NSW small businesses are becoming smaller, more digital, and more likely to sell well beyond their own postcode, new research has found.
The NSW Small Business Commission’s report, NSW Small Business: A Story of Diversity and Dynamism, was launched at a Business Sydney event on Thursday, 1 October, to mark the start of NSW Small Business Month.
Small businesses employ close to 1.7 million people, or roughly 40 per cent of the NSW workforce.
The report found 63 per cent of NSW small businesses now have fewer than four employees. These micro-businesses are growing at double the rate of all businesses.
More than half (57 per cent) now serve customers beyond their local area. Of those, 23 per cent sell across NSW, 21 per cent nationally, and 3 per cent overseas.
Almost half (47 per cent) use artificial intelligence (AI) tools to boost productivity, including 40 per cent of tradies, retailers, and hospitality venues.
Nearly half of owners (49 per cent) said independence was their main reason for being in business. Regional owners were three times more likely than their Sydney counterparts to value their role in the local community.
“Behind every statistic is a person who has taken a risk, reinvented themselves or found a new way to contribute,” said NSW Small Business Commissioner Kalina Koloff.
“What this research shows is that small business ownership is often much more than an economic activity.”
“It’s a pathway to innovation, independence, purpose and participation in the community.”
“Small businesses are the heart of our communities and the powerhouse of local economies in NSW,” said Minister for Small Business Janelle Saffin.
“As we launch NSW Small Business Month today, we reaffirm our ongoing commitment to backing our 893,000 small business owners every day of the year.”
Throughout October, free and low-cost events, workshops, and networking sessions will run online and in regional and metro areas. Topics range from sales and cash flow to technology and cyber security.
The Service NSW Business Bureau is also offering extra support during the month, including face-to-face appointments at more than 30 Service NSW Centres and dedicated programs for First Nations, multicultural, and female founders.
Business owners can also get up to four hours of free advice from independent business advisors under the new Small Business Advisory program. The program has passed 1,200 bookings since it launched less than a month ago.
Appointments can be booked at service.nsw.gov.au/business/small-business-appointments-at-service-nsw-centres or by calling 13 77 88.
The full list of Small Business Month events is at nsw.gov.au/nsw-small-business-month, and the report is available at www.smallbusiness.nsw.gov.au/small-business-insights-paper
Got something you want to say about this story? Have your say on our opinion and comment hub, New England Times Engage