The Future Of Small Business
With Australian's geting richer and richer, and the mining boom slowly curtailing, small business seems to be the way forward, and looks set to be an industry in itself, and the next big thing. But how do you succeed in the current market? What are the key elements that you need to factor in to your business venture if you would like to ride the next boom?
We sat down with Ibis Group CEO, and Start-Up extroadinaire Luke Howes to get his thoughts on just that.
"The big trend that i have seen in the small business and start-up community is the emphasis on innovation. The most successful ideas that have come around recently have been new, trendy, and something different." says Luke,
"The young people today are the new leaders, gone are the days of the big bosses being the old guys. In the same way, gone are the ideas of greed, consumption and wastage making the best business models. Nowadays its all about green living, healthy lifestyles, innovation, being 'trendy'. This of course involves hiring young peple, which can be an issue for some start-ups."
"With all the hype about being trendy, and teh rise of the hipster, most young people, uni graduates, a.k.a the people that we small businesses want the most, they all want to head into the city. They want to be amongst the coolest cafes and the underground bars. For businesses like us, based in Western Sydney, half the time people won't even apply simply because they want to work (tell people they work) in the city. Even if we offer higher pay rates, we still find it hard to grab hold of these young up and comers."
"Unless things in Western Sydney change, more big buildings, more pretty things for young people to look at, more tech industries and less manufacturing jobs, young people are always want to into Sydney CBD, where the action is."
Lukes tips for any small business starting up now, is to follow the trends, "focus on healthly lifestlyes, the environment, more flesible working arrangements to satisfy the young workforce, and pray that where you are located is seen as trendy enough for these young people to grace you with their presence."