Small Businesses in Sydney
With a population of over 5.2 million people and over 500,000 businesses, Greater Sydney can be described as one of Australia’s biggest metropolitan hubs[i]
Sydney is home to more than half a million businesses (563,052 in 2019) and represents over seven percent of Australia’s economy. Because Sydney is Australia’s corporate capital and global hub, it’s easy to assume only big businesses thrive here. But this massive city is made up of more small businesses than you might think.
Small businesses account for nearly 98% of all businesses in Greater Sydney. One in six businesses in Sydney (61%) are sole traders. These small businesses (having less than 20 employees) and entrepreneurs play a vital role in Sydney’s economy. As the city grows, so will the demand and opportunity for new businesses to emerge.
Sydney Small Business Stats:
Entrepreneurs, also known as sole traders, make up for over 340,000 (61%) businesses in Sydney (as of 30 June 2019).
The number of businesses with 20 employees or more only makes up for about 2% of the total number of businesses in Sydney (as of 30 June 2019).
The biggest business industries in Sydney are Construction, Professional, Technical, or Scientific services, and Rental & Real Estate services (as of 30 June 2019).
“My experience in applying for a loan was very easy. The application form was easy to fill in and the telephone conversation with the agent was very pleasant. I have to say that getting a loan from OnDeck was a pleasant experience and has removed all of the stress I have been experiencing over the festive season.”
Carrolls Business Solutions
Castle Hill, Sydney, Australia
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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.
Sydney Small Business Loans with OnDeck
OnDeck has been a trusted lender for many small businesses in Sydney, helping them reach their business goals faster by providing fast and hassle-free lending.
If you are a Sydney 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.
Find out how much funding you could get for your business