Setting Up Business in Geelong: 5 Tips to Ensure Success in 2024

Geelong could be the top city to start a small business in Victoria — which is good news for local entrepreneurs.

Though Australian government statistics reveal that the overall number of small businesses in the state decreased during the 2022-23 financial year, Geelong bucked this trend. Geelong alone added 515 new businesses to the economy, experiencing the largest increase in Victoria. Geelong residents and business owners alike benefit from lower rent prices from its sister city, whilst remaining a quick commute away from Melbourne.

While these statistics are positive, aspiring business owners should proceed with caution. Business failures across the country are ruthless, so putting your best foot forward from day one is crucial. These five tips can help Geelong business owners ensure their success when setting up.

1. Research the market

Small businesses have experienced ongoing challenges in recent years. The knock-on effects of the COVID-19 pandemic, supply chain disruptions, inflation, and cost of living stress are reshaping many industries, if not outright destroying them.

Researching your local market is evergreen advice, but having an extensive ‘lay of the land’ may be more crucial than ever for prospective business owners. So while it may be true that there are incredible opportunities to grow in Geelong, a poor understanding of what local customers want and need could undermine your success.

Thoroughly research your competitors and find out what markets they’re targeting. Establish what makes the Geelong population tick, and how your product or service is going to enrich their life, or solve a common problem.

2. Understand your funding options

There are many funding options to help small businesses establish themselves and manage cash flow in the early stages of operation. Small business loans and seeking investors are common methods, as are self-funding and applying for government grants.

Small businesses are indeed thriving in Geelong, but you still have to be able to set yourself up for at least the first 6 months of operations, whilst you adjust to the realities of operating your own business, and tackling any unexpected challenges or hiccups.

Whether it’s personal sacrifices, family contributions, external investment, business grants or a mix of funding methods, make sure you’re confident you can weather the storm that is the uncertainty of your first few months in business. In essence: don’t rely on your business to turn a profit or generate your income whilst it finds its feet in the Geelong community.

3. Consider business insurance

For many small business owners, insurance is the last thing they want to think about. It may be purchased begrudgingly to fulfil a licensing or contract requirement, or written off as an unnecessary expense. However, it could prove vital to your small business’ long-term success.

Unplanned bills caused by insurable events — such as customer injuries, fire, broken equipment, or cyberattack, to name a few—can easily cause major disruption to a small business. Whether it’s a client-made claim, or a natural disaster such as fire or flood damage, business insurance policies can help you manage these risks, so you’re not left out of pocket if the unexpected occurs.

Don’t forget to include cybercover in your business insurance, if any sensitive or customer data is stored as part of your business operation. Cybercrime attacks are frequently targeted at small businesses due to the assumption they’ll have less robust protection in place, and the results could be devastating for your business.

4. Optimise your local online presence

Local search is a key driver of sales for many small businesses. Optimising your online presence can help you rank higher in Geelong-area searches. Build your customer base by making yourself visible on search engines and social media platforms.

Creating (and regularly updating) your Google Business Profile listing puts your business on the map, when people search for services or products near them. Small businesses can include search engine optimisation (SEO) keywords in their website, and encourage customer reviews to start building their local digital presence and authority. In a smaller area such as Geelong, positive community rapport is vital.

That’s why social media advertising is also important. Make your company name known (for all the right reasons), with digital campaigns, exclusive online offers and compelling visual advertising.

5. Take advantage of small business resources

There’s a learning curve when it comes to setting up and running a small business. You’ll likely need to tackle varied tasks that you may have little or no formal training in, like marketing, accounting, and human resources.

Finding resources dedicated to small businesses can help you set up, run and grow your business. The Geelong Small Business Festival, now in its 14th year, is the region’s largest dedicated business festival. It is a valuable opportunity for local business owners to connect and learn from industry experts.

When looking for professional services, consider what you can offer individuals or businesses back. Symbiotic relationships will help both of you to not only strengthen your operations but also your presence in Geelong. When profits rise, you can reinvest some of them back into sponsoring community events.

Growing success in Geelong

Geelong may be a top city for starting a small business in 2024, but entrepreneurship is not without its challenges. Success will come with hard work, perseverance, and a bit of luck. But to start with, follow these tips above, and remain confident. 

Should things go well, you’ll have Melbourne on your doorstep to expand into, and open up your business to a tourist market. But in the meantime, view Geelong as the perfect middle ground to shelter your business whilst still feeding it with plenty of opportunities.