There's something about New Year's Eve that stirs up ideas and plans, long-held hopes and dreams. For many, those might include starting their own business. If you've had enough of 'working for the man' and want 2016 to be the year you become your own boss, read on. For whatever the naysayers proclaim, the new year promises to be a good one.
Fine, you say, but what type of business should I buy? The answer depends on whether you wish to stay within your current industry, or try something new; whether you are 'going it alone' or want to start a business with your partner or family.
Which business to buy
Do you wish to work from home, or from designated premises? Are you looking for freehold or leasehold? Yes, there sure are a few questions to answer but a recent study by IBISWorld into industries set to grow in 2016 may help answer a few.
Not surprisingly, the IBISWorld business information analysts predict continuing changes in the resources industry, as the boom subsides. But they say the benefits of "unprecedented capital investment into oil and gas extraction" will be seen in 2016.
Another high growth industry will be child care services. With more women going back to work, and strong government support for childcare providers, the industry is set to continue a robust growth trend.
Population boom in the cities
This will be supported by population booms in the capital cities. For example, during 2017 and 2018, the City of Sydney is expecting 8000 new dwellings to be completed. And clearly inner city population booms will increase demand for many other services, indicating which industries will do well in 2016.
With Australia’s birth rate set to rise by 6.4% over the next five years, we will also see growth in other child/family-related businesses, such as preschool education, babysitting services, health insurance, fertility clinics and toy retailing.
There are always plenty of negative stories about Australian agriculture but here's a positive one! IBISWorld analysts say strong foreign demand for Australian beef and strong saleyard beef cattle prices are forecast to drive revenue growth of 11.0% for the beef cattle farming industry in 2015-16, continuing its strong momentum.
Hospitality and tourism industries are also a sound choice, say the analysts, with the influx of foreign tourists set to treble the current 7 million per year within a decade.
Tourism industry growing
Currently worth an estimated $118 billion in revenue, and employing more than 543,000 across the nation, tourism is set to grow strongly over the next five years, becoming one of the nation’s fundamental export industries. Industry revenue is forecast to reach $129.7 billion in revenue by 2020-21 as the industry anticipates an increase in inbound tourism from Asia.
Looking at the 'safest' industries, a sure bet is anything related to Australia's ageing population, from health and hospitals to retirement villages.
Since 1995, the proportion of Australia's population aged 65 years or older has jumped from 11.9 per cent to 15 per cent. Australian Bureau of Statistics data also shows the number of people aged 100 or older has jumped 254 per cent in the past two decades.
There are now 4440 centenarians in Australia, up 550 in the past 12 months, with more than three times as many females (3400) as males (1000) in this age group.