Is launching a business in rural Australia something you’re taking into consideration? Running your own business can be a one-way ticket to success, with earning potential far beyond what you can make working for somebody else. In fact, it can be a way to achieve financial freedom if your business becomes profitable enough. For instance, if you earn enough, you can begin to invest your capital, creating passive income streams. You might even employ other people, giving them an opportunity to progress their careers in your enterprise.
But what if you’re not sure of the benefits of launching a business in a country town in Australia? In this helpful article, we’ll share how small towns can offer big opportunities for savvy businesspeople. Continue reading to learn how your success story might start in your local, rural town.
So How Can You Get Started?
Well, if you’re already living somewhere rural, it’s a great idea to consider an online MBA in Australia to level up your business savvy and strategy. There’s a lot to learn about all facets of business management, and an MBA will help you with this which you can leverage when starting your own business. You will learn about all the various aspects of business management and operations. This may include marketing, budget management, strategy, leadership skills, financial forecasting, and other invaluable learning that will teach you how to run a business successfully. It will position you with the relevant skills you need to turn your rural business into a small-town success story.
An MBA online is a fantastic option if you live far from the nearest city and attending an on-campus course would be too difficult and time-consuming. Online learning means that you can attend lectures, classes, and tests and access all of the content you need to gain your MBA online from the comfort of your home. If you have a reliable, high-speed internet connection, such as NBN or satellite, and a decent computer, you have all you need. In fact, there is no difference in the course content and staff when doing an MBA online; everything is identical; the only difference is the setting and mode of access.
Corner the Market
One significant advantage to launching a business in a rural location is that you have a ripe opportunity to corner the market from the get-go. Especially if there is no local competition present. For instance, if you offer a product or service that other people usually have to travel to access, you’ll gain a customer base rapidly. There might not be a local dog or pet groomer in your town - in which case, this presents an obvious business opportunity. Other examples might be a particular trade or a unique skill set that can solve problems for locals.
The great thing about this is that if you’ve cornered the market, you don’t have to offer sharp discounts or promotional offers to snare customers. If you’re the closest, you’ll get business by a factor of convenience. Of course, you’ll still want to provide good quality services or products and back this up with excellent customer service. Don’t neglect the essentials of customer retention just because you’re the only operator in town.
Supportive Customers and Community
Another significant benefit of launching a business in your small, rural town is that you’ll benefit from the close-knit relationships that occur in small towns. This means that your customers will be supportive, and you’ll probably know them well. People may go out of their way to support your business, as they believe in community building and buying local. Also, when times get tough, you can usually rely on small-town communities to rally around people and support them during times of financial, personal or health crises.
However, this is a two-way street. As a business owner in a small town, you’ll have a responsibility to your community as well. For some, this looks like volunteer charity work in their spare time or donations to the local church or community group. Others might volunteer as firefighters, tutor local kids or otherwise pitch in and help out when the community needs it.
Another excellent benefit of running a business in a smaller, rural community is there tends to be lower overheads, which means the cost of doing business. For instance, rent is typically lower for commercial premises in the country when compared with a suburban or central business district location. The cost of local advertising is generally lower too, such as ads in the local paper or rural television networks. If you’re a retailer, depending on where you get your products from, you might also be able to access lower wholesale rates from a local supplier. All of this means that with lowering overheads, your profit margin is increased, which means more money in the bank at the end of the day.
Improved Quality of Life
Living in a rural community usually provides a more relaxed, laid-back style of living when compared to the city. This applies to local business owners as well. Even if you work hard, you can generally finish at a reasonable time and be able to spend the evenings and weekends with your friends and family. In addition to better work-life balance, small towns also have less traffic, less pollution, lower crime rates and less stress on average when compared with urban living.
Big Opportunities - In Summary
This helpful article has covered how small-town living can offer big opportunities for entrepreneurs and how launching and running a business in a rural, small town can have serious advantages when compared to a busy city. Are you ready to start a new venture in your country town?