Melbourne – Travel Guide
Although Australia is often mentioned as a market that is often limited to the rest of the world, and the city itself described as having a “deeply conservative business culture”, startups and established business across the city are characterized by a genuine “can-do” attitude. With a population of 4.1 million, the capital of the Australian state of Victoria is big enough to create a healthy business environment, and still small enough to ensure the right coverage. Let’s see what is happening behind the curtain of this bustling startup hub.
Strong sense of community
While the Melbourne business culture is highly supportive of people struggling to establish their businesses, modesty is still highly valued among entrepreneurs. Melbournians would rather discover a vendor or a service they value by chance or searching, than be bombarded with brand campaigns. Those subtleties ensure that brands that come with a strong sense of community are being shared by the word of mouth, creating a clear message of value that spreads very quickly.
Not just commercial outcomes
Being community-minded and accessible, Melbourne business culture is open to employing human capital to increase opportunities for asylum seekers and members of marginalized communities. Companies who are aspiring to become leaders in their prospective markets realize that their brand stands for much more than a provider of commercial outcomes. On the other hand, Melbourne businesses sometimes conceive the sense of tokenism, in which protecting brands at all costs stands before contributing anything meaningful, despite the huge networks of customers they engage.
Importance of networking
With a population of a little over four million-strong, Melbourne is considered an ideal business hub as it size ensures the great market for goods and services, while at the same time businesses can effectively reach the right people with the right message. Melbourne business culture is very relationship-based, with networking being an important aspect of business communication. In other words, companies are looking for high levels of authenticity in order to build trust. Since the city is an unofficial food and café capital of Australia, it’s not uncommon that meetings are done over a cup of coffee.
Managing startup costs
The favorable Melbourne business climate doesn’t come without its challenges. Labor and rental costs often make it hard for startups to survive into their second year. Apart from taking participation in a number of incubators and active community events aimed at supporting people who are building their networks, young entrepreneurs here use every opportunity to reduce their running costs by closing in on office supplies deals and discounts. For instance, Winc Australia offers 30-day business accounts and “hot prices” on items like accounting and financial books, ink toners, cartridges, stationery, etc.
A risk-taking culture
As a highly-entrepreneurial city, Melbourne is a place where businesses are more open to innovation and new concepts than in other cities of similar size and position. With a risk-taking culture abundant in this part of the world, the atmosphere is heavy with the “give it a go” spirit, which further diversifies the business community. The high desire for engagement and vigorous appetite to utilize all the networks and skills available, provide businesspeople with amazing opportunities for expansion, not only within Australia, but also throughout the southeast Asia.
Still somewhat inward-focused
Compared to the rest of the world, Australia is still a small market. The risk profile still remains conservative when compared to other economies, which makes access to start-up capital somewhat challenging. Both Australia and Melbourne still have may hurdles to jump as they continue investing in the new generation enterprises and ideas. Although a leading center of entrepreneurship and innovation in the region, its business community is still a bit inwardly focused, sometimes missing on culture-building opportunities that go beyond simple branding.
Leave your ego outside
Young entrepreneurs looking to start up in Melbourne are advised to seek out support from people who have taken a similar course, as the culture of helping others is deeply rooted in the Melbourne business ecosystem. Start small and become a master of your business model, diversifying your risks and investors. Tailor your vision to the needs of your audience and don’t forget the people who once offered you a helping hand. Remember, this is a food- and coffee-driven community.
Not too big, but still big enough to create a healthy entrepreneurial climate, Melbourne is a business hub that creates opportunities beyond the national borders. While startups are often challenged with steep initial costs and access to capital, the relationship-driven business culture and an abundance of business incubators, as well as the genuine openness for new ideas, make this city if nothing else worth investing in.
