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Why You Should Buy or Sell a Business in Brisbane
Brisbane has beautiful weather year-round and 86 per cent of residents say it’s a great place to live, so it’s no surprise that businesses are interested in setting up shop there. Greater Brisbane’s economy is worth $162 billion, and 49 per cent of Queensland’s economic output is produced in the capital. This creates an environment where new business owners have a good chance of success and adds value to existing businesses, whose owners may be preparing to sell. Brisbane’s economy is strong, in part due to its abundance of customers and workforce, good infrastructure, and an environment that nurtures new enterprises — all key factors in the success of new businesses as well.
Brisbane is Australia’s third-largest city, and it continues to grow. In fact, the population of the Brisbane metropolitan area is expected to grow at 1 per cent each year and reach 3.3 million by 2036. This equals a growing customer base for Brisbane businesses.
The population is also extended through tourism. Six hundred flights bring 63,000 people to Brisbane each day, and each year the number of international visitors rises by around 6.9 per cent. The benefits for the tourism industry are obvious, but all businesses are helped by the $6.4 billion tourism brings to the Brisbane area.
The population is not only growing, but it's also young, with almost 46 per cent of the working population aged 35 and under. Thirty-two percent of the workforce have a Bachelor’s level education, giving business owners a young, talented and growing workforce from which to source the best employees to grow their businesses.
A business needs more than just a workforce and potential customers to grow. Good infrastructure is essential, and Brisbane is overflowing with the essentials for growing a business. Brisbane aims to be a top 20 global city by 2031, and state and local governments are investing in the infrastructure to meet that goal.
Brisbane is the closest capital city to Japan, China and South Korea, Australia’s three largest export markets. For export businesses looking to take advantage of that, the Port of Brisbane is Queensland’s biggest cargo port and one of the largest-growing container ports in the country.
The airport is just 20 minutes from the city centre, and work is continuing on the second runway to bring more tourists to the city. An international cruise terminal is being built, along with a proposed $2 billion stadium and entertainment precinct to attract global events.
A business-friendly environment is also critical to new business owners, and Brisbane goes the extra mile to welcome new enterprises. The council has workshops, forums and free networking events to foster business in the city. They also have a hotline for business support to help new business owners navigate licensing, registration and other business necessities.
Brisbane has been ranked in the top 15 per cent of 450 cities for innovation. The city encourages innovative enterprises with grants, a social enterprise program and the Lord Mayor’s Business Forums, which share knowledge of new business ideas and products.
The council is also very open with information to help businesses. They have a customisable census search that gives businesses profiles of Brisbane communities to help them connect with customers. The Open Data project allows the public to access council datasets on topics including waste and recycling, public transport and books. The data is presented in a format that is easy for developers to use to develop new applications, and developers retain ownership of their intellectual property for commercial applications, building new products with Council’s help.
Brisbane’s goals are to be a global leader in innovation, business, tourism and liveability, and the city is willing to support both public and private projects to reach those goals. That enthusiasm and support is key to a successful business, making Brisbane an environment where business owners can reach their own innovation and business goals.
If you’re interested in seeing what Brisbane can offer you, contact LINK Brisbane today and explore your options with our team of experienced brokers.