How can you launch a successful Startup in Australia
Startups have created over 1.44 million jobs in the Australian economy in the past few years. Needless to say, the government is welcoming and supporting entrepreneurs, and the Australian start up scene is booming. Here are five tips to launching a successful start up business in Australia.
Choose your industry wisely
All start-ups are not equal – you have a better chance of flourishing if you choose the right industry to launch into. If your start up aligns with the Australian Government’s national development agenda you are more likely to get the funding and resources you need. Currently, the government is seeking innovation in:
- Agriculture, Forestry and Fishing
- Science and Technology
- Information Media and Telecommunication
- Online Gaming
- Finance and Insurance
- Energy and Environment
Support ranges from mentorship and training to commercialisation and expansion into International markets.
Get your finances right
Unfortunately, Australian banks are one of the most risk averse and conservative banks in the world. Securing a start up loan from commercial sources could be incredibly challenging, especially if you do not have any existing business track record. Some finance sources for innovative start ups in Australia could be:
- Friends, family and personal savings
- Pre-launch and getting customers to pre-order your product
- Crowd funding websites like Kickstarter and GoFundMe
- Venture capital firms
- Government grants or micro business loans
The first year is a struggle. But if you can get past that and remain solvent, more commercial business loan options will become available.