While establishing or buying a business in Regional Australia involves similar issues to buying or establishing a business anywhere, there are also special features that you need to take into account. The list that follows reflects our own experience in Regional Australia.
Many people considering tree or sea change options see business establishment or acquisition as a way of supporting themselves but have had no business experience. So in fact they do two new things at the same time, move to a new location and establish/buy their first business. If you have had no business experience, then you need to focus first on increasing your understanding your understanding of the issues associated with buying or establishing a business. Our business general information sources page can help you here.
Be clear on your own needs and requirements. Many people build longer term dreams associated with their tree or sea change aspirations - running a bed and breakfast is a common one - into the equation. But the bed and breakfast option is not for you if you don't like people or dislike being on call. In similar vein, if your aim is to reduce your working hours then the business alternative may not be for you since any business start up takes time.
Be clear on your marketplace. If you want to own a motel or bed and breakfast or establish some other form of tourism or visitor related operation, then you need sufficient visitor traffic. Such traffic may be seasonal. If you want to set up an on-line business with remote customers, then you need access to good communications. If your customers will be regional or in the city, you may need to factor in travel time and costs. If your customers will be predominantly local, a retail shop for example, then you will need to define your retail catchment area as well as the existing competition.
Be clear on your people and infrastructural requirements. What do you require to make the business work? In some regional areas you may simply not have access to the local support facilities that you would expect in a big city. IT support may be an example. You may need to acquire certain skills yourself, or wait for a technician to come from another centre.
Be clear on your exit strategy. Are you simply looking for a regular income or do you want to build something with the aim of selling? While this is a general question, it also has implications for the area and business activity you select. In some cases, you will be largely restricted to local buyers, so the local business marketplace is key.
In all cases you need to investigate possibilities on-ground, talking to the local council, to local business people. Spend some time just walking around looking.
One important development on the business side in Regional Australia has been the rapid expansion of businesses based on the new communications technology, allowing people service regional, national and international markets. The Armidale based Petals International Florists Network - http://www.petals.com.au/ - is an example. Beginning in an Armidale garage, this business has expanded to become a major international player.
Not all businesses are as big as Petals. The great majority are home based businesses created to provide the income stream necessary to support the chosen life style. One of the best sites we know in this area is the blog established by Des Walsh - http://www.thinkinghomebusiness.com/. This provides access to a wealth of information on practical business blogging, networking and home based business.
