The land of wide open spaces, Australia conversely has many bustling business precincts in its capital cities that are making foreign investors get very excited. However, whether you’re the owner of a small business or a large company, there are many things you need to think about when expanding your business.
Even for the most seasoned of business professionals, entering a new market can be a risky venture indeed. From initial market research to exchange rates to the execution of your foreign business plan, the list can seem never ending! However, don’t worry - we’re here to help. We’ve collated our top 4 guidelines that you need to stick to when thinking about expanding your business in Australia.
Do your research
Akin to any type of business growth and development, you will need to do adequate and appropriate market research to see how you will fit into Australia’s business market. What gap are you going to fill? Who are your competitors, and what are the offering that you aren’t? Is there an opportunity to make the money that you want (and need) to make? Be clear and careful when both conducting and recording your research. Effective research and development can dramatically reduce costs in the long run, as well as pave the way for huge business successes further down the track.
Get valuable advice
Venturing into a fresh market is risky for an established company, let alone a new business! Try to mitigate this risk by seeking help from someone who has done it all in Australia before. Mentors and business guidance counsellors can advise you on the pitfalls to avoid plus any potential opportunities to grab. Naturally, this past experience - of both a cultural and financial nature - will be a huge asset to your expanding business.
Learn how to do business the Australian way
Although Australia may be world-renowned for its larrikins and its friendly people, just like any culture, there are going to be nuances that will be different from doing business in your home city. You need to make sure that you are well versed in the various methods of interaction, how to engage in negotiations, how to take clients out and how to speak to people with respect. You should invest in some business engagement training for your staff to ensure that they don’t commit any faux pas with their potential clients. This kind of investment will go a long way towards ensuring that your business is primed for success!
Boost your business’ awareness
A key part of any expansion is being able to intelligently develop confidence in the hearts of your new market. This means having a presence in the cities or towns that you’re targeting; showing people that you are an actual brick and mortar institution that people can trust. Perhaps you’re not quite ready to take the plunge on a lengthy, expensive lease yet. If that’s so, a virtual office can be a great option for expansion. Click here for a great, affordable range of virtual office locations offered in one of Australia's prime business locations, Sydney.
So, you’re thinking about venturing into the Australian market. The bright lights of Melbourne, Sydney, Brisbane, Perth, Canberra and beyond are calling you! Although this is an exciting prospect, you need to be confident in your decision to healthily grow your business, whilst also knowing how to diversify and find new clients. To help you on the path to growing and expanding your company’s reach, take heed of these four simple guidelines that your business can follow to get on the path to success!