Have a business idea? A hobby that you’d like to turn into a job? Have a business overseas and want to start it in Australia?
If you answered yes to any of the questions above, then you must read this blog.
Australia is looking for entrepreneurs!
And yes, you can open a business on a student visa!
“It is estimated that by 2020, 50% of the workforce will be business owners or freelancers”
– Forbes Magazine
For that reason, we’d like to share the 9 steps for you Open a Business in Australia
1. Connect your passion with your strength
What is the formula for entrepreneurial success? Academy of Entrepreneurs interviewed over 1000+ entrepreneurs, from 100+ industries and 50+ countries to answer this BIG question. Step one towards entrepreneurial success is connecting one’s passion with strengths. We live in a world where our passion is meant to be a hobby on the side. Stop that!
There are places such as the Academy of Entrepreneurs that empower you to turn your passion into a thriving business. #BossYourFuture #DoWhatYouLove
2. Market research
Invest time and effort into comprehensive market research. Do your SWOT analysis;
(Strengths, Weaknesses, Opportunities, and Threats). Do the SWOT not just for your business idea, but also yourself and your competitors. Click this link for more info.
A little tip: try to avoid just looking within your specific industry. In today’s world of sharing economy, high transparency and globalisation, etc, a lot of industries cross over. For example, if you are planning on launching a drink business, be aware of how the Amazon and their drones can be both a treat and an opportunity for your start-up.
Lastly, get out on the streets, speak to the public & future customers (not just family and friends – who love us too much to give us real feedback), run focus groups, survey monkey, etc. Feedback is vital for idea development and product placement.
3. Marketing mix
Although Marketing Mix is over 50 years old, it is still very relevant today and allows you as a future entrepreneur to determine your product or service offering.
The Product (or service) should solve a “problem” for your customers… and hopefully, exceed the customer expectation. It has to be positioned and available at the perfect Place where your customer’s shop. The Price positioning has to be chosen thoughtfully, it has to represent good value, however, that does not mean it should be the cheapest available. Cheap can de-value your product/business.
Thanks to the power of online channels the promotional strategy is more affordable and can give you better-targeted results/ROI if you use the right tools. Think about what message do you want to convey and how you will best reach the heart and mind of your customers – and make them take action and buy from you.
Although your businesses may consist of intangible products, physical evidence can very powerful. That doesn’t mean you need to rent a shop, it could be done in the form of printed flyers.
And how effective are your processes? Map out the customer journey & experience to identify opportunities to develop a stronger and more effective customer pipeline, conversion, retention, and referral process.
Lastly, the strength of the business will many times lay in the people. Having the right team is essential. Your team needs to live & breathe your values.
4. Name Checker
Ready to register the business name? Wait….!
Before you get started with business name registration, buy the domain, design your branding, set up the social media channels, and all of the other exciting stuff done >> go online to https://www.namecheckr.com/ and see what platforms your business name is available.
5. Start-up lawyer
They will help you navigate and understand all laws and legal obligations of your business/industry in Australia. It’s important to get the correct legal structure from the beginning. You don’t want to be raising capital, pitching to investors, negotiating shares meanwhile you aren’t yet legally compliant. 6. Choose your business structure
In Australia, there are four commonly used business structures, which one is best suited for you?
- Sole trader – as an individual you are legally responsible for all aspects of the business
- Partnership – an association of people or entities operating a business together but not as a company
- Company – A legal entity that separate shareholders from the company in regards to legal responsibilities
- Trust – an entity that holds assets or income for the benefit of others
7. Australian Business Number (ABN)
On a student visa, you can apply for an ABN. It’s free and takes only a few minutes. Click here to get started.
8. Australian Company Number (ACN)
Thinking big?! Then register your company name. Easy company (easycompanies.com.au) costs around $550 only and will give you all the power to start trading as a structured company (with Board of Directors, a Constitution etc).
Building a personal network of like-minded entrepreneurs has unlimited power (and benefits). Surround yourself with people who are focused, have similar goals, ask the right questions, give you advice, want to see you succeed, and will connect you to their network.
Did you know that 78% of startups say that networking was vital to their entrepreneurial success?
So….what are you doing there?
Focus on what you love, use your talent, do your market research, pick the right name, consult with a lawyer, register your business/company, and network network network!!!
Do you want to know more about opportunities on how you, with an international student visa, can start businesses in Australia or connect to start-ups that have already started their journey and succeeded? Or do you need help finding the right course that will support you on your entrepreneurial journey? You can contact Study Anywhere for more information or request a free Student Visa quote.
The article is written by Anton Fredriksson from the Academy of Entrepreneurs.