There is no perfect time to start a business in Australia than now. Ideas are in a boom, the economy is on a roll, and consumer market is very upbeat. The conditions are just perfect to have your own business and contribute further to the country’s economy.
We had shown you before the seven important things you need to remember when starting a small business in the country (click here if you missed it). But entrepreneurship is such a challenging, albeit exciting road to take, we have seven more important details to keep in mind when having your own startup.
Take note, mates. These could skyrocket you to success.
The best entrepreneurs in the world didn't become the best because of their Master’s Degrees or training in their belt. They became the greatest by actually starting their businesses and learning from it. No amount of business books or entrepreneurship seminars can prepare you for what’s coming. Learn the ropes by going ahead and starting your business.
Mark Zuckerberg didn’t finish college. So as Bill Gates. And Steve Jobs. We are not saying you should quit your education. Our point is that these guys did not let their lack of a diploma stop them from launching their companies. So do it. The learning starts when you fail and take notes from what happened.
There are two sides to the population of starting entrepreneurs. On one side are those cowering in fear of failure, on the other are those who fall for the survivorship bias. These people focus only on the successful businessmen and think the same thing will mostly happen to them.
Here’s the thing. Your business can fail. And if you don’t set up any safety nets such as insurance, your failure will hurt more than it should. Business insurance is not only a security measure but a requirement in Australia. There are currently three types of business insurance available: the asset and revenue insurance, personal and workers insurance, and liability insurance. See which one is best for your business well apply for one.
As Thank You Group founder Daniel Flynn puts it: a smashing idea doesn’t always equate to success. Everybody has a good idea. Your execution, however, shapes the fate of your business. Have a good business plan. Keep your priorities clear, as juggling too many balls in the air will only lead to them crashing. Be consistent with your execution plans. And revisit your strategies to tailor-fit them to the numbers you are getting, but never change your end goals.
It is also important that you surround yourself with people and employees that will provide a positive and productive culture to your business. You might have planted the seed of the idea, but their aggregate efforts and concepts borne from brainstorming will be the water and the sunlight that makes sure that seed grows strong and big.
The Australian Government never leaves its entrepreneurs alone. It gives them access to grants and assistance such as commercialising your products, business expansion, idea research and development, and even import and export of goods and services.
You just click the link, check the kind(s) of assistance your business needs. State your industry, period of operation, and annual turnover. And you will receive help from the government.
Most entrepreneurs underestimate the importance of having a mentor. They think that mentorship is only for those “want to keep their level of success maintained.” Mentors are positive forces that keep you inspired when the numbers seem to go against your plan. They will guide you to make the best choices (No, they cannot make the choices for you. Every business situation is different). And best of all, mentorship is personalised. You may read a thousand motivational and business books from the greatest authors, but nothing beats the advice of someone who can see your strategies, operation, and results on a first hand basis.
A seasoned mentor has already walked the path you are trailing right now. He or she is armed with experience, insights, and networks that you do not have right now. Take advantage of these and build your way to success.
Depending on the type of your business or the products and services you offer, you will need to follow mandatory safety laws, including construction, performance, testing, labelling and information requirements. Click here to get a full understanding of these laws.
The codes of practice also give a minimum standard of security to consumers and businesses in certain industries. Contact your state or territory consumer affairs office for further details on codes of practice in your area or you may click also here.
And finally, you need to be aware of the safety and labelling standards in the country in case you are trying to sell products. Click here and here for more information about them.
Most young entrepreneurs will jump from one opportunity, idea, or product to another, neglecting their original priority. This is a rookie mistake. As we said, juggle one too many balls and you will end up crashing them to the ground. Once you created your core product, funnel your time, efforts, and resources on it. Develop it, make it grow, perfect it. This will raise your chance of success.
And once everything is stable and expansion is the only way to go, scale up slowly. You are entering a new realm you are not familiar. Better to look ahead carefully before you leap.
Aussies are pretty much laid back people. What with those many holidays and after-work beer sessions. But this doesn't mean they’re all fun and play. Australians are one of the most rigid business people in the world, with very strict work ethics.
Confused? We broke down the points on how Australians roll, both in casual and business/office environments, so you may have knowledge on how to deal with them.
After-work socialization and drinks are not limited to Fridays only. You can have beer any day of the workweek once you step out of the office.
Beer is vehemently sacred here. So pay homage by not talking about things that belong to the board room.
Since we’re on the topic of drinking, it is not unusual to see an Aussie lunging around chugging a cup of beer. Even Prime Minister Tony Abbott can be casually seen drinking in Sydney pubs.
In a friendly manner of course. They swear to exaggerate, strike a point, or express humor. Be sure you assess the people you are with before doing so, though. And then just follow their lead.
Shockingly, Australians get an average of 20 days of leave annually, aside from the multitude of holidays they have. (Find out what Aussies are celebrating big here). Take that, rest of the Western World.
Australians love to roam within and outside the country. They don’t care about long flights and the upscale costs (So how much does it really cost to go around the country? Check it out here.). As long as they get somewhere far and enjoyable. So talks about travel is always welcomed.
Aussies are generally courteous and friendly. It is always considered rude to take the back seat of a taxi if you're the lone passenger. So take the shotgun and have a gleeful chat with the driver. It's much more fun.
When your Aussie friend says “How swell is that?” he/she is not asking for a reply from you. He/she is just saying something is awesome or excellent. They use rhetorical questions to express emotions or fill in awkward silences.
With all the beer and friendly banters, Australians are strict when it comes to time. Always be on time. But not too early either, which might come across as over-eagerness.
If you have tattoos all over, be sure to cover them up. If it shows under your button down, wear another shirt underneath.
If you’re a guy, there’s no reason under heaven to sport dyed, highlighted, or frosted hair in the office. Get a professional cut.
Unless you just picked up something in the office on your way to the beach during the weekend, then that’s fine. Always wear pants or trousers at work.
In most cultures especially Americans, this is a taboo. But it’s OK in Australia. As long as you two are professional at work, they won’t give fuss about what happens after office.
It doesn’t matter how hot it is. Presentation is everything. (Find out how hot it can be in each city here.)
Start with small talks and catching up. Going for the business matters right away might come across as too aggressive or hurrying.
That doesn’t mean you can get away with calling the Operations Manager “Bill from the Office Downstairs.” It only means everybody gets treated with the same amount of respect, friendliness, and engagement from the CEO to the rank-and-files.
If he wears a tie, you need to wear a tie.
We cannot stress it enough. Aussies like to drink, but it’s never a reason to skip work. Ever.
Not everyone come to Australia with the intent of working a nine-to-five job. Some wants to earn a living with their own products or services, doing trade, or even acquiring a company.
So, how do you do business in Australia? We lined up the things you need to know in every situation for you.
Much like setting up shop on your homeland, establishing a business in Australia means you need capital, a concrete business plan, management skills, all the works.
But beyond those, you need to iron out the documents and processes necessary, such as (we provided the links for you for more details):
Australian companies grow in an opportunity-rich business environment, so it’s no wonder businessmen and investors would come and takeover some of the businesses here.
Companies here are all regulated by the Australian Securities and Investments Commission (ASIC). It holds a record of rules and supervisory documents regarding acquiring companies.
If you are interested in taking over a company (or companies) here, you may refer to ASIC’s regulatory index of takeovers and reconstructions.
Foreign investors and businessmen may begin by submitting a formal proposal, which will be subject to approval by the Australian Foreign Investment Review Board (FIRB). The board reviews and advises the Australian government if such proposals qualifies for approval under the government’s policy.
You may refer to FIRB’s Investment section page here for more details.
These days, growing your business means expanding your operations to a global level. If you are trying to register a foreign company with ASIC, here are the steps you need to do to help your affair going smooth.
After your registrations is completed, there are still some obligations that you have to fulfill, such as:
For a complete and detailed information for each step, you may check here.
Listing for the Australian Stock ExchangeAustralia, being a financial hotspot of the world, has a very active stock market. The main stock exchange in the country is the Australian Securities Exchange (ASX).
Australian and foreign companies may apply to ASX for listing, provided they meet the recommended requirements as prescribed by the ASX rules (you may check the listing rules here). These may include company disclosures and reporting requirements.
Australia is a land of unlimited opportunities and a great quality of life. The fact that it remains one of the most popular immigration destinations in the world (at 6.5 million and counting) is never surprising.
But many are still bewildered, surprised, and disappointed that the country they landed on isn’t what they really imagined. The continent is physically detached from the rest of the world by the oceans which is the reason why it has a culture, political system, and a way of life different from the norm.
The periods of adjustments can be long and arduous. But in the end, it’s all worth it. The question is, do you have what it takes? Here are the top seven major challenges that immigrants face here.
If you’re the type of person who frowns upon bills stealing your hard-earned money, Australia is not for you. As we have established before, it’s quite pricey to live here.
The continent is home to one of the most expensive transport systems in the world, and the only non-European among the list. The Internet isn’t cheap either, and you have a data cap to make things harder.
Everyday expenses from groceries to rent to restaurant to electricity and gas are also pricier than in most develop countries (like in the United States).
Well if everything is costly, at least getting your own house can be affordable right? No.
This might be the biggest challenge among the citizens down under, locals and expatriates alike.
Getting your own house is the best decision you’ll ever make in your adult life, but the prices and taxes here make that nigh impossible. Australia, along with New Zealand, is deemed to have the least affordable housing markets in the world. While the global housing value rises by an average of three percent, Australia tops that by a whopping 12 percent.
And it doesn’t help that homeowners here constantly over-valuate their properties by 47% to 57%, especially those who hail from Sydney, Brisbane, and Adeliede. Basically, the factors are working hand and hand here, and it is crushing the property buyers beneath as a result.
If you hate the sun, here it hates you more.
You see, the Australia is very much like Europe, if Europe was ten times closer to the sun. And it doesn't help that the country has a great outdoor lifestyle. Here, sunscreen is your bff, and you have to slap it on every few hours like your life depends on it.
Well actually, it does! The country has one of the highest case of skin cancer in the world. Protecting yourself from the sun is a must so you can continue living a good life here while elbowing the big C in the jaw.
And if you think the night is a safer time for you, it’s not.
Climate and temperature in Australia can be erratic, meaning daytime can be ultimately warm, and night time unbearably cold. This can get worse during spring, where evening temperatures can plummet down to 8° C from a 27° C during morning.
And we’re talking about the cities here, where it is relatively warmer. Outback and suburban climates can be much, much worse,
But nothing can prepare you for winter night. In Liverpool and Richmond, for example, winter evenings can dip below 2° C and even 0° C. This makes the temperature disparity between morning and evening even worse.
Sure, getting out of the employment wheel and starting your own business is great career move, but the road can be tougher in Australia, especially if you need to hire manpower.
At $9.54 per hour, Aussies enjoy the highest minimum wage in the world (the very same reason people from all over the world converge here to look for opportunities). But if you’re still establishing your start-up, that means your employees will be getting a lion’s share of your capital. On the upside, you can be well sure you’ll be getting the best people.
If your idea of Christmas is a snow-covered yard, snow-ball fights, building snowmen, and anything snow-related, you’ll be in for a disappointment/surprise/ disappointing surprise. Yuletide here comes in the beginning of the summer holidays. Santa Clause might as well arrive in a surf board.
As opposed to a white, cold Christmas, the holiday here is more like your average Miami Bay vacation. But with lifeguards on Santa shirts and hats. And a decorated pine tree in the middle of the shore. Yes, it’s Christmas like you’ve never seen before.
It is warmer, the sun’s high, and it’s beach season. Forget the snowmen, sand castles are the December norm here.
It is general knowledge (huge thanks to the Internet) that Australia is home to the most bizarre and deadliest creatures in the planet. From the salt-water crocodile to the box jelly fish to bull sharks, cassowaries, and eastern brown snakes.
These creatures mostly inhabit the Outback and the sea, though. Meaning if you stay at home, you’ll be out of these crawlers’ reach, right?
Well, not really. As the country has been suffering from pest problems ever since. Rabbits in Australia have been damaging crops and decimating other species since the early 20th Century. The government has been fighting invasive feral bees for long now. And then there are the spiders. The Sydney funnel web, mouse soider, and the Redback spiders alone are known to wander in backyards and swimming pools and even hide inside shoes and clothes. So it is always advised to check things before wearing them.
As we have told you before, Australia was a land both of challenges and opportunities, and it still is right now. But that doesn’t mean the costs outweigh the benefits, check out Top 10 Reasons to Live in Australia and see the beautiful side of living here.