The land of kangaroos has always been fascinating for the rest of the world. Be it its impeccable pristine beaches or supportive Australian market; it has always grabbed much attention. Because of these two factors, tourism and the number of businesses are rising in Australia.
As per ABS statistics, there are more than 2.3 million businesses in Australia by June 2018. The business-friendly government policy also made it easy for foreign businesses to mark their presence in the Australian market. While you also endeavor for the same, make sure that you own a virtual phone number, have proper market research data to back up your launch, and have a legal team to support you.
Exploring the Australian market – Here’s what you need to know.
No matter how lucrative the international market seems, there are numerous stumbling blocks in the actual exploration. The same applies to all those businesses who want to mark their presence in the Australian market. While examining this flourishing market, here is what you need to know about the Australian market and business ecosystem.
Do the proper market research
Before you venture out of the Australian market, don’t forget to do proper market research. Paying attention to factors such as how is the consumer’s behavior towards your business nature, which city is most welcoming for small businesses, and who are your competitors is more important before making any further move.
Understand the business practices
Once you are cognizant of the factors mentioned above, it’s time to understand the business practices and laws in Australia. Each country has its custom protocols, and prior knowledge of them is what requires for seamless operations. Australian Government, Department of Foreign Affairs, and Trade is the concerned department, and all the information is available over there.
Decide on a business structure
Your business structure is what comes next. In Australia, the four common types of business structures are sole traders, partnerships, trusts, and companies. As a business, you need to decide what type of business structure you want for your business. Once you decide it, get ahead, and inquire about the license’s necessities and tax implications.
Running your business from overseas
Though there are ample opportunities and business-friendly policies, you just can’t simply go there with your bags and baggage. Doing so is impossible for small businesses as they can’t afford the high upfront investment involved in the process. That is why operating your infant business in Australia from overseas in the initial phase is considered an intelligent move.
Now, the burning question here is – How is it possible?
Here is how you can make it happen.
Set up a virtual office
While you seek to explore any new international market keeping the upfront investment as low as possible, a virtual office is a right thing to do. A virtual office is a business practice wherein you operate your business at a location without being physically present over there. You use a virtual phone number to set it up. You can have a physical address of the local business but can operate it from your home location. You need not have a physical office and desks at the operating location to run your business. It gives you international exposure at a fraction of the cost.
For example, if you are willing to set up your business in Melbourne (+ 61 3), then you can have a local phone number, local address, email address, and a fax machine with a local number that can be operated from any location. An Australia virtual phone number can make it happen. This facility allows a business to expand the Australian market without meeting the high investment requirements.
Own a second Australian phone line
While you are operating a business in Australia from your home location, you must conduct all the operations related to the primary business and secondary business without any hassles. A second phone line makes it possible. This helps your agents to receive/make calls from different phone lines.
For example, you can download a second phone line application for your Australia virtual phone number and can handle operations of Sydney (+ 61 2) and home location without any hassles. The call will be directed as per the line preferences.
Make the most out of Australian cloud-space
Technology has made our lives simple in numerous ways, and cloud-space operations are one of them. While you are setting up your overseas business, you need to switch to the cloud space for document sharing and storage.
Documents shared and stored over the cloud space can be accessed from any location/device. Not only this, but the virtual phone number also enables a business to make/receive calls via internet connection on cloud space. This curbs the international calling rates up to a great extent and helps a business to operate in the Australian market easily.
The world is full of opportunities. All you need to do is explore them with the right attitude and resources. So, buy a virtual phone number and conquer the world.