Brisbane is one of Australia’s fastest growing capital cities.1 In many ways Queensland epitomises the Australian dream, with the sand, sun and surf, tropical rainforests and typical Australian agriculture. Nevertheless, Queensland is also a modern bustling region and Brisbane is situated right in the centre of it. For these reasons and more, Brisbane might be a great city to start a new business in or expand your current enterprise.
The best of Brisbane
Here are five reasons why Brisbane could be the perfect place for your small business:
Queensland’s population is growing rapidly, and Brisbane is responsible for much of that growth. Although more people are moving to Queensland, Brisbane covers a large area and its population density remains quite low. This means that the city can continue to grow for many years to come and the infrastructure to allow that has already been established. Brisbane is already Australia’s third biggest city with 2.5 million residents,1 a growing domestic market and gilt-edged opportunities for new business.
Many of Australia’s most substantial trading partners come from the Asia-Pacific area, and Brisbane provides unrivalled proximity to extremely lucrative markets that are keen on Australian exports. This means that transport and freight costs are lower, so goods exported from Brisbane are more competitive. Brisbane Airport receives hundreds of flights a week including from overseas hubs, which means that any business in Brisbane will find itself right at the centre of Queensland’s trade.
Business friendly government
The Queensland government and Brisbane City Council are dedicated to bringing more investment into the area. Many different types of grants, incentives and other forms of assistance are ready and waiting for businesses in every sector and of every size. Much of this assistance is dedicated to the industries of renewable energy, high technology, start-ups, and innovation and research, designed to spur new growth throughout the region. The exceptional support available from government means Brisbane is possibly one of the best places in the world to launch a business.
One of the main reasons that Brisbane’s population has grown so fast is that it is simply such a wonderful place to live. Brisbane has an exquisite climate, a wealth of natural riches to visit, and enjoys sunshine the majority of the year. The quality of life enjoyed by people who live in Brisbane would be hard to beat anywhere in the world, and people who enjoy good quality of life are likely to make productive, positive employees.
The Queensland government is currently investing billions of dollars into infrastructure projects that are beginning or have been completed in 2021.2 Both the airport and the seaport are currently undergoing huge expansions that will allow them to receive much more traffic and be more efficient as the city grows. The central business district is filled with new private construction initiatives providing the capacity needed for further business growth.
Starting and growing your business
Before you set up your business in Brisbane, you need to think carefully about the steps you must take to help ensure your success. Don’t forget that a very high proportion of new businesses do not last beyond three years, because they haven’t been properly planned or managed. You may want to ask yourself the following questions to make sure that you have the best chance of succeeding with your new business in Brisbane.
Am I ready to run a business?
You might have a great idea for a new business, but that’s not always the same as being able to put it into practice. Do you have the correct skillset, experience, and knowledge to run a business successfully? Is it suited to your temperament to work for yourself, take risks, and put in the high level of commitment running your own business demands? Be honest with yourself. Running a business isn’t for everybody, don’t commit a significant part of your future to it unless you really believe in it.
Is my idea a good one?
It’s easy to get caught up in the excitement of launching a new business based on an idea that appeals to you. But how much will it appeal to everybody else? Is there a sufficient demand for what you are offering, or can you create one? Run your idea past everybody you can (such as friends, neighbours, or business advisors) and see what they think of it.
What is my market?
The best business in the world won’t succeed unless it has identified its market and knows how to get in touch with it. You really have to do your research here. What do the people of Brisbane want or need that you can offer them? Do as much market research as you can and look online to see if anybody has done similar research.
Who are my competitors?
A new business is often at a disadvantage coming up against established businesses. Consumers are people of habit and need a good reason to switch from one supplier or service provider to another. Look around your chosen area of Brisbane and think about who your competitors are, what they are offering, and how your offer will distinguish you from them. Remember that Brisbane is a big town, so if one area is already saturated with people supplying the goods or services you intend to offer, have a look at other districts that may not have as much competition.
What’s the business environment like?
Find out as much as you can about what it’s like to run a business in Brisbane. Focus on details such as what help you can get from the local and regional government, and any challenges specific to the region that you may have to overcome. As stated above, Brisbane is a superb place to do business, but you still need to be well-informed about the challenges and pitfalls that can present themselves in doing business anywhere.
Do I have the financing?
You should draw up a careful business plan that takes into account how much it will cost to open your business, what your fixed running costs will be, what prices you have to charge, and how many customers you’ll need to reach your breakeven point. Don’t forget to investigate all possibilities of loans or grants from local and regional government.
What do I need to launch?
If you’ve considered all the above and decided that you’re going ahead with opening a new business in Brisbane, you need to start thinking about the paperwork: What licenses and permits will you require to run your business? This information is all easily available online, so you can be sure you’ve applied for the right documentation before opening day.
Whatever type of business you decide to open in Brisbane, don’t forget to put the proper insurance policies in place. Public Liability insurance and Professional Indemnity insurance can help protect you against common claims, such as a customer injury on your premises or allegations that your services have caused financial harm to a client. You’ve worked hard to build your own small business. Business insurance can help protect everything that you’ve worked so hard to achieve.
- 2019-20 Australian Bureau of Statistics data
- Infrastructure Magazine, 25 February 2021
* The information provided on this page is general guide only and does not take into account your personal objectives, financial situation or needs. This information should not be construed as any form of advice. Consider your own personal circumstances, objectives, financial situation, needs, Product Disclosure Statement (PDS), and full policy terms and conditions before making a decision. Product descriptions on this page are intended only as a guide to coverage terms and conditions, and should not be relied upon to determine policy coverage. Policy coverage is subject to the specific terms and conditions of each policy wording.
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