New Business Statistics
Small - Medium Business Enterprises Invest in Ballarat
The Economic Development Unit recently surveyed a number of new businesses in Ballarat who have opened their doors over the past financial year, in order to determine their primary motivating reasons for choosing Ballarat as their base for business.
In particular, the survey specifically targeted small-medium sized businesses who had made a significant financial investment of at least $50,000 towards establishing their business in Ballarat, and who had a business and marketing plan to guide their activities. Home-based businesses and micro-businesses were not included in the survey.
The results of the survey found that new businesses in Ballarat consist of start-up businesses (62.5%), wholly relocated businesses (12.5%) and businesses who are expanding into the Ballarat market (25%). These new businesses are predominantly hospitality/tourism based (28%), retail based (25%) or service providers (22%); and together have directly invested in excess of $1.9million into the Ballarat economy, generating over 205 jobs.
New businesses which have relocated and/or expanded to Ballarat are predominantly from Western Victoria (58%) and Melbourne (25%); and of all the businesses surveyed, 44% indicated that they had not considered any where else - except Ballarat. For those who had considered other areas, Geelong (31%), Western Victoria (25%), Bendigo (19%) and Melbourne (19%) were identified.
For start-up businesses, the primary motivating factors were marketing opportunities (45%) and previous associations with Ballarat (20%). For relocated and expanding businesses, the primary reasons were marketing opportunities (33%) and access to business and community services (25%).
In addition, the vast majority of the new businesses who participated in the survey indicated that they serviced clients outside of the Ballarat area, particularly in Western Victoria (57%) and Melbourne (40%).
As an incentive for new businesses to invest in Ballarat, the Economic Development Unit has developed the ?Business Eureka Pack? which is valued at over $37,500 and contains a range of business and retail offers from over 100 Ballarat businesses.
In conclusion, the Economic Development Unit considers the results to be very positive and to demonstrate Ballarat?s capability to attract new business investment to the City.
For further information, please contact Peter Forbes - Business Development Officer on 03 5320 5672 or email: peterforbes@ballarat.vic.gov.au.