Australia's 2020 micro-business boom
Updated: Jun 22, 2020
The micro-business boom is a 21st-century phenomenon. These days, thanks to the power and accessibility of technology, almost anyone can start up a business – and a huge number of people are doing so. Especially this year!
At last count, the Australian Bureau of Statistics reported 61 per cent of actively trading businesses in the country – around 1.2 million – were solo operations, while 28 per cent – 528,000 – were micro-businesses with one to four employees.
In an era where increasingly affordable technology innovations are helping small businesses compete on a nearly level playing field with large enterprises, the business owners who will be most successful will be those who can accurately predict the future in their industry and develop a vision of their place in that future.
It’s a well-known marketing principle that customers need to see your message 7x before they act. Cross-channel marketing makes that easier by spreading the word across multiple sites such as email, website, social media and digital advertising.
Until recently, only big business could afford the cost and complexity of collecting, analysing and applying huge amounts of data but now cheaper, easy-to-use Software as a Service (SaaS) packages are bringing the technology within reach of small business.
But with powerful reliable laptops, video conferencing software, cloud computing, and ‘chat’ functionality and collaboration tools like Google Docs or Microsoft Teams, working for everyone has never been so efficient.
Now, small businesses will be able to build their marketing strategies and budgeting decisions around how ads are performing, where consumers are looking and how users are behaving in different places. They could also have access to the advanced technology that can automatically track, re-target and re-market to users to make sure they’re being seen. By next year, many small businesses could be equipped to compete with companies a lot larger than them.
And big data is no longer the sole domain of large enterprises. Every business has the potential to collect, analyse, and extract value from data, whether it comes from systems, people, training, or management. Emerging technologies such as artificial intelligence and its subset, machine learning, can help organisations gain a competitive edge from their data.
Currently, not many businesses are even contemplating the use of augmented reality, despite its many applications and use cases. Opportunities exist to apply augmented reality for training and to support engineering-type work.
The 5 most lucrative industries for small businesses in Australia are:
Glass and glazing
Pool and spa
Building and construction
Although it's not small business, Aged care is a good example of one of the fastest-growing industries in Australia, as the population continues to age. For some businesses, this ageing population can provide opportunities for new revenue streams. Even in businesses not currently related to aged care, it’s important to consider what these opportunities could mean.
Other examples of fast growing business's are online food ordering and delivery platforms and solar electricity generation.
So if you have products,solutions,strategies that can help small business...it's time to start talking to them.