Small Businesses in Adelaide
With a population of over 1.3 million people and a median age of 38.8, Greater Adelaide is comprised of a large working society.[i]
Adelaide thrives off small businesses (and good wine). Out of the 115,000 registered businesses reported by ABS in 2019, less than three percent are medium or large businesses. Nearly 98% of businesses in Greater Adelaide are considered small businesses as they employee less than 20 employees. Almost 7 in 10 of all businesses registered in the area are entrepreneurs, or sole traders that do not employee other workers.
The largest industries in Greater Adelaide include construction; rental, hiring and real estate services; and financial and insurance services. The state as a whole has similar industries; however, agriculture, forestry and fishing is third overall with financial and insurance coming in fourth.
Adelaide Small Business Stats:
Total number of businesses in Adelaide is now over 115,000, and continues to rise yearly (as of 30 June 2019).
For the year ending 30 June 2019, there were over 16,000 new business entries, with an increasing number yearly.
The biggest business industries in Adelaide are Construction, Rental & Real Estate services, Financial & Insurance services and Professional, Scientific & Technical services (as of 30 June 2019).
Understanding your business’ financial metrics, is critical to running a successful business. These metrics are crucial to knowing whether or not your business is profitable and will also prevent you from waking up one day to find out you’re on the slow march to insolvency and going out of business. There are a handful of metrics every business owner should be familiar with. Learn more about your business’ income, expenses, cash flow, accounts receivable, and accounts payable and what they all mean for your small business.
Research shows that found that only one in two (50%) small business owners have taken a holiday in the last six months. Over one in four (26%) have not had a break for at least four years. A small minority (6%) say they have never taken any time off from their business. It is vitally essential for SME owners to take a break from their business. It doesn’t need to be a massive break – just taking a long weekend once in a while can help owners recharge.
Almost every small to medium business owner knows cash flow can be challenging to say the least. Some of the most profitable small businesses still fail because a cash flow crisis has come out of the blue and they weren’t prepared for the fall out. Profit alone doesn’t safeguard a business for when clients don’t pay their invoices on time or unexpected expenses arise.
If you’re on the fence about whether a customer loyalty plan for your business is worth the hassle, there are a few solid reasons you should be implementing a plan ASAP. Regular repeat customers can help create a baseline of reliable income, spread word of mouth, and can save your small business money in the long term.
Adelaide Small Business Loans with OnDeck
OnDeck has been a trusted lender for many small businesses in Adelaide, helping them reach their business goals faster by providing fast and hassle-free lending.
If you are an Adelaide based small business owner wanting to apply for an OnDeck small business loan, simply start an application online. It takes only 10 minutes and you’ll know whether or not you’ve been approved within hours.
If approved, you could receive funding in as fast as 1 business day.