As Aussies gear up for Australia Day’s BBQs and festivities, we should also celebrate the small businesses that have coloured the country's success in 2014.
Small businesses make up around 96% of all business, and are the backbone of Australia’s economy. They have played a vital role in helping the country weather the storms of a global recession.
Outsource Australia reported that small businesses contributed a great deal to the economy in 2014 by administering local communities with a flow of steady income, as well as being the glue in social cohesion and economic recovery. It is expected that small businesses will continue to experience growth in 2015.
Australia Day is about celebrating all that is Australian – and that means good Aussie enterprise too! We take a look at the most popular SME sectors in Australia, and the opportunities to be had.
Australia’s large expanse of land means that transport is a key industry. With fuel prices at an all-time low, overheads are subsequently cheaper.
The government website describes the industry as of ‘vital importance to the country’s economy’ with its main strengths being in design, research and development, master planning, engineering, construction and IT.
There are many small businesses that contribute towards the aviation, shipbuilding (both commercial and recreational) and rail sectors.
Australia, like many other countries, has a on-going passion for coffee – which has transformed the industry and lead to an annual growth of 3.2% in the last 5 years.
Unlike other sectors, the barriers to entry in the café industry are low, according to a recent IBISWorld report and around 95% of cafes and coffee shops in Australia are independently owned.
It is also an exciting time to be in the ‘foodie’ world. With TV shows such as MasterChef Australia inspiring everyday connoisseurs, more consumers than ever are willing to try out new food fads.
Community gardening is a phenomenon in Australia, primarily in cities where green space is limited. This trend has given rise to opportunities for small businesses selling tools and products in the sector.
Nursery & Gardening Industry Australia (NGIA) aims to promote environmental stability and to obtain more funding from the government to invest into the industry.
Pubs, bars & nightclubs
The pub, bar and nightclub sector is regarded as one of the most fasted-paced, stressful (yet exciting) industries to be involved in. With a respectable annual growth of 2.1% in the last five years, improving economic conditions mean an even brighter forecast for the industry.
85,921 people are recorded to be employed in the sector and there are around 3,640 businesses.
This time last year, a report by Westpac media released figures showing that 90% of Australians feel loyalty towards small businesses, while 45% spend more in local businesses than they did 12 months previously.
As this trend looks set to continue, let’s not forget to wave a flag for all the everyday heroes running our small businesses this Australia Day!
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