Australian Business Ownership On The Rise

According to a recent Bankwest Business Trends Report, there were 42,000 more start-ups, a 3.3% increase in the number of people running their own business in 2010 than there were in 2009.

The report states this is the strongest level of start-up growth seen in almost a decade, with 1.3 million Australians now running their own business, accounting for 11.5% of employed Australians.

The report also reveals that there are more men than women running their own business. However, the strongest growth has come from female entrepreneurs. The Bankwest Report explains “We have found that over the past year, the growth rates for women running a business are almost double compared to men and over a five year period, the growth rates for women are more than triple that of men.” Women entrepreneurs are increasingly choosing to work for themselves for the added flexibility, in addition to the ease with which one can now work from home.

So, you’d think you’re in good company…

Business Coach, Business Coaching, Business MentorWhat this actually means is that with renewed activity comes more aggressive competition, vying for the same market share. That’s not being pessimistic, it’s a fact. That’s why I’ve been advocating (to my clients privately) that the last 2 years were the best time to start a business.

A ‘recession’ or downturn, call it what you want is the ideal time to launch a new business venture – IF YOU HAVE A GOOD IDEA/CONCEPT/MODEL.

Premises, labour and supplies are at their cheapest and most plentiful with the supply chain eager, willing and flexible to accommodate your needs.

Now, with somewhat more optimism in the marketplace, there will be increasing competition and those who are the most capable will rise to the top whereas the majority will become another statistic, failing in their first year in business.

1 Response to “Australian Business Ownership On The Rise”

  • History repeats itself quite often and if you go back as far as the Great Depression you can see that there were a lot of smart people who had big successes.

    I was particularly interested in the rise of Hitler’s Third Reich (NOT THAT I AM A FOLLOWER…) the Great Courses Have a good lecture of this and how he used it to gain momentum, some of the business strategies he used are still in use today.

    “Direct Mailing” originated from there and it goes to show you that it is a good time to start a business anytime if you do something different!

Leave a Reply