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Hottest Businesses to Buy Right Now in the Sunshine Coast
The Sunshine Coast is currently one of the hottest places to do business. It’s the third most populated area in Queensland and expected to grow 2.5 percent annually through to 2026. It has a Gross Regional Product of more than $16 billion and an average annual growth rate of 4 percent. This outperforms the national economy and makes it one of the largest regional economies in Australia.
The Sunshine Coast is also ideally located on the doorstep of Asia and the Pacific Rim, so it’s no surprise business confidence is up. Once the place hippie surfers parked their combi vans, the Sunshine Coast is now a vibrant, growing economy where business owners can find great success in many different industries.
With pristine beaches and plenty of attractions, it should come as no surprise that tourism and hospitality sales in the Sunshine Coast total more than $2.5 billion each year. Planned infrastructure projects include an airport expansion, an upgrade to Bruce Highway, and a convention and exhibition centre in Maroochydore that will bring more even more visitors to the region.
Businesses that can tap into emerging markets have strong growth prospects. This includes long-stay tourists, such as grey nomads from the southern states visiting over winter. Other current tourism trends are nature-based tourism and unique experiences.
Health and Well-Being
The health and well-being industry is the largest employer on the Sunshine Coast and is expected to double the share of the employment market by 2033. This is supported by recent investments in health care infrastructure, such as the $1.8 billion Sunshine Coast University Hospital.
There are business opportunities in aged care and retirement living as around 20 percent of the Sunshine Coast’s population is aged over 65. High-tech opportunities exist in health research and digital solutions to health problems, but complementary and alternative therapies, such as massage and acupuncture, are also areas that have potential for growth.
The Sunshine Coast has rich soils, plenty of water and a good climate. This leads to abundant crops, and farm production and allied industries are valued at $700 million. The region is also close to major sea and air ports in Brisbane, letting successful food businesses export their products around Australia and the world.
Current food trends include organic and health foods. High-quality, niche food and beverages, such as ciders, fresh fruits and high-grade meats, also have a large customer base.
Knowledge and Creative Industries
Knowledge-based businesses are growing in the Sunshine Coast with the region becoming known as a hub for entrepreneurs. These businesses include things like architecture, financial advice, marketing and IT. They are very scalable as knowledge products can easily be exported to overseas markets, and it’s expected that employment in knowledge and professional services sector will exceed 135 percent over the next 20 years.
Collaboration is an important part of this sector and organisations like the Innovation Centre and The Creative Alliance are working to build connections between creatives, businesses and council to help businesses in this industry. The Sunshine Coast International Broadband Network will deliver the fastest data connection to Asia from 2020, ensuring businesses will be able to do business easily in overseas markets.
It’s often been said that the riches are in the niches, and this is as true in the Sunshine Coast as elsewhere. Narrowing the focus can help a business take advantage of the targeted marketing that social networks like Facebook have perfected. Existing businesses can be niched down by mixing different industries. For example, mixing the health and tourism industries could lead to yoga retreats or medical tourism. A combination of the food and knowledge industries could lead to software applications to track crop information. Food tourism is a niche that’s already become popular throughout the world.
There are many reasons to own a business on the Sunshine Coast including the beautiful beaches and 300 sunny days each year as well as a large and growing economy. Prospective business owners can find many successful enterprises that can continue to flourish under their care.