If you’re looking for a business broker opportunity in Australia, the average salary for this type of job reaches around $61,000 per year.
The level of experience influences the overall pay, so those with little to no background on business brokerage should expect to earn less. The annual salary also excludes additional compensation such as bonuses and commission.
Bonuses cost $4,000 on average, while commission may reach more than $4,900. Some companies offer profit-sharing incentives, which are worth around $3,200 on average. Experienced professionals in this brokerage field may earn more than $100,000 on base annual salary alone. Bonuses and commission may also reach more than $19,000 and $30,000, respectively.
You can start to build experience by choosing a particular field. Those who specialise in a certain industry may be in-demand more than others. For instance, demand for business brokerage services is more apparent in the residential property market. It’s possible to be a business broker within just 30 days, but it requires extensive preparations.
Becoming a Broker
A business development plan will be among the first things you need for starting your own practice. Decide whether you want to work alone or with other partners. Take note, however, that clients are more likely to work with someone who has a physical office.
A dedicated establishment gives an impression of professionalism and credibility, which is hard to project if you’re only working at home. When mapping out your plan, you should be able to find a stable network of buyers and sellers. Being able to match the right buyers with sellers requires a lot of research, and your reputation will be more favourable if you have at least five willing sellers at any time.
Like any other job, a business broker’s income increases with experience and tenure in the industry. What is your asking salary?