Considering the benefits and drawbacks of starting a business in Australia is vital. Before taking the plunge it is important to weigh up the reasons for starting up on your own. Being in charge of your destiny, your life, is clearly the number one reason why many people start a business. It’s not just about being a ‘boss’ or setting the hours you choose to work. These are just small parts of the reason. It is about being mentally free and creating a lifestyle that you dream of having. Many business owners seek the glory of being a ‘boss’. For those who are ego-driven it is really a recipe for disaster. The more successful entrepreneurs see ‘staff’ as vital team members essential in ensuring your business’ success. All for one, one for all.
One must also consider why you are starting the business. Are you doing it for riches… building the company rapidly over a few years and selling for millions. Or do you prefer to build an enterprise slowly. Perhaps build a legacy for your children. A lot of people start a business in Australia to secure their lifestyle. It is often not about the money, although being profitable is important.
Fortunately, Australia is blessed with a very secure economy, we are politically stable and importantly contracts can be legally enforced. Although we possess a small population our economy is also one of the largest. Having said that, most of the ‘engine room’ in the Australian economy can be found in primary industries – mining and agriculture. Starting a business in Australia is not without its risks though. Securing a solid business plan, incorporating correctly and ensuring you market correctly are all vital elements.