Are you living in the small business hotspot of NSW?
BANGALOW is the small business hotspot in NSW and the second most entrepreneurial place in Australia, tied with Kulin in WA, new data from Xero shows.
Providing an in-depth analysis of Australian Bureau of Statistics data from 1991 to 2019, the new Xero Boss Insights 2020 report was compiled by The Demographics Group.
The report found that in late 2019, there were 2.2 million business owners in Australia, a spike of 700,000 since 1991.
The majority of these businesses are small, including more than 1.4 million sole traders and more than 600,000 micro business owners employing up to four staff.
The report further revealed regional towns were a fundamental building block to Australia's small business economy - identifying a 'sea-change and treechange effect' - where communities by the beach or in-land elevated by tourism and agriculture with a heightened level of business ownership.
While 15 per cent of the Australian workforce own a business, this peaks significantly in regional towns at about one-third of residents.
Flinders in Victoria is Australia's most entrepreneurial hot spot, with 38 per cent of residents owning their own business. Following closely behind are Bangalow in New South Wales (37 per cent) and Kulin in Western Australia (37 per cent).
Demographer and Boss Insights report author Bernard Salt said the study revealed the relentless energy and determination of the Australian people, in all parts of the continent, to build a business and to thrive.
"Not all businesses survive but there is no shortage of Australians putting their hand up in pursuit of what is perhaps the ultimate Australian dream - the quite ennobling ideal of being your own boss," Mr Salt said.
While the report does not contain data analysing the impact of the recent bushfires, it shows that in the past, businesses in regional communities emerged as the most resilient, with almost half (46 per cent) of those formed in 2015 surviving through to 2018.
It also showed the business survival rate peaks much higher in some regional towns, with a 66 per cent survival rate in the Barossa Valley and Yorke Peninsula in South Australia.