Familiarizing yourself with the Aussie culture is part of getting to know your customers better. The best way to do this is to get out and meet as many different kinds of people as you can.

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