Entrepreneurs are more than just business owners. They are visionaries and risk takers. They have a passion and insatiable drive to develop a business, taking on risk in the hope of financial gain. They are often the people that disrupt an industry and provide change and new and innovative products to the market.
Australia is an attractive market to set up a business. Ranked third in the Asia Pacific region for overall competitiveness, and world wide for countries with a population over 20 million, it comes second to the United States. However, there are a number of considerations when choosing how to enter the Australian market.
Running a business from the other side of the world can be kind of like a long distance relationship. There needs to be a great deal of trust and communication plus a lot of passion and commitment to keep it going.
Doing business internationally has never been easier. Technology has not only solved many problems, but it has made it so cheap that companies of any size can be competing on the international market.
Here are some tech tools that will make your life easier when doing international business:
Expanding internationally is exciting and rewarding, but the hard reality is that every country in which you operate is different. Along the way, we’ve learned valuable lessons about conducting business across borders.
There are a few things you should consider before you start taking your Australian business globally.
If you have a local operation that produces or manufactures a product you know the challenges of running this sort of business. It might be successful and you might think it would be a good product to sell overseas. However, many Australian business owners struggle with the thought of exporting a product because of the complexities and expenses. Some great businesses with fantastic products just never leave our shores because it just isn’t financially viable to invest in the set up of such a venture.
We may have just faced yet another leadership change and cabinet reshuffle. But our political musical chairs hasn’t seemed to affect our ability to be an appealing investment prospect. With record low interest rates and stable unemployment we are a country with a lot going for it.
Australia is an economy that has proven it is resilient, adaptable and safe. As the world’s 13th largest economy it has a AAA rating by all three global rating agencies and is forecast to have an average annual read GDP growth of 2.9 per cent over the next five years.
If you are looking to operate your foreign owned business in Australia there are a few things you need to consider. Making sure that you get some of the key components right from the beginning can save you a lot of headaches and costs later on down the track. Here are some of the key things we think you need to consider before commencing your operations:
We love Gary Vaynerchuk or Gary V as his fans know him. His book ‘Crushing it’ has certainly been an international bestseller as well as a New York Times best seller. But there is a call here in Australia for us to review the language that we are using in our start up community.
Australia may be small in population in comparison to other nations but we are innovative and creative and are real players in the technology space. So it is very exciting that the Australian Government and Innovation and Science Australia have recently launched Australia 2030 Plan: Prosperity through Innovation. This is a plan for Australia to thrive in the global innovation race.
For overseas businesses that want to operate in Australia they firstly need to determine under what structure they want to operate in. This decision will impact on what tax they pay, where they pay it (ie. in Australia and or in their home country) and when.
Unless you work in finance you probably hate it! Dealing with financials is an important part of every business whether it is an ASX listed company or a startup. Not everyone has a passion for numbers and ensuring that your books are in order, bills paid and invoices received is critical to a business. As such many businesses choose to outsource this element to skilled professionals. So how do you determine when it is the right time to outsource?