Australian entrepreneurs not only survived the harsh lockdown during the so-called pandemic, but are now thriving.
Australian small and medium-sized businesses are growing at an astonishing rate, forming the backbone of the economy of this country and the continent.
According to GoDaddy’s 2023 report, small businesses contributed more than 15% to the Australian economy’s growth in 2021-2022, generating $506 billion in revenue – a full third of Australia’s GDP.
Growth will continue
According to the Australian Bureau of Statistics, in September 2023 (data is delayed) the Australian economy continued to grow by 0.2 per cent month-on-month and GDP also increased by the same amount.
Analysts are also predicting that the contribution of Australian small businesses to the economy will continue to grow. In turn, the aforementioned GoDaddy study showed that as many as 40 percent of small businesses plan to employ at least one person next year. This means that despite rather negative forecasts regarding the macroeconomic environment of the Australian economy, there is still considerable optimism among business owners. As many as 71 percent remain optimistic, especially when it comes to the business prospects of their companies, and 94 percent express unwavering confidence in their ability to run a business.
They prefer to go their own way
In turn, as many as 83% of micro-entrepreneurs plan to increase the revenues of their micro-companies to such an extent that they want to quit their day-to-day work altogether over time, focusing only on orders obtained “through freelance work”.
At the same time, more than two-thirds of Australian entrepreneurs say life is better when they run their own business rather than working for (and “on”) someone else. Almost a third have already started such a business, currently earning just $500 a month. However, the belief remains that this will increase over time.
One can only envy Australian entrepreneurs for such optimism and try to learn the secret of their success.