You’ve got over the start-up phase of your business, demand is growing and you are looking to take your business to the next level. This may mean introducing new products or services, hiring new staff, finding additional sources of funding, taking on equity, looking for new suppliers and distributors or even looking at new markets outside Australia.
It may mean a whole new approach to running your business. However, there are a number of organisations that provide assistance and guidance, some free and some at cost, which can assist in moving to the next stage, such as the Small Business Mentoring Service and the Victorian Employer's Chamber of Commerce and Industry.
Now is also the time to consider applying for a grant to help with the costs of expanding your business. To find out more and see whether you are eligible, see Business expansion grants.
Investing
Given the size of many Australian companies and the relatively small domestic market, Melbourne businesses in general have a history of involvement in investment in the form of licensing deals, joint ventures and collaborative ventures.
If your business is looking to expand but doesn't have the resources to have an Australian presence, Melbourne is an ideal place to consider as a location for investment. Local businesses are often receptive to approaches to give up equity in exchange for access to global markets.
The stable and robust legal and governance framework at all levels of government have often been cited as reasons for Australia's less severe economic downturn during the recent global recession.
In recent years, Australian regulation of foreign investment by organisations and individuals has been relaxed, adding further to incentives for overseas investors.
If you decide this is the path for your business, you can:
Franchising
Franchising is a different and potentially less risky method of expanding your business. Franchising is a business relationship in which the owner of the business providing the product or service (the franchisor) assigns to independent people (the franchisees) the right to market and distribute the franchisor's goods or service, and to use the business name for a fixed period of time. A franchisor may provide certain systems and processes that the franchisee must adhere to along with any training. A franchisor may also provide group marketing and advertising along with purchasing schemes for which the franchisee may pay an additional fee.
If you decide this is the route for your business, read more at the following sites:
Exporting
If you've decided that new markets outside Australia are the answer for your business expansion, basing your operation in Melbourne is ideal. The city has a number of close business relationships with Sister cities and Partner cities, particularly in the Asia–Pacific region.
The Melbourne business office in Tianjin, China has been operating for more than 10 years, bringing Melbourne and Chinese businesses together. The Port of Melbourne is Australia’s largest container port and Melbourne Airport is Australia's major curfew-free airport allowing freight and people to be flown in and out on a 24-hour basis.
All levels of government and many of the peak business bodies recognise the need to increase Australia's exports and provide information and assistance to boost the level of business exporting. Currently, some 4 per cent of small businesses export.
The City of Melbourne can help businesses planning to export for the first time. See Export entry grants for more information.