Starting a startup takes a lot of work and dedication. Completely depending on little to no money at the start might be a little daunting from the beginning but all start up entrepreneurs that are successful will tell you that it means so much when you actually expand successfully!
Not many people will be able to survive the start-up stage. However, if you have gotten past that stage, you would be wondering how to take your business to the next level and grow the business beyond its present status. You may consider expanding into different countries by first, testing the market, and then introducing your business to that particular country or state. In a study conducted by Loughborough University, it ranked Sydney among the top ten world cities that are highly integrated into the global economy. Therefore, due to the countless business opportunities offered in Sydney, it is no doubt that many businesses will attempt to expand their business there.
Hence, this article by ThunderQuote aims to reveal to you 5 powerful ways to expand your business to Sydney.
#1 The Vast Talent Pool
Sydney is supported by the global financial and legal systems. Therefore, this makes it economically stable. Businesses that want to grow or expand their businesses should consider Sydney as one of the top options because it has a low-risks commercial environment. Sydney is extremely diverse – and has people from all around the world, producing a range of opportunities for different business needs. The NSW Government has always placed a huge emphasis on welcoming international talents, offering incentives for new business migrants who plan to expand their business to Sydney. Hence, it will definitely make it easier for you to expand your business to Sydney. This also means that you would be able to find great talent around Sydney. The fact that the people in Sydney really take businesses seriously also allows for talents to be a lot more skilled. Therefore you get a better selection of talents for you to choose from.
#2 The Perfect Location
There is no doubt that Sydney is the perfect city to grow and expand an international presence in the Asia-Pacific region. This is due to the fact that Sydney is geometrically close to Asia Pacific. For example, big brands like Cartier, Sephora and Omega had recently opened stores in Sydney because they realised that there is a demand for more variety and diversity in the choices they make with regards to the goods or services. You get the best of both worlds in Sydney!
#3 Great Tax Incentives for Investors
There is an added advantage for investors to support innovative and novel start ups. This is great because it allows for more people to come in to the city!
Tax incentives for eligible investors include:
- A 20 % non-refundable carry-forward tax offset on investment, capped at $200,000 per investor, per year.
- A 10 year capital gains tax exemption for qualifying investments held for at least 12 months.
To be eligible for the incentives, an investor must meet the ‘sophisticated investor’ test under the Corporations Act 2001 or, if the investor does not meet this test, their total investment in qualifying companies must be $50,000 or less for that income year.
The incentives will be available for investments where the company is:
- At an early stage,
- Determined against criteria related to expenditure,
- Accessible income, stock exchange listing and incorporation.
- Involved in innovation,
- Receiving a determination from the Australian Tax Office.
#4 Diversity
If it’s not obvious enough already, you should know that Sydney is a diverse city. Sydney has long been a city of acceptance for people from Australia and all around the world. It has world class communications – helping people and businesses connect with each other, and with the world. There are numerous cultural and religious celebrations in the city too, and embracing this diversity has become encouraging for people to create unique businesses with anyone!
Being allowed access to so many people and cultures, it will be a lot easier to get your business accepted and appreciated by more people!
#5 Unique Marketing Strategy
You would need to consider what marketing strategies you’d like to use before actually expanding your business to Sydney. You should have a certain target and objective in mind to propel you towards success. If you do not have a clear vision of your business, you will automatically fall behind in the rapidly changing world of commerce. Most companies are investing money into marketing channels that are not delivering any returns to the business. This is because they fail to understand that it is essential to break down the reasons why their target audience is not on that specific social media platform or why their advertising campaign is not suitable for them.
In Sydney, businesses and investors value innovation and creativity a lot. Therefore, try and incorporate out of the box ideas and unconventional methods of marketing.
You would be impressed how the shift in this approach can cause an immediate increase in business for those who are already aggressively marketing. If you do not have, sufficient capital or budget allocated to marketing – note that business introduction and growth of a business is investing in the RIGHT strategies for the increase of business opportunities in Sydney. On the other hand, if you have sufficient budget, you might even consider hiring someone to do the marketing for you.
ThunderQuote is the most comprehensive business services portal in Singapore, Australia and ASEAN , where hundreds of thousands of dollars of procurement contracts are sourced every month by major companies like Singapore Press Holdings, National Trade Union Congress and more.