What are the most successful small businesses?

Small businesses are the heartbeat of our economy. In 2020, small businesses accounted for over 97% of all Australian businesses! A healthy, thriving, and sustainable small business sector is more important than you may think. When our small businesses thrive, our communities thrive. Small businesses create greater opportunities for job creation, greater opportunities for innovation, and greater opportunities for growth and expansion. 

So, what makes a successful small business? 

The concept of success is subjective; different people have different ideas of what it means to be successful. However, in the context of business, success usually implies that a business is profitable. Other indicators that may be used to measure a business’ success include things like low staff turnover, high customer retention, and positive customer feedback. Achieving these things will usually also drive profits.

 

Finding success as a small business doesn’t come down to just one magical fix. Success in business is usually dependent on a number of factors, each of which have been strategically aligned in order to position the business for success. Part of the fun of owning your own business is that you get to determine what success looks like for you, and to make changes as you see fit.  

Our country’s thriving small business sector means that Australia is one of the best places in the world to start your own business. So, what are some of the most ‘successful’ small businesses in our country? 

 

Well, according to the Australian Small Business and Family Enterprise Ombudsman, some of the most popular small business industry sectors include:

  1. Agriculture, fishing, and forestry (e.g. beekeeping, egg farming, etc.) – Small businesses in this sector account for 76% of the industry’s GDP.
  2. Real estate, hiring, and rental services (e.g. property management, real estate, rental equipment services) – Small businesses in this sector account for 74% of the industry’s overall GDP.
  3. Construction (e.g. concreting, painting, construction, building maintenance, etc.) – Small businesses in this sector account for 56% of the industry’s overall GDP. 

 

These industries continue to thrive and grow, with new small businesses opening up every day. 

What business structure is best for a franchise?

Starting and running your own business involves a lot of decision making. One of the earliest decisions you’ll need to make as a business owner is determining the type of business structure you intend to operate under.

 

In Australia, the four business structures that are most widely used by franchise businesses are:

  1. Sole trader – An individual trading on their own.
  2. Partnership – 2 or more people trading together, who distribute income or losses amongst one another.
  3. Company – A legal entity separate from the owners.
  4. Trust – A separate entity that holds assets like property or income for the benefit of others.

 

Determining your business structure is a decision that should not be rushed. Not only will your business structure have implications on your assets, it will also have implications on your taxation obligations. It’s definitely worth taking some time to sit with a business advisor to determine your best route. 

How do I protect my franchise?

When you start any type of business (whether it be a franchise or an independent endeavour), it’s important to protect your business from threats. After all, it’s the product of your years of hard work and planning. 

 

Being successful in business requires you to constantly look out for new trends, new competition, and new threats. One of the best ways to protect your franchise from threats is to consistently provide high quality services and/or products to your customers. Doing so will establish your franchise as a trusted and reliable player in your field, and will make your business less susceptible to external threats such as competitors. 

 

A benefit of signing up to a franchise is that you’re entering into an established company that is already equipped with some level of public brand recognition. For example, at Jim’s Group, we have near-universal brand recognition across the country. As a result, it’s much easier to feel protected as a business owner because you’ll have the backing of an iconic brand from day one.

Is Jim’s a good business?

Some businesses are inherently more profitable than others. For some businesses, it’s because the concept involves low expenses and low overheads. For other businesses, it’s because they have high selling price points and low margins. 

A Jim’s Group franchise is a good example of a business that has a high chance of being profitable. Since our franchises operate as mobile services, it means that our franchises have very low startup costs. All you need to invest in is the rights to your particular region, your equipment, and your vehicle. 

 

As a result of our low startup costs and low overheads, Jim’s Group franchises are some of the most profitable franchises out there on the market. Most of our franchisees are profitable within their very first year – something that’s quite unusual in the small business world! We always tell our franchisees that the sky’s the limit when it comes to how successful their businesses can be. Anything is possible at Jim’s – the trick is being committed enough to see your vision through.

Jim’s franchise review

When we speak to our existing franchisees, they often tell us that their decision to join Jim’s Group comes down to the simple fact that the Jim’s model has been proven to be successful. At Jim’s, we have plenty of work, we provide plenty of support, and we allow for plenty of creativity. As such, our franchisees are positioned for success from day one.

 

One of our franchisees, Dan Cahill, went from earning $52,000 a year as a manager at a fast-food joint to turning in $300,000 worth sales in his very first year as a Jim’s Mowing business owner. With happy franchisees and ever-increasing leads, we truly believe that a Jim’s franchise is one of the best small business opportunities out there.

If you’ve been considering starting your own small business, we’re here to encourage and support you every step of the way. With enthusiasm, hard work, and drive, you too can find success as a small business owner in the years to come.

 

To find out more about starting your business journey with Jim’s Group, contact us to see how we can help. Call 131 546 or enquire online today.