Small Businesses in Melbourne
With a population of almost 5 million people and over 450,000 businesses, Greater Melbourne is one of Australia’s fastest growing and booming metropolitan hubs.[i]
When you think of Melbourne, the coffee culture and artistic vibe might come to mind. But there is something else quite impressive about it. Melbourne is home to one of the fastest growing small business community in Australia. According to ABS, Victoria businesses increased by 4.6% (26,437 new small businesses) in 2018. In 2019 it grew by 3.6% with another 21,828 new small businesses.
While there is an unsurprisingly strong growth within the CBD, one in four (26%) businesses are located in regional Victoria. The areas with the largest small business growth are Wyndham, Melton, and Hume. The top industries include construction; professional, scientific and technical services; and rental, hiring and real estate services. Industries that are the biggest employers include health care and social assistance, retail trade, and education/training.
Melbourne Small Business Stats:
Entrepreneurs make up for over 412,000 (64%) businesses in Melbourne (as of 30 June 2019).
The working age population in Melbourne is just over 3.3 million or 68% of the total population in Melbourne (as of 30 June 2019).
The industries with the most businesses in Greater Melbourne are Construction, Professional, Scientific and Technical services, and Rental, Hiring and Real Estate Services (as of 30 June 2019).
“I've been an OnDeck client for a number of years now. The service is always exceptional, the turnaround quick, and the fuss minimal. In an ideal world, I wouldn't have to borrow at all, but the real world says otherwise, and OnDeck has been fabulous for me and my business.”
Sarah Cartwright Black
Tingo Pty Ltd
Mount Martha, Melbourne, Australia
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.
Melbourne Small Business Loans with OnDeck
OnDeck has been a trusted lender for many small businesses in Melbourne, helping them reach their business goals faster by providing fast and hassle-free lending.
If you are a Melbourne 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.