Thanks to its technologically advanced economy, Australia has created a fertile ground for many start-ups to bloom (especially start-ups operating through software or cloud-based platforms).
According to Statista, “in less than a decade, Australia’s technology startup sector has developed from an inconspicuous branch with very little activity to a thriving hub of people and investment. The startup ecosystem in Australia is now one of the fastest-growing globally, with the start-up rate being one of the highest in the world (5,8%).”
After the Covid-19 pandemic outbreak, many believed that Australia’s almost 29-year recession-free period came to an end.
Nevertheless, Australia’s economy has rapidly continued its rebound, and is expected to grow larger than it was before the Covid-19 pandemic (as stated by BBC).
Therefore, there is no doubt that Australia is a great place to launch a start-up (Australia also ranks no. 3 in the top 78 countries for overall ease of doing business, according to Ceoworld Magazine).
Table of contents:
1. 5 Best Cities In Australia To Start A Successful Business
If you have an innovative business idea (or want to bring an existing business to Oz), below you will find a list of the best cities in Australia to do business and make a profit.
Note: No matter what Australian city you choose for launching your start-up, I suggest that you check out the Australian Government’s guide to starting a business as it provides helpful information and takes you through each step of launching a start-up.
With nearly 50% of residents born overseas, Melbourne is a multicultural area with a highly diversified economy.
Melbourne offers incredible business opportunities and is a growth hub for technology companies (such as digital, medical, new energy technologies, etc.).
Since Victoria is responsible for nearly 25% of Australia’s economy (and Melbourne is Victoria’s capital city and the state’s business hub), I believe that launching a start-up based in Melbourne is one of the easiest ways to succeed in business.
In fact, starting a business in Melbourne would bring you closer to the Asia Pacific customers and markets (the world’s fastest-growing economic region), which can open many doors of opportunity.
If you’re thinking of launching a start-up in Melbourne, you can find a wide range of helpful information in Business Victoria’s guide to starting a business.
If you need support for starting a business in Melbourne (that is one of Australia’s most expensive cities to rent an office), B2B HQ would be happy to provide you with a cost-effective virtual office in Melbourne.
Alternatively, we can get your start-up completely set up in under a week with the new business creation package that provides you with everything your business needs to be operational in one place.
For more details about virtual offices and the features and benefits that make them perfect for start-ups and small businesses, please check out this blog post.
Sydney is home to the ASX (Australian Securities Exchange) and the Reserve Bank and Australia’s financial and manufacturing capital, start-up epicentre, and global economic gateway.
Across the city, there are countless emerging start-ups.
With a wealth of tech start-ups focusing on innovation culture, Sydney ranked in the top 10 most innovative cities on the 2018 Innovation Cities Index.
The city offers a myriad of networking opportunities and events to attend, such as StartCon, Australia’s largest start-up and growth conference, with over 2000 attendees annually.
In addition, the New South Wales Government actively supports emerging businesses through the Sydney Start-up Hub, an innovation centre that is the first of its kind in Australia (as small to medium-sized enterprises are responsible for creating most new jobs in the region).
The project became fully operational in 2018.
The main objectives of the Sydney Startup Hub are to support the creation of new jobs across New South Wales, enable collaboration and networking, strengthen Sydney’s start-up ecosystem, and promote diversity in the region’s start-up community by bringing together local organisations.
The Sydney Startup Hub allows local businesses to use a 100% free Regional Landing Pad to support the start-up community. The Regional Landing Pad includes desks, meeting rooms, and a collaboration area.
Adelaide is one of Australia’s fastest-growing cities for start-ups, with a wealth of opportunities and local tech resources.
The city has a rich entrepreneurial ecosystem focused especially on defence and manufacturing sectors, financial and insurance services, agri-tech, energy, food and wine. For this reason, it is well-known for being a place open to innovation.
The Government of South Australia is supporting local entrepreneurs through FIXE (Future Industries eXchange for Entrepreneurship), a strategy to grow the culture of entrepreneurship in South Australia and accelerate economic growth.
The objectives of FIXE are to celebrate local entrepreneurs’ achievements, facilitate high-quality education and training, and inspire people and organisations to embrace entrepreneurship by providing them with the tools and resources to start and grow a successful business.
FIXE is striving to build a strong culture of entrepreneurship through active engagement in conferences and events and the exchange of experience.
For example, the 2020 FIXE mentor program connected local entrepreneurs with experienced business leaders who provided unbiased insights and mentoring support to businesses impacted by the Covid-19 pandemic.
Adelaide and the State Government are committed to supporting young changemakers with over 100 programs created to facilitate their entrepreneurial journey.
Australia’s capital is a city of innovation and opportunity.
According to the Treasury ACT Government, “the ACT economy is the strongest in Australia. The past three years have seen combined economic growth of 12 per cent, supporting the creation of over 3,200 new businesses and more than 16,000 jobs.
Our $40 billion economy has been boosted by a significant increase in services exports, particularly in the higher education and tourism sectors.”
Canberra is a great place to start a business, as it has a highly educated talent pool, an interconnected entrepreneurial ecosystem, and hundreds of business events annually.
The Canberra Innovation Network (CBRIN) is an initiative established in 2014 by the Government of the Australian Capital Territory aiming to provide support for local entrepreneurs by connecting them with leading experts and mentors.
CBRIN also connects the region’s education and research institutions with the business community to support the creation of local jobs and add value to the economy.
For this reason, CBRIN offers a wealth of workshops, accelerators and incubators, connected programs, and much more.
Perth dominates Western Australia’s economy.
The Economist Intelligence Unit’s survey for 2021 ranked Perth among the top 10 most liveable cities in the world (Melbourne held the title for seven years and was in second place in 2019).
Western Australia is famous mainly for being host to some of the world’s largest iron ore mines that may seem to overshadow other sectors. Nevertheless, Perth has a growing start-up scene, with a wide range of individuals and organisations investing in tech start-ups.
Western Australia also has several small businesses in different industries, such as construction, finance and insurance services, agriculture, transport, and retail trade.
Are you looking to start a business in Perth? In this case, you will receive excellent support from StartupWA, a not-for-profit organisation aiming to promote the start-up ecosystem in Western Australia.
StartupWA supports the WA Government’s focus on adding value to the economy through diversification and creating new employment.
In addition, you can get support from the Australian Government’s Small Business Development Corporation that provides valuable resources and tools for small businesses according to their development stage.
The Small Business Development Corporation also provides free and low-cost workshops covering various topics useful to established businesses and prospective entrepreneurs.
Conclusion: Australia is a land of opportunities for many start-ups looking to grow and become the next unicorn.
If you’re looking to start your own business in Melbourne (or need to maximise the cost-efficiency of your Melbourne-based business), B2B HQ would be glad to provide you with a virtual office that includes all the tools and resources to help you stand out.
Please note that for the moment, we only have one location in Melbourne. However, we have built partnerships with other virtual office providers around Australia to create a network of great service providers meeting the same high standard that we never compromise on.