According to the latest research from GoDaddy’s Venture Forward initiative, Canberra has emerged as the online microbusiness capital of Australia, surpassing the larger cities of Sydney and Melbourne in online microbusiness density. The study, which analysed data from over 300,000 Australian online microbusinesses, revealed that Canberra boasts almost double the number of online microbusinesses per 100 residents compared to the UK’s Cities of London and Westminster.
The data indicated that as of December 2023, Canberra is home to an impressive 31.9 online microbusinesses per 100 residents, positioning it at the top of the list of regions with the highest online microbusiness density. This suggests that entrepreneurs in Canberra are thriving, with a robust network of government and other small businesses providing essential support for microbusiness owners. Sarah McPhillips, owner of Matriarch Hair salon, Sarah McPhillips Consulting, and a new venture called Trichology, highlighted the benefits of running a business in Canberra, citing the excellent support network and the opportunity to contribute positively to the local community.
Aside from Canberra, other regions in Australia also demonstrated a strong representation of online microbusinesses. Regions such as the Gold Coast, Adelaide City, Sydney City, and Melbourne City showcased the entrepreneurial spirit across Australia’s key urban hubs. The research revealed that online microbusinesses have significant earning potential for Australian entrepreneurs, with 21% earning over $10,000 a year. Moreover, these businesses are not only contributing to the economy but also creating job opportunities, with 40% of respondents being fully employed by their ventures and 35% planning to hire 1-3 new employees within the next year.
The study also shed light on Australia’s strong position in the global online microbusiness landscape. The research showed that Australia outperformed markets such as the UK, with the constituency of Cities of London and Westminster reporting 17 online microbusinesses per 100 residents, just over half the number that Canberra reported. Suzanne Mitchell, Australia Market Lead for GoDaddy, emphasised the importance of the data in showcasing the prevalence of online microbusinesses across Australia and their potential to drive economic growth and create new jobs in local communities.
In conclusion, the Venture Forward research by GoDaddy has provided valuable insights into the thriving online microbusiness community in Australia, with Canberra leading the way as the epicentre of online microbusiness activity. The data from the study will help businesses and policymakers make informed decisions about the opportunities and challenges faced by entrepreneurs in the microbusiness sector. This initiative aims to support the growth and success of microbusinesses in Australia by providing essential data and insights to guide the way forward.