New figures from the Australian Bureau of Statistics (ABS, 2019) show that the number of Australian businesses increased, as fewer businesses ceased trading this financial year compared to last year. Australia now has more than 2.4 million business trading, as of 2018-2019.

The following are my brief tips from my or other’s experiences in business, here in Australia. The decision to start my first business here in Australia took place in my laundry. This was several years ago and still living in Brisbane at the time. Having started 2 businesses, and one association has been an exciting journey, and I have certainly learned more than I ever thought was possible. I have been fortunate to have met amazing people who helped me along the way; to you, I say THANK YOU! Let me make a start with the TIPS…

Time

If you are a new immigrant, you should allow yourself adequate time to adjust to and learn about how things work in Australia. Don’t rush into starting- or buying a business. You do not know what you do not know. Take time to prepare a business plan, cash flow projection or budget. Make sure you get at least one due diligence done when buying a business.

Research and Knowledge

Empower yourself with as much information as you can lay your hands upon. Check the facts for yourself, do not rely upon what you read on the internet or social media. Australia provides fabulous free opportunities for growth and assistance to small business owners. Contact your local council, and university and visit your local library where you will find useful information relating to free initiatives to assist small business owners.

Networking

Join local networking groups and attend their gatherings initially, to learn how things are done. Focus on building relationships with local business people.   There are free networking groups, and you do not need to own a business to attend these. Research on Eventbrite, Facebook, LinkedIn, and Meet Up to find a group that suits your needs.

Ask yourself a few questions:

  • Are your skills and knowledge suitable for the type of business?
  • How will you stay motivated, and do you have the necessary support system? In June 2018, 62% of actively trading businesses in Australia had no employees. Are you able to perform all the business activities without any help?
  • Did you consider a few different business ideas?
  • Have you performed a market analysis?
  • How will you fund the business?
  • Do you know who your competition is?
  • Are you aware of the potential external and internal factors which may impact the success of your business?
  • Do you know whether the location is suitable for the type of business?
  • Do you have adequate knowledge of the legal and other regulations which may impact your business?

These are some of the questions one should consider, before starting a business. Which questions would you ask?

Disclaimer -This blog’s contents are not a substitute and should not be relied upon for professional advice that you should obtain from your accountant, business coach, and/or lawyer.

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© Chaleen Botha

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