Most Common Types Of Small Businesses In Australia?
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Are you considering starting your own business and looking for inspiration?
You’re in luck as Australia is a small business nation.
In fact, there are over 2 million small businesses in the country, accounting for up to 98% of all businesses down under!
61% are operating as sole traders, and 28% have less than five employees.
So, to help you find the inspiration to start your journey as a small business owner, here are five common types of small businesses in Australia.
Common Businesses In Australia
Real Estate & Rental Services
Small businesses in the real estate and rental services category are typically spread out between property management, real estate sales, and furniture and appliance rentals. According to a report published by Small Business Loan Australia, these companies employ 235,500 people representing a major contributor to the small business economic landscape.
Australia is the land of plenty, so it comes as no surprise that a large number of small businesses operate in the agricultural sector. These companies specialise mostly in beef and dairy cattle, beekeeping, cotton growing, and egg farming. Note that small businesses that operate in the agricultural field employ 287,200 people in Australia.
The construction industry is a sector that lends itself well to new business owners. In fact, it’s such a popular field for new companies that 90% of businesses operating in that space are small companies, contributing over $71 billion in value-added to the GDP. Small businesses in the construction industry employ approximately 673,000 people.
Some of the most common types of small businesses within the construction industry include:
- Painting and decorating
With over 50,000 cafes and restaurants operating in the country at the end of 2021 (up from 45,000 in 2017), the sector represents a major contributor to the Australian economy. After experiencing challenging times due to the pandemic, strict social distancing measures, and lockdowns, the sector is once again thriving with a revenue of over $45 billion dollars in 2021.
So, if you’ve got prior experience in the food or hospitality sector or simply want to pursue your passion for food, now could be a great time to start your business.
Another sector heavily impacted by the pandemic that has bounced back to pre-COVID levels is the retail industry. In fact, retail spending has increased 6.2% compared to pre-COVID. Independent retailers are the backbone of many communities across the country, and Australians are increasingly shopping locally, favouring neighbourhood stores.
Therefore, the sector offers great opportunities whether you want to open a fashion, beauty, book, or convenience store.
Ready To Start Your Own Business?
Once you’ve decided what niche you want to operate in, you’ll need to apply for an ABN (or ACN, depending on your chosen business structure) and protect your business with business insurance.
And if you hadn’t considered insurance as a priority, you should. Public Liability Insurance, for instance, is a critical element of any successful business. That’s because if a third party is injured due to your business activities, you could be held liable and lose your business.
So, to help you find the right insurance policy for your new business, we’ve designed a free instant quote generator. It will allow you to get an estimate on market-leading insurance in seconds.
Simply enter your occupation and expected revenue to get started.