How to keep going when the going gets tough
(in setting up a business)
Words by Rebecca Foreman for Navitas Skilled Futures
Starting your own business is a brave undertaking even at the best of times, but doing so as a migrant or as a refugee in Australia can create additional challenges.
However, armed with the right information, a checklist of due diligence, and a healthy dose of resilience and resourcefulness, you can overcome a competitive marketplace and build a successful business in Australia.
In this article, we’ll cover our top tips for excelling in the Australian business market and how you can set yourself up for continued success, even when times get tough.
Research the market
Understanding the Australian market is key to your business’ success. Research the local economy, your target customer, and industry trends as well as potential competitors.
Identify gaps in the market and opportunities that can set your business apart. It’s also a good idea to consider partnering with local business development organisations, chambers of commerce, and mentors who can provide valuable support and help your business thrive in today’s economy.
Create a solid business plan
A well-thought-out business plan is your roadmap to success and an essential tool for setting up a business in tough times. Your business plan can act as your guide for future decision-making to ensure your choices align with your original goals.
There are a number of online resources to help you create your business plan, but this Australian government business plan tool and template site is a great place to start.
Outline your business goals, strategies, and financial targets. If you need help with this, contact your State’s Business Advice and Support Service.
In particular circumstances, your business plan may also help you to secure financing to get your business up and running.
Complete your financial planning
During a recession or tough market conditions, gaining access to financial support or funding to build your business can be limited.
Explore various financing options including personal savings, loans, grants, and investors. Be cautious with debt and seek professional financial advice to maintain a healthy cash flow.
For financial advice, Navitas Skilled Futures recommends Finance Consultant Kaleed Rophael at Express Home Loans:
Mobile: 0405 176 490
Email: khalid.ch03@hotmail.com.
Office address: 33 The Crescent, Fairfield NSW 2165
Maintain adaptability
Whatever industry your business is in, understand that it is an ever-changing market, and adaptability is your greatest asset.
Be open to pivoting or changing your business model, product or service offering as necessary. If a specific part of your business or service is doing well, consider focusing your efforts on that area rather than spreading your business offering outside of that.
Make sure to keep an eye on market trends and customer feedback to make informed changes as required.
Build your support network
Building a strong network is important when opening your own business in Australia. Not only is it great to have friendships with like-minded business owners, it’s also a means of support to lean on when times get tough.
To build your own network, attend local business events, join industry associations, and connect with other entrepreneurs online. Joining and partnering with Welcome Merchant is a fantastic option to get you started!
Combining your efforts with other businesses can also help you share resources and expand your audience to make your business as successful as possible.
Secure government support and assistance
The Australian government offers various support programs for migrants and refugees starting businesses. Research and take advantage of these resources, which can include language, education and employment courses at Navitas Skilled Futures such as pathways courses, plus loans or grants, tax incentives, and training programs.
Invest in marketing and branding
Marketing and branding your products or services is essential when you’re starting a business. While this may sound like a costly investment, not all marketing and branding options need to be expensive in order to be effective.
Create a cohesive brand that resonates with your target customers and emphasise what makes your product or service stand out from the competition.
Investing your funds wisely in a marketing and branding campaign is important as it helps your business stand out in a crowded market.
Consider utilising local print and digital marketing, social media, and content and email marketing to reach a broader audience on a limited budget.
Maintain customer satisfaction
Customer satisfaction is the lifeblood of any business. To ensure success, focus your business on providing excellent customer service and building lasting relationships with your clients, which is especially important when times are tough and there are many options for clients to choose from.
If you have loyal customers, ask them to write online testimonials or reviews to support and endorse your product or service on your website or social media. Good news travels fast and happy customers are more likely to refer others and become loyal supporters during financially challenging times.
Monitor your business expenses
Keeping a close eye on business expenses and cash flow is vital when setting up a business in any market conditions.
It’s essential you identify areas where you can cut costs without compromising the quality of your business. Consider outsourcing non-core functions and keeping your operations simple to maximise efficiency and minimise costs.
Take courses to expand your skills
Starting and running a business is challenging for anyone, but as a migrant or refugee in Australia, you may face unique difficulties like perfecting your English language skills, both in spoken fluency and written language.
Luckily, Navitas Skilled Futures is here to help you build a better future and reach your goals of starting a business. Their Adult Migrant English Program (AMEP) has options to help you get started with developing your English skills, as well as specialist digital skills courses.
Digital learning is included in every single course, which means you’ll be able to work on getting up to speed with your English while you learn new digital skills to help propel your business.
Once you’re enrolled in the AMEP, you’ll also be eligible to take part in the Pathways to Work program, which can help you develop valuable skills for the workforce.
If you are in Sydney or Canberra, contact Navitas Skilled Futures (NSF) to find out if you are eligible for the free, government-funded AMEP. If you’re in a different area, you can find your local provider here.
Alternatively, you can contact NSF on 1300 798 111, email info@navitas-skilled-futures.com.au or click here to find out more or enrol.
Our final thoughts on setting up a business in Australia
Building a business in Australia as a migrant or refugee during tough times or any time can be challenging, but it is also a rewarding endeavour that can lead to financial independence, security and personal fulfilment.
With the right business strategies and support networks like Navitas Skilled Futures and Welcome Merchant, you can overcome obstacles and create a successful and sustainable business that contributes to your local community and the broader Australian economy.
Remember, your unique perspective and experiences can be your greatest assets, so embrace them as you navigate the business landscape Down Under!