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Pandemic driving a small-business boom

A Xero survey reveals that an extra 3.5 million start-ups are expected to add 1 million jobs over the next 10 years.

A survey has recently been undertaken by software company Xero, in conjunction with Accenture, which highlights Australia’s “favourable conditions” for businesses.

According to the ‘Where Opportunity Lies’ report, despite the economic crisis brought on by the effects of COVID, small-business registrations are at unprecedented levels, growing 34% from 2019 to 2021, to more than 300,000.

The report revealed a range of factors changed the mood around start-ups:

  • Job uncertainty: reductions in hours, limited opportunities for pay rises and redundancies
  • Desire for change: Australians re-evaluated the way they live and work, and sought greater enrichment, control, and flexibility in their work.
  • Rise of the gig economy and digitalisation: has led to increased opportunities for flexible and independent work
  • More favourable lending conditions for small and medium business

It also showed that those looking to strike out on their own are younger, more tech-savvy and more diverse. There is also an increase in the number of women and those from different cultural backgrounds joining the ranks of the self-employed.

Joseph Lyons, Xero Managing Director, said: “More than ever, entrepreneurs are charting a new path in search of meaningful careers – from those who experienced redundancies to the burned-out workers ditching the corporate grind – the next generation of resilient changemakers are leading our economy forward.”

Mandy Sigaloff, Managing Director of TaxAssist Accountants, said: “The survey revealed some really positive findings, and highlights to me both the potential for growth for the accountants in our network, and a wider appetite for entrepreneurs to build their own business and take control of their future.

“TaxAssist Accountants has franchise opportunities available across Australia. So, if you are a qualified accountant working in industry, a tax preparer looking to scale up your business, an individual with an accountancy or law degree or diploma or are looking to scale up your existing accounting or tax practice then do get in touch.

“The accountants in our network provide a full range of all-year round professional accounting, tax, SMSF and business advisory services to small businesses and all report a high demand for their services.

“Franchisees will join a global franchise, with over 284 franchises operating in Australia, the UK, Ireland, Canada and the US, with new locations opening all the time.”

If you’re looking to utilise your skillset and take control of your future, Click here to book onto your 45 minute online Discovery Session with Mandy to find out more.

June 2022

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