Brisbane’s economic forecast indicates that, among its other industries, clean technology and other tech-based industries will attract business to the area. Established businesses and start-ups that come to the city will face the same issues as it relates to attracting and retaining quality talent. However, more importantly, both face some stiff competition when pulling in the type of business that will lead to future success.
Jumping into a venture that might consume loads of time and money does not have to end badly for wary investors. For those new to the city, bring a plan; look for a serviced office in Brisbane, choose from 3 prime locations and avoid the common pitfalls associated with starting a new business here. Being in the right spot and being surrounded by the right people can help get your business off to the best start possible.
For tips on navigating Brisbane’s business environment, read the information below.
Finding an Appropriate Location
You can do business anywhere. Every day, young school children sell brownies outside of storefronts, vendors push carts through some of the busiest footpaths, and food trucks appear outside of construction sites just before lunchtime. They all make a lot of money. With this knowledge in mind, finding a place to do business is very possible, even in Brisbane.
Entrepreneurs have a few options, but those trying to keep overheads low should consider a serviced office setup in ‘Brissie’. These types of offices come furnished with all the necessary amenities for running your business.
Other options include virtual offices and co-working spaces, which allow you to use facilities and have access to some staffing without paying excessive rates. Premium providers offer flexible leasing options and business owners can enjoy some prestigious locations around the city. All three options are much cheaper than the standard lease, which might ask you for at least a year’s commitment, if not more.
Another option entrepreneurs might investigate is the pop-up shop. Pop-up shops are temporary retail establishments that sit in high traffic areas. Most only exist in a spot from as little as a few days to a couple of weeks. Pop-up shops are good if you are not sure the idea will work in an area because it allows you to test the waters of the target market before committing to a traditional lease.
Newbie entrepreneurs might seek out angel funding and seed round investing as a first step approach to raising money for your business. Seed round investing involves you going outside your circle of family and friends to raise money to launch the business. An angel investor is someone with a lot of capital who can help fund the business, but in return, the investor gains equity in the business.
Use Business Analytics
Business analytics uses statistics from a business’s past performance to predict the future success. This data measures information as to the number of people who visit your site online to the types of transactions your customers make with the business. Measurements that track customer activity can help you determine the needs and desires of the clients who visit your business.
Monitor Market Trends
Pay attention to market trends, but do not adhere to them rigidly. The market, even in Brisbane, can fluctuate from day-to-day depending on a number of national and global factors. While it’s important to know what is going on in the market, this information should not change your approach to business until the trend becomes a permanent situation.
The Success of Your Business
Brisbane is in the middle of attracting new business interests, and the climate is positive for entrepreneurs ready to take on any industry. However, the success of your venture is dependent upon a number of factors.
Be sure to choose the right location for your business and the right kind of environment for your operation. Do your due diligence and study the market and use the tools available to you to ensure you are capitalising on any current market trends. Once you have this information, you can raise capital and start your business on the path to success on the Gold Coast.