5 Reasons It's Great to Put Up a Small Business in Australia
Australia is a haven not just for flora and fauna but tourists as well. But there is much more to the Land Down Under than meets the eye. Beyond being a great tourist destination, it is also a haven for businesses – particularly small and medium enterprises.
While Australia is such an expensive place, earning the title of being the most expensive country to live in, the case is not the same when it comes to doing business. In fact, Australia is actually a great place to do business in. Here's why:
Resilient Economy
If there is one thing about Australia that stands out from a business perspective, it is the country's economic resilience. True enough, while most of the world's economies are considerably slowing down, Australia continues to grow.
When China's bubble burst and slowed down the rest of the world (dragging down even the mining industry), the economy of Australia remained positive. This is one of the reasons small businesses in the country continue to grow, even though SMEs from other countries find it hard to gain traction.
Capable Workforce
The workforce available in Australia is also a major plus for SMEs. After all, the Land Down Under has one of the most educated labour forces around the world. The country maintains an impressively high enrolment rate for secondary education. On top of that, Australia has a lot of university towns that produce able graduates. In terms of capability, it is no question that the Australian workforce can deliver.
Another important facet of the Australian labour force is its diversified workforce. Statistics reveal that about 3 out of 10 workers in the country are born overseas. Data from the Department of Immigration and Border Protection show that there were over 6.4 million migrants in Australia as of 2013. Naturally, that number has grown over the years. Given the migration programme of the government, this is to be expected.
Diverse Consumer Market
Now, a diverse workforce creates a diverse consumer base and this presents a lot of great opportunities for small businesses. When the target market is diverse, companies can reach more and expand the reach of their products or services.
In terms of purchasing power, Australians are by no means lagging behind. A quick glance at the figures from the Australian Bureau of Statistics reveal that the consumer spending of Australians is pretty high. Paired alongside good purchasing power, the Australian population would definitely help businesses flourish.
Strong Ties with Asia
This may not be that big of a deal for small businesses, but Australia has very strong ties with other countries in the Asia-Pacific region. For a company that wants to grow, this is definitely a plus. With such sound relations with other countries and an open trading economy, it is much easier to expand into other markets over time.
Strong foreign relations also make it easier to import resources that are not readily available in Australia. As it becomes easier and cheaper to bring in resources, companies will find it easier to produce goods for both local and international distribution.
Sound Financing Options
Last but not the least, it is fairly manageable to establish a small business in Australia. This is because of the great alternative financing options available for business owners. Once you have set up your own enterprise, it takes very little effort to secure further financing from alternative lenders.
If you need more capital or you want to expand to other markets, check the alternative lending options at Capify. We are one of the leading alternative lending platforms today and our products include providing merchant cash advances and small business loans.
Our online application process is simple and Capify's repayment options are flexible too providing business owners with easier ways to stabilise their cash flow.
Undoubtedly, Australia is in a great position to cater to businesses. The global economy may not be as bullish as business owners would want, but the Land Down Under remains a sanctuary for enterprising individuals and SMEs. The country, after all, is easily one of the most viable locations to do business in.