It can be difficult to find the right location for your promising new start-up, especially when considering factors such as cost of living and livability. Luckily, Melbourne ticks these boxes, which may make Melbourne an attractive location to base your promising new start-up in.
The guide aims to help new business owners and new businesses in Melbourne to get off on the right foot and increase their chances of success in the global, multicultural city of Melbourne.
If you are looking for a base for your new business, here are some top reasons to consider for making Melbourne the home of your company’s head office.
What makes Melbourne a great place for starting a new business?
Melbourne is one of the most sought-after business locations in Australia today due to its exceptional livability and rich cultural heritage. But there are many more reasons why Melbourne is so popular among small business owners. Here are some of the top reasons that may sway you to base your new small business in Melbourne, courtesy of liveinmelbourne.vic.gov.au:
- an open and transparent regulatory system;
- a stable political environment;
- advanced information and communication technologies;
- high-quality professional support services;
- low-cost infrastructure;
- a triple-A credit rating;
- strong intellectual property safeguards;
- a modern, integrated transport network;
- a highly-skilled, multicultural workforce;
- an abundance of raw materials;
- competitively priced office space and development sites;
- thriving regional centres; and
- close proximity to Asia with an Asian time zone.
1. A rapidly growing city
Operating a business in Victoria’s capital of Melbourne is considered a strategically sound decision given the fact that Melbourne is projected to be the fastest growing capital city in Australia in 2023-2024, and its population is projected to grow every year through to 2030. The city’s economy is thriving and its Gross Local Product is anticipated to reach $150 Billion by 2031.
The economy of Victoria’s capital city can be wildly diverse, drawing investment from many industries, including research, manufacturing, healthcare, and energy.Consider these fast facts and projections about the city of Melbourne:
- 260 languages and major dialects are spoken in Melbourne.
- Over 30 per cent of Melbourne’s population was born overseas.
- Melbourne accounts for nearly a quarter of Australia’s economic activity (23 per cent of the national GDP) while only being three per cent of Australia’s total land mass.
- 50 per cent of Victorians have a post-secondary degree.
- Victoria boasts a growing economy valued at $455 billion.
- 2 million of Victoria’s 6.64 million people live in Melbourne.
- 600,000 new jobs are expected to be created in Melbourne by 2031.
- 270,000 new residents will call Melbourne home by 2031.
- Melbourne is ranked 42nd in the world in terms of having a favourable ecosystem for start-ups.
- Melbourne is home to Australia’s largest container port (the Port of Melbourne) and represents Australia’s main logistics and freight hub.
2. A city brimming with talent
Melbourne’s large population gives start-ups instant access to a large talent pool. Some of Australia’s most prestigious universities and higher education institutions are in Melbourne, including the University Of Melbourne and the Royal Melbourne Institute of Technology.
Melbourne is known for its rich cultural diversity, with nearly 30 per cent of its population born overseas and 260 languages and major dialects spoken across the city.
3. Launching a start-up business in Melbourne
The City of Melbourne has a dedicated team of Business Concierge case managers whose job is to support businesses of all shapes and sizes, including newly formed small businesses just starting out. Melbourne’s Business Concierge case managers work with businesses across all industries, including hospitality, accommodation, retail, BioMed, FinTech, professional services, health and well-being, education and training, and many more. New business owners in Melbourne can book an appointment with a Business Concierge online now.
For the city of Melbourne investment in small businesses is a big deal and
Melbourne is undoubtedly a great place to start a new business thanks to the many programs that are available to help start-ups get up and running. New business owners in Melbourne can also participate in state government initiatives such as Invest Melbourne. This government-funded program can provide new business owners with assistance regarding market entry, obtaining business case validation, and securing business funding.
4. Get the most out of programs like Invest Melbourne
When looking for small business ideas in Victoria, Melbourne is undoubtedly the best place to start, thanks to its many programs that are available to help start-ups and new businesses get established. Participating in initiatives like Invest Melbourne will help you get assistance with market entry, obtaining business case validation and securing funding.
Business insurance made easy with BizCover
A big part of succeeding as the owner of your own business is ensuring that the small business you are launching in Melbourne is designed to endure long-term, and a key part of that involves reducing your risk via business insurance.
At BizCover we make securing your business insurance faster and easier than ever – and without the drama that can come with purchasing business insurance.
We provide a quick and easy way for small business owners in Melbourne to compare competitive business insurance quotes online and purchase their business insurance in less than 10 minutes – and with zero paperwork.
Common types of business insurance that you may consider for your new business include:
Professional Indemnity insurance: Protects your business from losses arising out of acts, errors and omissions from a wide variety of services.
Business Insurance: An insurance package designed to provide cover for your business contents, stock, tools and commercial premises when an insured event occurs.
Public Liability insurance: Business insurance that protects you from claims and supports your profitability in the event of a cyber breach or attack.
However, business insurance for your new Melbourne-based business is not a one size fits all proposition. Learn more about business insurance including what is covered and what isn’t, and a list of industries and occupations that may require or benefit from having insurance.
Compare competitive insurance quotes, get covered in just 10 minutes, and get back to business. If you prefer to speak with us, you’ll reach our friendly team on 1300 920 867.
This information is general only and does not take into account your objectives, financial situation or needs. It should not be relied upon as advice. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording.
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ABN 68 127 707 975; AFSL 501769
