Compared to working a 9 to 5 job, running a business has far more benefits than you can think of. From allowing you the independence of decision-making to making a better income, the pros of running a business can’t be expressed enough. However, a business is only successful as long as it is established in a stable economy.
Australia is one of the best places you can start a business today. With simple processes to register a business in Australia, the internationally competitive financial services that come with it, and the open market make it highly favourable for aspiring entrepreneurs. If you have been looking for a suitable market to takeover with your billion-dollar business idea, here’s why Australia should be on the top of your list.
#1 A Reliable Economy
The global economy has had a tumultuous time for the past two decades. Compared to other major economies, Australia has seen a stable time. With a steadily rising demand for the flourishing resources of Australia, there is a fixed growth trajectory for the economy. In addition, the foreign policies and security services of the country further encourage businesses here.
#2 Outstanding Workforce
A brilliant team makes or breaks a business venture. Australia has a workforce that is well-educated and trained to apply their skills in the right places to boost business. Unlike a lot of workforces, Australians have more specialised knowledge in their fields of interest.
While generalists have their due importance, specialists can construct highly customised solutions for business, predicting obstacles and improving the chances of success. When your workforce ranks high in the World Economic Forum’s competitiveness index, these clever cookies will help your business flourish.
#3 Strong IP Laws
Businesses flourish when their innovative ideas are given due credit and have a target audience to attract. Australia has a strong game in research and development, coming close to the innovation giants such as the US, South Korea, and Japan.
Since intellectual property is the core asset of many businesses, these laws are necessary to protect your patents, trademarks, and designs. Hence, innovation is rewarded with intellectual solid property rights guarded by iron-clad IP laws.
#4 Government Support
Startup culture is taking Australia by storm. The Australian government is incentivising young entrepreneurs to set up innovative ventures with its support. Starting with simplifying the paperwork required to register a business in Australia to introducing R&D tax incentives, the country is all set to increase the productivity and competitiveness of the regional business as they enter the global market.
#5 Global Connections
Australia has strong trade relations with other countries, giving you a chance to go global with your new business. With steady trade with all the major economies in Asia, Europe, and North America, there will not be a shortage of markets for your business to expand into.
In addition, Australia is also a part of the Regional Comprehensive Economic Partnership (RCEP). This significant free trade agreement covers 30% of the world’s GDP and is sure to benefit your business, no matter what.
Final Thoughts
Starting a business, like anything else in life, can be nerve-wracking. However, picking the right market and niche to put your efforts into can soothe the anxiety that builds up in you. Australia is an ideal location to start a business. Be it legislation or resources, the country has everything to offer for a budding entrepreneur to bloom into a global business owner.
