How to Give Your Business the Best Chance to Succeed in Australia

With an educated workforce, a vibrant economy, untapped resources, and access to huge consumer markets in Asia, Australia has much to offer business owners. 

If you’re thinking about taking the plunge, consider what you need to do in order to give your business the best chance to succeed in Australia. With careful planning up front, you can lay the groundwork for your business in a way that will set you up for solid growth in the future.

What Business to Start in Australia

While it’s tempting to start a business based on your personal interests, sometimes that’s not the best strategy. To discover what business will give you the best chance of success, do some research. Look carefully at the areas you’re interested in and find out what kinds of businesses are lacking. 

Start your market research by looking for the latest trends. Which industries are expanding? Which are declining? Are technological developments having a big impact on some industries? Could you capitalise on those technological changes? Look for a thriving, stable industry with room to grow. Starting a new business in a field that’s on the decline is rarely a good idea.

Which Businesses are Profitable in Australia?

Once you decide on a particular industry or even a particular business, research your competitors. Do all you can to study their operations and their business strategies. A solid analysis will include a picture of potential threats and opportunities as well as the strengths and weaknesses of your competition. 

See if you can find articles about competitors. If they’re publicly owned companies, you can obtain copies of their annual reports, and these will offer a wealth of information about profitability and potential.

How to Set Up Business in Australia

With market research at the ready, you can take the necessary steps to set up a business in Australia. Your business set up will include the following steps: 

• Registering your business as a company, branch, partnership, or trust
• Complying with local and federal tax authorities
• Managing your accounting
• Setting up registered office
• Creating a tax compliance and reporting system

We can advise you on your business set up as well as your legal and financial obligations. Our advisers understand the complexities of setting up a business in Australia, and they can help you to lay the successful groundwork of your business. Reach out to us at Altus for more information or to speak with an adviser.