Started business

Perhaps you're a UK businessman who's lived through one too many rainy days. Or you simply see the promise by a land that's richly endowed and relatively underdeveloped. You may be wondering if it's possible for a migrant to purchase an existing business in Western Australia. Actually, it's probably easier for a migrant to purchase an existing business compared to the difficulty of starting a new business.

Western Australia is Australia's largest state and the second largest subnational entity in the world. It has Australia's highest per capita output. The economy is primarily based on mining products and petroleum. Perth, the capital city, has a population of over one million. Perth has a large banking and finance sector as well as a significant retail sector. Given the size and richness of the state, there are ample opportunities for migrants who wish to do business there.

Australia's business community tends to be quite competitive, a fact that is masked by the country's reputation for relaxed and laid-back attitudes. This can easily catch a migrant by surprise because the English language and western infrastructure make it seem a lot like home. Entering this sort of business environment will require a commitment from the migrant business owner to work hard and learn fast.

If you are a migrant seeking to purchase an existing business in Western Australia, you should take care to evaluate the potential purchase as you would any business opportunity. Don't rely on projections and potential. Insist on seeing the actual results that the business is producing.

An ongoing business will have trained personnel and management in place. By keeping these experienced workers on the payroll, you retain a great deal of knowledge about the business and the local market. By offering these workers an incentive based on profits, you may help ease the transition to a new owner and gain a spurt of productivity besides.

An existing business will also come with existing supplier contracts. As a migrant new to Western Australia, this will give you some valuable time to become established without having to seek new sources of raw materials and services. The same is true for the customer base and referral business. This provides an established foundation to build on instead of starting over in a completely new location and culture.

Keep in mind that if there are any negatives associated with the business, it may be up to you to find them. There is no dark scheme involved here; it's merely human nature for the seller to focus on positive aspects of the business. Do your homework and get some local help investigating all sides of the deal.

When buying an existing business, it's always best to stick with what you know. It may seem fresh and exciting to purchase an existing business in Western Australia in a completely new industry, but doing so will increase your risk. Don't sink everything you have into the new business. Even though risk is lower with existing businesses, you should always retain some of your financial resources in case things don't go as planned.

Several government entities have programs that can help you make an easier transition to Western Australia. For example, the Small Business Development Corporation offers complimentary advice and may partially subsidize some of the costs related to your entry into the local business scene.

The SBDC provides some funding for consultants through the Business Migrant Incentive Program, a program unique to Western Australia. However, the initiative is aiming to develop regional business, so funds may be reserved for migrants purchasing businesses at least 50 kilometers outside of Perth's central business district.

Don't try to go it alone if you decide to purchase an existing business in Western Australia. It's remarkably easy to become emotionally involved in the decision, either because of your passion or financial considerations. At the same time, a business broker may not always have your best interests in the forefront. Try to find an unbiased advisor to go through the deal with you.

Finding the perfect business to purchase in Western Australia may take some time, but it can happen. Since most investment and migration is centered on the cities, you might do well to range a little farther out of town. The rewards could be very great, and it will certainly put you ahead of the trends.

This W A Business for sale article was produced for http://www.business-trader.com.au

Article Source: ArticlesBase.com - Can a Migrant Purchase an Existing Business in Western Australia?