If you’ve been tossing up whether to finally take the plunge and start your own gig, here’s a little nudge from the data gods: it’s a cracking time to go into business for yourself.
The latest stats from the Australian Bureau of Statistics show that in the 2023–2024 financial year, over 436,000 new businesses launched across the country. That’s a 16.8 per cent entry rate, one of the strongest we’ve seen in years. And while about 362,000 businesses closed their doors, the net result was a 73,000+ boost in active businesses nationwide. Translation? More Aussies are backing themselves to give business a red-hot go.
What really stands out: Some of the biggest growth came from non-employing businesses, these are up by a whopping 5.9 per cent, adding over 78,000 new solo operators to the economy. That means more people are building businesses on their own terms. Whether it’s freelancers, consultants, makers or tradies, soloists are on the rise.
Why now’s the moment to go it alone
We all know the cost of living is biting, job security isn’t what it used to be, and the idea of a traditional 9-to-5 is looking less appealing by the day. But starting a business or a side hustle isn’t just about escaping the rat race. It’s about tapping into opportunity.
Australia now has 2.66 million actively trading businesses, and 91.6 per cent of them bring in less than $2 million a year. In fact, nearly a quarter of all Aussie businesses make under $50,000 annually – so you’re not alone if you’re starting small. The key is, people are starting. And the data shows they’re doing it all over the country. Every single state and territory saw business growth, with Western Australia and the ACT leading the charge.
If you’ve been waiting for the “perfect time”, well, this is as close as it gets.
Where the smart soloists are heading
Let’s talk hot spots. According to the ABS, certain industries are flying right now, offering ripe opportunities for newcomers:
Transport, postal and warehousing: Up 8.5 per cent, thanks to our growing addiction to online shopping and delivery services. If you’ve got a van, a license, or a smart idea to solve last-mile logistics – now’s your time.
Health care and social assistance: Up 7.7 per cent. This one’s booming off the back of an ageing population and growing demand for personalised care. From allied health to NDIS support work, there’s space for skilled solo operators to make a difference and a living.
Financial and insurance services: Up 4.8 per cent. Folks are looking for help navigating money matters in uncertain times. If you’ve got a head for numbers and a way with people, you could carve out a niche as a finance coach, bookkeeper, or small biz insurance advisor.
Even professional services, construction, and tech-adjacent roles like digital marketing and web development continue to offer fertile ground for soloists with the skills and a bit of hustle.
Tools and tech = your secret weapon
Here’s the good news: While most small businesses are, well, small… the ones that embrace tech tend to grow faster and make more money. Think whatever helps you save time and work smarter, not harder. So embracing tools and tech like cloud accounting, smart CRM systems, AI-powered scheduling tools.
In fact, businesses that levelled up their digital tools last year reported big wins in productivity and profitability. It doesn’t have to be fancy. Just invest in systems that make admin easier, so you can focus on delivering great work and building your brand.
Why now?
And if you’re still wondering ‘why now?’ think about this: There’ll always be challenges and barriers to business – rising costs, competition, learning curves. But the numbers don’t lie: Aussies are starting businesses in record numbers and backing themselves to succeed.
So if you’ve been sitting on a business idea, sharpening your side hustle, or just craving more control over your work and life, don’t wait for some magical moment. The data says there’s never been a better time to take the leap.
Get your ABN, make a plan, sort your tech, and start. The solo life is calling, and the market’s wide open for those brave enough to answer.
Source: Flying Solo June 2025
This article by Cec Busby is reproduced with the permission of Flying Solo – Australia’s micro business community. Find out more and join over 100K others https://www.flyingsolo.com.au/join.
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