Start A Business in Australia
If you have an entrepreneurial background, and the idea of owning a business in the land Down Under excites you, then you might want to explore the possibilities a business skills visa might bring. You can either start a business from scratch (which is the more arduous and riskier process) or buy an existing one.
“Putting up a business out of nowhere will involve a lot of research, business planning and development, establishing brand identity, building infrastructure and so on. On the other hand, purchasing an already established business minimizes start-up woes and will leave you focusing more on driving-up profit as you build your new life in Australia“
– Anthony Rice, Principle of Redmako Business Sales.
“Buying and selling businesses is a thriving practice in Australia and is even supported by an industry of business brokerages who are ready to assist and guide interested buyers“ said Rice. There is readily an interesting array of businesses for sale to choose from. Not sure what type of business to acquire? You can look into all the types of businesses and industries in Australia when considering options, but one of the strongest industries and arguably, one of the easiest to operate is the hospitality industry. In any part of the world, food and hospitality have always been essential consumable services. According to research conducted by Bankwest (PDF), the food and hospitality industry are important drivers of the Australian economy as it generates $74 billion in revenue annually. This revenue is projected to continue growing at a rate of 1.6% per annum through ’til 2020.
Furthermore, according to IbisWorld, one of the factors that triggers this growth is the changing Australian lifestyle. “Busier lifestyles and diminishing leisure time have increasingly led consumers to turn to restaurants for meals. Restaurants have allowed consumers to combine dining with leisure and avoid spending time on food preparation” they said.
If you are considering immigrating to Australia and starting a business there, then you need to understand the *stages of acquiring a business in Australia:
- Talk to a Migration Agent to Learn About Your Visa Options
- Look at the Business Innovation Stream
- Approach a Business Broker
- Choose the Business You’d Like to Purchase
- Make an Offer & go to Contract
Carefully studying all your options, planning, and working hard to obtain your dream of attaining Australian residency can be daunting and confusing. Thankfully there are many options and acquiring a hospitality business is a highly viable one. If you haven’t considered taking over an established Australian business, now is the perfect time. There are many business owners that are looking to reap the benefits of their hard work and are looking to pass on their business so that they can move on to accomplishing their other goals.
Ready to buy a business and find our more about how this can work for you? Start by looking at our current listings and express your interest by submitting a Confidentiality Agreement which you’ll find on the listing details page, or contact us:
*This page is an excerpt from our blog post titled “Could Buying a Hospitality Business Be Your Best Option For Australian Immigration?” Click to get more detailed information.