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	<title>Gen Z Archives - Inside Small Business</title>
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	<description>Latest News and Advice for Australian Small Businesses</description>
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	<title>Gen Z Archives - Inside Small Business</title>
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		<title>How Millennials and Gen Z are powering Australia&#8217;s start-up growth</title>
		<link>https://insidesmallbusiness.com.au/management/start-ups/how-millennials-and-gen-z-are-powering-australias-start-up-growth</link>
		
		<dc:creator><![CDATA[Karl Aguilar]]></dc:creator>
		<pubDate>Fri, 16 May 2025 06:55:13 +0000</pubDate>
				<category><![CDATA[Featured]]></category>
		<category><![CDATA[Latest]]></category>
		<category><![CDATA[Management]]></category>
		<category><![CDATA[Start-Ups]]></category>
		<category><![CDATA[Gen Z]]></category>
		<category><![CDATA[millennials]]></category>
		<guid isPermaLink="false">https://insidesmallbusiness.com.au/?p=32930</guid>

					<description><![CDATA[<p>Millennials and Gen Zs now drive 62 per cent of new business openings in Australia, with retail and construction leading the way.</p>
<p>The post <a href="https://insidesmallbusiness.com.au/management/start-ups/how-millennials-and-gen-z-are-powering-australias-start-up-growth">How Millennials and Gen Z are powering Australia&#8217;s start-up growth</a> appeared first on <a href="https://insidesmallbusiness.com.au">Inside Small Business</a>.</p>
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<p>New CommBank research has found that Millennials and Gen Z business owners continue to be the driving force behind Australian entrepreneurship, accounting for 62 per cent of new business account openings in the last 12 months.</p>



<p>The data found that Millennials alone made up 49 per cent of new businesses in the year to 31 March 2025, while Gen Z accounted for 13 per cent, Gen X comprise 27 per cent of new businesses and Baby Boomers made up 10 per cent.</p>



<p>It is also noted that construction and retail trade are the most popular sectors for Gen Z entrepreneurs, while Millennial entrepreneurs favour property and business services.</p>



<p>While the age breakdown of new business transaction account openings has remained fairly steady since the pandemic, the report predicted that the Gen Z cohort will grow in the coming years as they get older, and other age groups focus on the growth stage of their business.</p>



<p>CommBank small business banking executive GM Rebecca Warren commented that the various headwinds businesses had encountered over recent years did not appear to be dissuading too many younger entrepreneurs.</p>



<p>“Gen Z and Millennials account for 72 per cent of all new businesses in retail trade, showing younger Australians are willing to pursue their passion despite the challenging environment this sector has faced and continues to tackle,” Warren said.</p>



<p>“Australian small businesses have dealt with many challenges over the last few years, and their resilience has never been more evident than in the way they’ve been navigating the challenging market, the impacts of the election, tariffs and changes to rates. It is great to see that the entrepreneurial spirit in Australia is very much alive, with under-45s continuing to lead on new business start-ups. We are proud to be supporting Australian small business owners achieve their goals, whether they’re just starting out, or growing their business.”</p>



<p>The research was released on the occasion of the Australian Fashion Council (AFC) Australian Fashion Week in Sydney this week. CommBank is a sponsor of the event, which champions young entrepreneurs, First Nations designers, and the Australian creative industry.</p>
<p>The post <a href="https://insidesmallbusiness.com.au/management/start-ups/how-millennials-and-gen-z-are-powering-australias-start-up-growth">How Millennials and Gen Z are powering Australia&#8217;s start-up growth</a> appeared first on <a href="https://insidesmallbusiness.com.au">Inside Small Business</a>.</p>
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		<title>What workers look for in working for an SME revealed</title>
		<link>https://insidesmallbusiness.com.au/people-hr/recruitment/what-workers-look-for-in-working-for-an-sme-revealed</link>
		
		<dc:creator><![CDATA[Inside Small Business]]></dc:creator>
		<pubDate>Wed, 15 May 2024 23:00:00 +0000</pubDate>
				<category><![CDATA[Culture]]></category>
		<category><![CDATA[Latest]]></category>
		<category><![CDATA[People & HR]]></category>
		<category><![CDATA[Recruitment]]></category>
		<category><![CDATA[career development]]></category>
		<category><![CDATA[Gen Z]]></category>
		<category><![CDATA[SEEK]]></category>
		<category><![CDATA[work-life balance]]></category>
		<guid isPermaLink="false">https://insidesmallbusiness.com.au/?p=28965</guid>

					<description><![CDATA[<p>SME workers are seen to place greater importance on the social and environmental responsibility of a prospective organisation..</p>
<p>The post <a href="https://insidesmallbusiness.com.au/people-hr/recruitment/what-workers-look-for-in-working-for-an-sme-revealed">What workers look for in working for an SME revealed</a> appeared first on <a href="https://insidesmallbusiness.com.au">Inside Small Business</a>.</p>
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<p>Online employment marketplace SEEK has released the latest edition to its Laws of Attraction&nbsp;portal,&nbsp;which reveals what attracts Australian workers most to a job, based on updated insights from a survey of over 14,700 Australian workers.</p>



<p>SEEK&#8217;s research revealed that compared to other generations, Gen Z workers (those born in 1997 or later) place the greatest importance on working for an SME in comparison to a large or enterprise business.</p>



<p>Overall, those looking to work for an SME place a great deal of value on work-life balance&nbsp;(14.6 per cent), salary/compensation&nbsp;(13.1 per cent), working environment&nbsp;(11.5 per cent), and career development opportunities&nbsp;(10.9 per cent)</p>



<p>With regards to career development, the research found that workers who prioritise working at a small business place greater value on career development opportunities than the total working population. Compared to other employees, SME employees are more focused on career development opportunities such as promotion opportunities (53 per cent), in-house training (17 per cent), sponsored study (31 per cent), mentoring programs (39 per cent). Gen Zs in particular rank career development higher in priority than any other generation, with their key priorities include in-house training programs and on the job training.</p>



<p>SME workers are also seen to place greater importance on the social and environmental responsibility of a prospective organisation. Compared to other workers, SME workers give importance to THE organisation&#8217;s values and how it manages its impact on the environment (45 per cent consider a ‘must-have’) and how it provides staff with volunteering/charitable opportunities (29 per cent).</p>



<p>In addition, more than one in three workers looking to work for an SME consider a potential employer offering additional super in a role as a ‘must have’. This is prioritised 15 per cent higher than those who are looking to work in a larger organisation in their next role.</p>



<p>The research also found that unlike their counterparts who are looking to work in larger organisations, individuals looking to work for SMEs place greater value on offerings that provide greater flexibility in their time e.g. flexible working hours (46 per cent consider a ‘must-have’) and the ability to work part-time (42 per cent consider a ‘must-have’).</p>



<p>Location is also important for these workers. A workplace being close to home and easy to ride/walk to is top of mind for these workers, with 51 per cent and 40 per cent considering it a ‘must-have’ respectively. It must be noted though that Gen Zs place less importance on work-from-home arrangements when it comes to work-life balance, and instead prioritise offerings that give them greater time, such as additional leave, flexible working hours, and time in lieu as compensation for overtime/additional hours worked.</p>



<p>Salary review periods offered by an employer is also of particular importance to these workers, with over 60 per cent considering it a ‘must-have’ when evaluating a job opportunity. Gen Zs place the most importance on benefits such as insurance (31 per cent consider a must-have), equity in the business (30 per cent) and other business discounts/offers (e.g. gym memberships and movie tickets) (15 per cent).</p>



<p>Gen Zs in particular are actively on the lookout for organisations that are supportive of current or upcoming life changes. For instance, they consider the likes of relocation allowance (22 per cent) and company paid parental leave (44 per cent) as must-haves.</p>



<p>Gen Zs also lead the charge amongst generations when it comes to expecting organisations to be committed to gender pay equity, with over half of workers from this generation considering it a must-have when on the job hunt.</p>
<p>The post <a href="https://insidesmallbusiness.com.au/people-hr/recruitment/what-workers-look-for-in-working-for-an-sme-revealed">What workers look for in working for an SME revealed</a> appeared first on <a href="https://insidesmallbusiness.com.au">Inside Small Business</a>.</p>
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		<title>Gen Z accounts for more than half of Australia&#8217;s retail workforce</title>
		<link>https://insidesmallbusiness.com.au/latest-news/gen-z-accounts-for-more-than-half-of-australias-retail-workforce</link>
		
		<dc:creator><![CDATA[Sean Cao]]></dc:creator>
		<pubDate>Tue, 13 Feb 2024 23:00:00 +0000</pubDate>
				<category><![CDATA[Latest]]></category>
		<category><![CDATA[People & HR]]></category>
		<category><![CDATA[Recruitment]]></category>
		<category><![CDATA[Retention]]></category>
		<category><![CDATA[Deputy]]></category>
		<category><![CDATA[Gen Z]]></category>
		<guid isPermaLink="false">https://insidesmallbusiness.com.au/?p=28176</guid>

					<description><![CDATA[<p>Millennials accounted for 27.9 per cent of the retail workforce in 2023, down from 30.5 per cent in the previous year.</p>
<p>The post <a href="https://insidesmallbusiness.com.au/latest-news/gen-z-accounts-for-more-than-half-of-australias-retail-workforce">Gen Z accounts for more than half of Australia&#8217;s retail workforce</a> appeared first on <a href="https://insidesmallbusiness.com.au">Inside Small Business</a>.</p>
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										<content:encoded><![CDATA[
<p>Generation Z was predominant in the retail industry last year, accounting for 50.4 per cent of the sector’s employees, a report by workforce management firm Deputy shows.</p>



<p>The proportion of Gen Z employees in the sector increased from 45.5 per cent in 2022, the report added.</p>



<p>Millennials accounted for 27.9 per cent of the retail workforce in 2023, down from 30.5 per cent in the previous year. The ratios of Gen X and Baby Boomers in the industry were 16.4 per cent and 5.3 per cent respectively for 2023.</p>



<p>The sector also began to witness the entry of Generation Alpha into the workforce, the report added.</p>



<p>Despite experiencing minor declines throughout 2023, the industry has recently shown signs of recovery. As of recent months, employment in retail is now 2 per cent higher than it was at the beginning of the year.</p>



<p>This modest uptrend in employment within the sector, however, mirrors the broader trend of a slowdown in consumer spending, the report said. The correlation between the slowing pace of consumer expenditure and the growth in employment suggests that the industry’s expansion is closely tied to consumer spending habits.</p>



<p>“While it is natural that we would see an increase in Gen Z shift workers, this change is taking place much faster than anticipated, about three years ahead of the projected timeline, and far ahead of their counterparts in other markets,” Shashi Karunanethy, chief economist at Geografia, who collaborated on the report, commented.</p>



<p>“With Gen Z taking up the majority of shift work hours, they have the ability to shape workplaces, and business leaders will have to adapt to their specific needs to attract and retain talent amid tight labour conditions,” he added.</p>



<p>The report analysed more than 114 million shifts across more than 679,000 Australian shift workers in the retail, hospitality, healthcare and services sectors. </p>



<p class="has-vivid-red-color has-text-color has-small-font-size">This story first appeared on our sister publication <a href="https://insideretail.com.au/">Inside Retail</a></p>
<p>The post <a href="https://insidesmallbusiness.com.au/latest-news/gen-z-accounts-for-more-than-half-of-australias-retail-workforce">Gen Z accounts for more than half of Australia&#8217;s retail workforce</a> appeared first on <a href="https://insidesmallbusiness.com.au">Inside Small Business</a>.</p>
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		<title>Three ways to engage Gen Z in your workplace training</title>
		<link>https://insidesmallbusiness.com.au/latest-news/three-ways-to-engage-gen-z-in-your-workplace-training</link>
		
		<dc:creator><![CDATA[Mark John]]></dc:creator>
		<pubDate>Wed, 31 Jan 2024 01:00:00 +0000</pubDate>
				<category><![CDATA[Latest]]></category>
		<category><![CDATA[People & HR]]></category>
		<category><![CDATA[Productivity]]></category>
		<category><![CDATA[Retention]]></category>
		<category><![CDATA[Gen Z]]></category>
		<category><![CDATA[TikTok]]></category>
		<category><![CDATA[training]]></category>
		<guid isPermaLink="false">https://insidesmallbusiness.com.au/?p=27574</guid>

					<description><![CDATA[<p>Soft-skills training is a fantastic opportunity to equip, encourage and support your team to help them develop their skills further.</p>
<p>The post <a href="https://insidesmallbusiness.com.au/latest-news/three-ways-to-engage-gen-z-in-your-workplace-training">Three ways to engage Gen Z in your workplace training</a> appeared first on <a href="https://insidesmallbusiness.com.au">Inside Small Business</a>.</p>
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										<content:encoded><![CDATA[
<p>At a time when TikTok dominates social media platforms for engagement of Gen Z, it’s worth thinking about how this might translate to better workplace training for this demographic, many of whom are now at the beginning of their working lives.</p>



<p>In my research I uncovered a core reason why product training is no longer effective: brands are still employing an old-school system that often involves sitting in a room watching a video for an hour before hearing the rep talk about products. Retailers often don’t have time to have their team members attend these sessions and, for those who do make it, retention of information is very poor. It’s also a boring way to learn.</p>



<p>Here are three ways you should rethink your workplace training for Gen Z.</p>



<h4 class="wp-block-heading">Value mindset</h4>



<p>You need to understand that Gen Z has grown up in a world where so many career paths are available. Why would they work for you when they can earn more from a Shopify side hustle? They’re actually in a position where there are many alternatives out there, not just yours. I’m always thinking about how we can add value for the frontline team members.</p>



<p>Two main factors in staff retention are financial remuneration and further education. Offering training certainly ticks the further education box; you can also link promotions and raises to learning to create a positive advancement cycle that makes them satisfied and feel valued.</p>



<p>The value mindset might include setting up their future career path, even if that might not necessarily include your organisation. This is often overlooked in industries such as retail and hospitality where young workers are seen as temporary team members, but you can encourage great performances with a value mindset that appreciates their talents while they’re with your business. Offering soft-skills training is also a fantastic opportunity to equip, encourage and support your team to help them develop their skills further in areas such as communication, teamwork and critical thinking. </p>



<p>Ultimately taking the time to provide this training will only benefit your business and help your team feel empowered.</p>



<h4 class="wp-block-heading">Short video</h4>



<p>TikTok is doing much better than other video sites on Gen Z engagement, and that is because the content is shorter and more engaging. A lot of legacy systems are stuck on the 2010 video theory. Remember MOOCs? Massive online open courses from leading global education platforms were touted to be game-changers in education. Yet, they&#8217;re only reporting a five per cent completion rate! </p>



<p>In my experience, this is often because when individuals access a course and notice a 20-minute video, they think, &#8220;I don&#8217;t have 20 mins, I do have 20 seconds, though&#8221; and, unfortunately, many will never make the time to watch it. I don’t even think micro education (five-minute) videos are short enough – for us, it’s nano education.</p>



<h4 class="wp-block-heading">Incentive to learn</h4>



<p>This sounds obvious, but you need to give Gen Z a genuine incentive to learn. All the engaging content in the world isn’t going to help if they don’t know why they’re training and aren’t, at the bare minimum, being paid to undertake training. Being able to embed that training with incentives – like bonuses for acing a quiz based on the course content, or increased sales commission on products they’ve studied – should be considered.</p>



<p>The eldest Gen Z-ers, now in their mid-20s, are at the beginning of their careers, and many are likely to be in industries where staff attrition is high. Effective training that is short, fun and engaging is essential for businesses to secure a win-win-win: rapid training of team members to increase their job satisfaction, an educated workforce for the business which is linked to higher sales, and better service for customers by an informed team.</p>
<p>The post <a href="https://insidesmallbusiness.com.au/latest-news/three-ways-to-engage-gen-z-in-your-workplace-training">Three ways to engage Gen Z in your workplace training</a> appeared first on <a href="https://insidesmallbusiness.com.au">Inside Small Business</a>.</p>
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		<title>A quarter of Aussie Gen Zs run a side hustle or small business</title>
		<link>https://insidesmallbusiness.com.au/latest-news/a-quarter-of-aussie-gen-zs-run-a-side-hustle-or-small-business</link>
		
		<dc:creator><![CDATA[Inside Small Business]]></dc:creator>
		<pubDate>Sun, 17 Sep 2023 23:30:00 +0000</pubDate>
				<category><![CDATA[Cashflow]]></category>
		<category><![CDATA[Finance]]></category>
		<category><![CDATA[Latest]]></category>
		<category><![CDATA[Management]]></category>
		<category><![CDATA[Start-Ups]]></category>
		<category><![CDATA[Gen Z]]></category>
		<category><![CDATA[GoDaddy]]></category>
		<category><![CDATA[side hustle]]></category>
		<guid isPermaLink="false">https://insidesmallbusiness.com.au/?p=26801</guid>

					<description><![CDATA[<p>More than 60 per cent of Gen Z respondents believe that side hustles are attractive alternatives to traditional job roles in sectors such as hospitality and retail.</p>
<p>The post <a href="https://insidesmallbusiness.com.au/latest-news/a-quarter-of-aussie-gen-zs-run-a-side-hustle-or-small-business">A quarter of Aussie Gen Zs run a side hustle or small business</a> appeared first on <a href="https://insidesmallbusiness.com.au">Inside Small Business</a>.</p>
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										<content:encoded><![CDATA[
<p>A new study conducted by GoDaddy reveals that a rising number of Australians belonging to Gen Z (aged 18-26 yrs) are pursuing side hustles or small-business ventures as a means to attain financial security in the midst of rising cost-of-living expenses.</p>



<p>The research highlighted that a quarter of Gen Zs now run a side hustle in 2023, up 100 per cent from the one in eight recorded 15 months ago in a 2022 GoDaddy research. In addition, three-quarters of young Australians would willingly make financial sacrifices to realise their entrepreneurial dreams.</p>



<p>As they pursue the path of entrepreneurship, almost three-quarters of respondents say that real-world experience is more valuable than classroom learning for their career and entrepreneurial aspirations. </p>



<p>While income remains a top priority for young Aussies, 44 per cent of Gen Z&#8217;s say that achieving work-life balance is important, a noted increase from last year&#8217;s eight per cent.</p>



<p>The survey also highlighted that more than 60 per cent of Gen Z respondents believe that side hustles are attractive alternatives to traditional job roles in sectors such as hospitality and retail. Moreover, an overwhelming three-quarters of Gen Z respondents expressed a willingness to accept an average pay cut of 25 per cent to operate a business aligned with their passions.</p>



<p>Kalista Thomas and Emily Barker, Gen Z founders of Glamour &amp; Co Beauty Studio agreed with the survey&#8217;s findings saying, &#8220;We&#8217;re seeing more of our peers embracing their inner entrepreneur. Young generations, particularly Gen Z, are incredibly passionate and purpose-driven, and being able to turn a passion or a skill into a business is increasing in appeal for younger Australians.&nbsp;Traditional industries like hospitality and retail are still popular, but owning a business allows us to shape our own destiny, innovate, and take ownership of our ideas. We wouldn&#8217;t have it any other way.&#8221;</p>



<p>Tamara Oppen, Vice President English Markets for GoDaddy, pointed out that it has never been easier to start a business online, whether it is full-time or a side hustle.</p>



<p>&#8220;It&#8217;s great to see one in four Gen Z Australians running an online business or side hustle,&#8221; Oppen said. &#8220;We have seen first-hand the success that many of our younger customers have had in starting their side hustles, as they continue to shape the future of work.&#8221;</p>
<p>The post <a href="https://insidesmallbusiness.com.au/latest-news/a-quarter-of-aussie-gen-zs-run-a-side-hustle-or-small-business">A quarter of Aussie Gen Zs run a side hustle or small business</a> appeared first on <a href="https://insidesmallbusiness.com.au">Inside Small Business</a>.</p>
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		<title>A Gen Z small-business owner&#8217;s guide to success</title>
		<link>https://insidesmallbusiness.com.au/latest-news/a-gen-z-small-business-owners-guide-to-success</link>
		
		<dc:creator><![CDATA[Olivia O'Neill]]></dc:creator>
		<pubDate>Wed, 21 Jun 2023 02:00:00 +0000</pubDate>
				<category><![CDATA[Latest]]></category>
		<category><![CDATA[Leadership]]></category>
		<category><![CDATA[Management]]></category>
		<category><![CDATA[People & HR]]></category>
		<category><![CDATA[Start-Ups]]></category>
		<category><![CDATA[Gen Z]]></category>
		<category><![CDATA[purpose]]></category>
		<guid isPermaLink="false">https://insidesmallbusiness.com.au/?p=25567</guid>

					<description><![CDATA[<p>Gen Z small businesses are led more by purpose than profit and when people believe in your business' purpose, the profits will come. </p>
<p>The post <a href="https://insidesmallbusiness.com.au/latest-news/a-gen-z-small-business-owners-guide-to-success">A Gen Z small-business owner&#8217;s guide to success</a> appeared first on <a href="https://insidesmallbusiness.com.au">Inside Small Business</a>.</p>
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										<content:encoded><![CDATA[
<p class="has-text-color" style="color:#174967">Younger entrepreneurs have certain traits that give them a leg up on older competitors. Learn to recognise what they are and how you can leverage them for success.</p>



<p>What does it take to transform a passion project into a full-blown successful small business, especially if you are two female entrepreneurs under 26? That was the case for Ebany Mclees and I only 18 months ago when we launched ELLORE. Joining forces with a mate to fulfil my entrepreneurial dream was a match made in small-business heaven.</p>



<p>I&#8217;ve always wanted to have my own business and always loved fashion and feeling good about what I wear every day. I love that I was able to fulfil both desires at once. With ELLORE, the two go hand in hand.</p>



<p class="has-vivid-purple-color has-text-color has-medium-font-size">&#8220;People today are emotionally savvy and if you tell the world why you are passionate about something you will get a lot of support.&#8221;</p>



<p>The dream began in a coffee shop on the Mornington Peninsula, with the amazing collaboration of a competitive creator and a woman of ambition. We mapped out the plans for our brand over the next 12 months.&nbsp;&nbsp;</p>



<h4 class="wp-block-heading"><strong>Strength from youthful purpose</strong></h4>



<p>Being so young did not hinder our passion for success. In fact, if anything, I think it fuelled it.</p>



<p>I believe Gen Z small businesses are led more by purpose than profit and when people believe in your business&#8217;s purpose, the profits will come. Most of the major trends we see in sustainability and innovation are fuelled by youth culture, by Gen Z and young people. </p>



<p>People may believe that purpose and profit are conflicting subjects. This might have been true in the past, but when done properly, purpose and profit don&#8217;t conflict with each other. When brands have an authentic purpose, share it with the world, and truly stick to it, people are more than willing to pay a small premium. This is true of both Millennials and Generation Z.</p>



<p>Being young was an advantage because we are in the same age group as our target audience. As a Millennial (Ebany) and a member of Generation Z (myself), we grew up around technology and social media, and in today&#8217;s age of promoting your business, social media is the backbone of it all.</p>



<p>While Ebany and I know there is a glut of fleece wear and leisurewear offerings in Australia, as a small business, we also know clearly what our points of difference are – a must in this world, to maximise our chances of success.</p>



<h4 class="wp-block-heading"><strong>Shoring up weaknesses</strong></h4>



<p>Another important element of our continued drive to succeed is having a mentor in our lives. You don’t know it all and mentors have been through everything you are struggling with. Your mentor can offer advice, support and guidance, which can help you improve your business and take it to higher levels far quicker than you could have on your own. You can share ideas and problems with your mentor and they can act as a sounding board to help you make decisions with more confidence.</p>



<p>Success also required a business plan. For Ebany and I, planning was not our forte, but we did try our best to ensure we had certain plans put in place to optimise our success. Our business plan was simple to start, based on a google search for what you need. Your plan doesn&#8217;t have to be anything too intimidating, just use it as a guide to get your business off the ground. </p>



<h4 class="wp-block-heading"><strong>Social media is your friend</strong></h4>



<p>Marketing has, luckily, been pretty easy for us, since social media is everything and we grew up with it. Our marketing plan started with making one Instagram post a day, five to 10 Instagram stories a day, one TikTok a day, and sending one email a day. This allowed us to be across the two biggest social platforms for our demographic and nurture our email subscribers. Between the two of us, this was very manageable.</p>



<p>It is very important to make social media your friend and not your foe. Be authentic. If you&#8217;re trying to be something you’re not, or sell a product for something it isn&#8217;t, you&#8217;ll get called out and that’s not pretty. So, be yourself, be honest, show the value you bring with the knowledge you have about your industry.</p>



<p>Tell people about your purpose. People today are emotionally savvy and if you tell the world why you are passionate about something you will get a lot of support, as people can tell you’re doing it for the greater good. Post things your audience will enjoy, study your audience – what they interact with, what influencers they watch, what their days look like, what products they enjoy using – and incorporate all of this into your marketing so you are relatable to consumers. Lastly, set a manageable posting schedule and remain consistent with it.</p>



<h4 class="wp-block-heading"><strong>How to complement each other</strong></h4>



<p>Having two similar personalities like Ebany and myself in a small business has its advantages. We know our lanes and we try to stay in them best we can. Ebany is the brains behind the business, managing budgets, warehousing, inventory and fulfilment. I, on the other hand, look after the creative aspect of the business, managing marketing, social media, PR, collaborations and photoshoots. We collaborate on many tasks but understanding our core roles is fundamental to getting the wheels to turn each day and knowing where our value lies in the business.&nbsp;</p>



<p>We thoroughly enjoy what we do every day and get joy from delighting our customers. Ebany is always lifting up people and encouraging those around her to do their best, bringing light and laughter even in the hardest of times. We celebrate all big and small wins, which makes us feel proud of all our accomplishments. But our favourite thing by far is when we do in person pop-ups and I get to laugh and connect with our customers and community.</p>



<h4 class="wp-block-heading"><strong>Three dos and three don&#8217;ts</strong></h4>



<p>Here are my top three tips for young people who want to start their own small business:</p>



<ol class="wp-block-list">
<li><strong>Quality over quantity – always:</strong> Whether it&#8217;s the pieces you stock, posting a TikTok, making an Instagram feed or sending an email, it’s always quality over quantity – don&#8217;t just put content out there for the sake of it. </li>



<li><strong>Don’t over-order on stock:</strong> It&#8217;s far better to sell out of an item and put it up for pre-order than to have 500 units of something that nobody wants. </li>



<li><strong>Communication is key:</strong> Whether it’s with your customers, manufacturers, agencies, business partners or investors, make sure you talk through everything. Say how you feel so everything comes out as best as it can.</li>
</ol>



<p>And here are the three things you must avoid at all costs:</p>



<ol class="wp-block-list">
<li><strong>Not putting your customers first:</strong> Without your customers, you don’t have a business, so whether they need help with sizing, a return, or simply want to talk to you, they are your number one priority. Treat every customer like your first and the rest will follow.</li>



<li><strong>Undervaluing your product:</strong> Ensure you understand the cost to make, store and ship your product. Do your market research on all your competitors and work out your profit margin. Undervaluing your products is detrimental to your business.&nbsp;</li>



<li><strong>Not understanding your cashflow from day one.</strong> Cashflow is king and without understanding the basics of how to invest money to make a profit, you will quickly learn how easy it is to spend money and how hard it is to acquire a paying customer.</li>
</ol>



<p class="has-vivid-red-color has-text-color has-small-font-size">This article first appeared in issue 40 of the Inside Small Business quarterly magazine</p>
<p>The post <a href="https://insidesmallbusiness.com.au/latest-news/a-gen-z-small-business-owners-guide-to-success">A Gen Z small-business owner&#8217;s guide to success</a> appeared first on <a href="https://insidesmallbusiness.com.au">Inside Small Business</a>.</p>
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		<title>Alarm raised over dearth of Millennial and Gen Z small-business owners</title>
		<link>https://insidesmallbusiness.com.au/latest-news/alarm-raised-over-dearth-of-millennial-and-gen-z-small-business-owners</link>
		
		<dc:creator><![CDATA[Inside Small Business]]></dc:creator>
		<pubDate>Mon, 20 Mar 2023 22:30:00 +0000</pubDate>
				<category><![CDATA[Latest]]></category>
		<category><![CDATA[Leadership]]></category>
		<category><![CDATA[People & HR]]></category>
		<category><![CDATA[entrepreneurship]]></category>
		<category><![CDATA[Gen Z]]></category>
		<category><![CDATA[millennials]]></category>
		<guid isPermaLink="false">https://insidesmallbusiness.com.au/?p=25084</guid>

					<description><![CDATA[<p>CPA Australia noted that the country is considered the worst in the Asia-Pacific region in attracting Millennials and Gen Z to become business owners.</p>
<p>The post <a href="https://insidesmallbusiness.com.au/latest-news/alarm-raised-over-dearth-of-millennial-and-gen-z-small-business-owners">Alarm raised over dearth of Millennial and Gen Z small-business owners</a> appeared first on <a href="https://insidesmallbusiness.com.au">Inside Small Business</a>.</p>
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<p>New research from professional accounting organisation CPA Australia reveals the lack of representation in the small-business sector of business owners under 40 years old and classified as either Millennials or Gen Z.</p>



<p>CPA Australia&#8217;s latest <em>Asia-Pacific Small Business Survey</em> shows that while Australia has the highest percentage of small-business owners aged 50 and above in the Asia-Pacific region, the country only ranked ninth out of 11 when it comes to the proportion of small-business owners under 40. Furthermore, Australia is ranked among the worst in Asia-Pacific for attracting young people into small-business ownership. </p>



<p>&#8220;Where have all the young business owners gone? They’re &#8216;Generation MIA&#8217; when it comes to small businesses,&#8221; CPA Australia Senior Manager Business and Investment Policy, Gavan Ord, remarked on the research findings, adding that the organisation has urged the Federal Government to hold a public inquiry to find out what is stopping young people from set up their own businesses.</p>



<p>&#8220;The survey results show that young business owners and founders are a necessary ingredient for Australia&#8217;s economic future, our digital capabilities and future innovations,&#8221; Ord said. &#8220;We need Australians of all ages running and owning small businesses. Diversity brings huge benefits to the economy. The absence of young people has long-term implications.&#8221;</p>



<p>The failure to attract young people to entrepreneurship has been attributed to the low level of digital capability of Australian small businesses compared to their Asia-Pacific peers and are among the least likely to innovate in 2023.</p>



<p>In fact, 30.4 per cent of small businesses in Australia are not using social media, compared to the Asia-Pacific average of 15.4 per cent. In addition, only 18.8 per cent of Australian small businesses sought advice from technology consultants last year. And the businesses that did invest in technology have focused more on updating their website and computer hardware rather than adopting new and innovative options such as artificial intelligence.</p>



<p>The lack of digital know-how within Australian small businesses extends into cybersecurity, with only a quarter considering cyberattacks to be a possibility in 2023, compared to an Asia-Pacific average of almost half.</p>



<p>&#8220;Australia’s small businesses are unlikely to innovate,&#8221; Ord lamented. &#8220;Only 14 per cent are intending to introduce a unique product or service to the market in 2023. This is the worst result in Asia-Pacific. A lack of innovation is a drag on economic growth and productivity that we will feel for years to come.</p>



<p>&#8220;Encouraging new talent to launch small businesses can boost long-term innovation,&#8221; he added. &#8220;The government needs to ensure running a small business is an attractive option for young people who can bring their digital skills to the sector.&#8221;</p>



<p>On a more positive note, the report notes that Australian businesses had their best year in five years in 2022, with 47.6 per cent of small businesses growing. This year is likely to be even better for Australia with more than 55 per cent of businesses expecting growth despite current and future economic challenges.</p>



<p>&#8220;It&#8217;s understandable that some young Australians are questioning whether business ownership is worth the stress and commitment. The pandemic, rising cost of living, high property prices and global uncertainty are adding to their doubts,&#8221; Ord said. We want young people to seize the opportunity to control their own destiny. This is a huge chance to inspire and encourage young people into the business community as Australia continues to recover. We want the government and current business owners to explore how to attract young minds into this critical sector.&#8221;</p>
<p>The post <a href="https://insidesmallbusiness.com.au/latest-news/alarm-raised-over-dearth-of-millennial-and-gen-z-small-business-owners">Alarm raised over dearth of Millennial and Gen Z small-business owners</a> appeared first on <a href="https://insidesmallbusiness.com.au">Inside Small Business</a>.</p>
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		<title>How small businesses can square up to the big guys in the staff poaching game</title>
		<link>https://insidesmallbusiness.com.au/people-hr/recruitment/how-small-businesses-can-square-up-to-the-big-guys-in-the-staff-poaching-game</link>
					<comments>https://insidesmallbusiness.com.au/people-hr/recruitment/how-small-businesses-can-square-up-to-the-big-guys-in-the-staff-poaching-game#respond</comments>
		
		<dc:creator><![CDATA[Geoff Cooper]]></dc:creator>
		<pubDate>Tue, 15 Nov 2022 01:00:00 +0000</pubDate>
				<category><![CDATA[Partnered Content]]></category>
		<category><![CDATA[People & HR]]></category>
		<category><![CDATA[Recruitment]]></category>
		<category><![CDATA[Retention]]></category>
		<category><![CDATA[Gen Z]]></category>
		<category><![CDATA[poaching]]></category>
		<guid isPermaLink="false">https://insidesmallbusiness.com.au/?p=23997</guid>

					<description><![CDATA[<p>The impact of losing staff on a small business is much bigger than that of a large organisation but that does not mean small businesses cannot do anything about it.</p>
<p>The post <a href="https://insidesmallbusiness.com.au/people-hr/recruitment/how-small-businesses-can-square-up-to-the-big-guys-in-the-staff-poaching-game">How small businesses can square up to the big guys in the staff poaching game</a> appeared first on <a href="https://insidesmallbusiness.com.au">Inside Small Business</a>.</p>
]]></description>
										<content:encoded><![CDATA[
<p>COVID-19 lockdowns pushed many to the brink but the newest <a href="https://insidesmallbusiness.com.au/people-hr/recruitment/staff-shortages-threatening-small-business-growth">challenge of severe staff shortages</a> and poaching has many at their most desperate point.</p>



<p>From offering salary increases of upwards of $30k to creating roles with more money and less work, big organisations are leaving small-business employees with the obvious decision to jump ship to a more cashed-up role at a time when cost of living spikes.</p>



<p>The impact of losing staff on a small business is much bigger than that of a large organisation – these businesses can lose lifeline revenue projects down to lack of staff or struggling to get new junior staff up-to-speed.</p>



<p>One of our small-business members said that one of their teams had gone from 10 staff members to three and recruiting was near impossible – meaning her small business couldn&#8217;t grow and the big guys were only getting bigger.</p>



<p>A survey conducted by Di Tapp from World Class Teams found only 12 per cent of people actually change jobs because of their salary and there was a lot more at play than money alone.</p>



<p>We all know small-business owners are some of the most resilient and adaptable people out there and The CEO Institute of Australia&#8217;s top SME business owners have shared their best kept secrets in retaining key staff at a time when it feels impossible.</p>



<h4 class="wp-block-heading"><strong>Genuine care for your staff goes a long way</strong></h4>



<p>Everyone has a different purpose to getting up each morning and going to work. As a manager, understanding your staff’s why is everything.</p>



<p>Find out their personal and professional ambitions and the reason they come to work in the first place.</p>



<p>In order to retain staff, you have to look at them like a whole person – having a one-to-one relationship with them is fundamental and fosters honest discussions around their employment path.</p>



<h4 class="wp-block-heading"><strong>Enough of the one-size-fits-all progression plans</strong></h4>



<p>One thing that small business does have over big business is the ability to have less rigid employment plans. They can offer multi-faceted roles with major development opportunities for staff well before they would be offered at a big organisation.</p>



<p>Employment plans are individually-based, not a one-size-fits-all approach. Look at your staff’s strengths and weaknesses and tailor their employment journey to suit you both.</p>



<h4 class="wp-block-heading"><strong>Throw out Gen-Z bias and get that intern</strong></h4>



<p>A final tactic that small businesses are finding useful throughout this difficult patch is creating new internship pathways.</p>



<p>Business owners have never been more keen to train people from the ground up, making graduate interns an attractive option.</p>



<p>From three-month intern stints rolling into full-time employment, many are finding this pathway is creating loyalty and in effect, long-term employees.</p>



<p>Small-business owners should make connections with their local TAFE or university and start graduate programmes to give keen local talent their first shot in the job market.</p>



<h4 class="wp-block-heading"><strong>Final thoughts</strong></h4>



<p>These tips can take small-business owners’ a long way, but in some cases, you will still lose that staff member to the big organisations. The key to ensure you don’t lose any more winks is acceptance.</p>



<p>As one of our members once said, &#8220;It&#8217;s like a smaller football club that knows it ain&#8217;t going to retain quality players – the biggies will come and snatch them.&#8221;</p>



<p>If you see it as a positive, you can attract the right staff early on and impress upon them that you are a gateway for their career progression.</p>
<p>The post <a href="https://insidesmallbusiness.com.au/people-hr/recruitment/how-small-businesses-can-square-up-to-the-big-guys-in-the-staff-poaching-game">How small businesses can square up to the big guys in the staff poaching game</a> appeared first on <a href="https://insidesmallbusiness.com.au">Inside Small Business</a>.</p>
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		<title>Targeting Gen Z consumers on a shoestring</title>
		<link>https://insidesmallbusiness.com.au/marketing/pr-communications/targeting-gen-z-consumers-on-a-shoestring</link>
					<comments>https://insidesmallbusiness.com.au/marketing/pr-communications/targeting-gen-z-consumers-on-a-shoestring#respond</comments>
		
		<dc:creator><![CDATA[Patrick Blacker]]></dc:creator>
		<pubDate>Wed, 19 Oct 2022 00:00:00 +0000</pubDate>
				<category><![CDATA[Advertising]]></category>
		<category><![CDATA[Latest]]></category>
		<category><![CDATA[Marketing]]></category>
		<category><![CDATA[PR & Communications]]></category>
		<category><![CDATA[Gen Z]]></category>
		<category><![CDATA[vertical video]]></category>
		<guid isPermaLink="false">https://insidesmallbusiness.com.au/?p=23763</guid>

					<description><![CDATA[<p>A brand with personality that isn’t afraid to deviate from the status quo of generic marketing responses is the type that Gen Z prefers to patronise.</p>
<p>The post <a href="https://insidesmallbusiness.com.au/marketing/pr-communications/targeting-gen-z-consumers-on-a-shoestring">Targeting Gen Z consumers on a shoestring</a> appeared first on <a href="https://insidesmallbusiness.com.au">Inside Small Business</a>.</p>
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<p>As a Gen-Z consumer myself, a regular question we get from our clients and friends at Blacker Media is what small to medium enterprises can be doing to attract the Gen Z market online, which now represents more than $140 billion in spending power. While every sector has its quirks and differences in communicating to the Gen Z audience, here are a few tips that we always share with our clients to ensure they are set and ready to target one of Australia&#8217;s leading sectors with disposable income, Gen Z.</p>



<h4 class="wp-block-heading"><strong>1. Make sure your website and funnels are mobile-optimised</strong></h4>



<p>You would think it&#8217;s a no-brainer but I&#8217;m constantly surprised at how many businesses have non-mobile optimised websites or perform poorly on mobile. Mobile devices drove 61 per cent of visits to U.S. websites in 2020, up from 57 per cent in 2019. This means that if your site isn&#8217;t mobile optimised, you&#8217;re missing out on close to two-thirds of the market, potentially a 60 per cent loss on revenue potential. While optimising your site properly can cost a few hundred to even a couple of thousand dollars – if you think about it in the long run, it&#8217;s a worthwhile investment. </p>



<h4 class="wp-block-heading"><strong>2. Get active with vertical video</strong></h4>



<p>Love it or hate it, vertical video is here to stay, and it&#8217;s the primary space for organically capturing Gen-Z audiences. Being the generation of reality TV, Gen Z craves behind-the-scenes content and seeing what happens behind their favourite products and brands. Use this as an opportunity to showcase the high quality of your product, fast dispatch times and the team behind the dream, some companies who have done extremely well through this organic, low- to no-cost approach are Sticky and Budgie Smuggler, check them out! Don&#8217;t forget to tag your products and ensure it&#8217;s easy for your customers to purchase or get in touch.</p>



<h4 class="wp-block-heading"><strong>3. Don&#8217;t get caught up in corporate</strong></h4>



<p>Gen Z doesn&#8217;t give a crap about your automatic message, not who says a generic message and claims that they&#8217;re here to help. They value a brand with personality and aren&#8217;t afraid to deviate from the status quo of generic marketing responses to give their customers a laugh and an edge over their competitors. My favourite example of this is Gelato Messina, whose social media manager has become in many ways, a pop-culture icon without even revealing their face. From fun skits to sarcastic responses (where appropriate) your brand mustn&#8217;t be afraid to have fun and push the boundaries. </p>



<h4 class="wp-block-heading"><strong>4. Trust is the key</strong>&nbsp;</h4>



<p>For young consumers, brand trust is a core element of conversion. While having customer reviews will help, ensuring your brand has a strong, trusted voice is key. This can be achieved at a low cost through strategic influencer partnerships, sponsorships and more. Aligning with already trusted voices and getting their endorsement is one of the most successful ways of capturing the Gen Z market.</p>



<p>These are just a few simple tips for brands to implement their own Gen Z marketing strategies. Considering they are one of the leading portions of the market shopping online, it would be a disadvantage to your business not to create effective content and an optimised purchasing journey for them to transact with your business.</p>
<p>The post <a href="https://insidesmallbusiness.com.au/marketing/pr-communications/targeting-gen-z-consumers-on-a-shoestring">Targeting Gen Z consumers on a shoestring</a> appeared first on <a href="https://insidesmallbusiness.com.au">Inside Small Business</a>.</p>
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		<title>Why accountability matters: the driving force of younger gens and what this means for workplaces</title>
		<link>https://insidesmallbusiness.com.au/featured-post/why-accountability-matters-the-driving-force-of-younger-gens-and-what-this-means-for-workplaces</link>
					<comments>https://insidesmallbusiness.com.au/featured-post/why-accountability-matters-the-driving-force-of-younger-gens-and-what-this-means-for-workplaces#respond</comments>
		
		<dc:creator><![CDATA[Jacqueline Cripps]]></dc:creator>
		<pubDate>Mon, 18 Jul 2022 01:00:00 +0000</pubDate>
				<category><![CDATA[Culture]]></category>
		<category><![CDATA[Featured]]></category>
		<category><![CDATA[Health & Safety]]></category>
		<category><![CDATA[Latest]]></category>
		<category><![CDATA[People & HR]]></category>
		<category><![CDATA[accountability]]></category>
		<category><![CDATA[Gen Z]]></category>
		<guid isPermaLink="false">https://insidesmallbusiness.com.au/?p=22823</guid>

					<description><![CDATA[<p>Notwithstanding the effects to the pandemic, younger gens have – and are – putting their energy into calling people (including themselves) to account.</p>
<p>The post <a href="https://insidesmallbusiness.com.au/featured-post/why-accountability-matters-the-driving-force-of-younger-gens-and-what-this-means-for-workplaces">Why accountability matters: the driving force of younger gens and what this means for workplaces</a> appeared first on <a href="https://insidesmallbusiness.com.au">Inside Small Business</a>.</p>
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<p>If the power of technology, online platforms, and social media has taught us one thing, it&#8217;s this: we have approached an era where it’s hard to hide. Especially in the public eye where government, higher education, corporations, workplaces – those institutions that are integral to our daily lives – readily make agreements, commitments or promises to act in certain ways, or deliver certain products and services.</p>



<p>Whether these commitments occur behind closed doors or not, the ability for society to scrutinise, vis-a-vis the action and behavior (or lack of) of said institutions is becoming increasingly common. Why?&nbsp;Because we have moved into an era where accountability is now being demanded of; and most notably, the accountability demand is being driven by our younger generations.</p>



<p>Those who listen, know that millennials and Gen Z have strong views about the world. From day-to-day activities, to workplaces, to politics, to all matters EDI – there isn&#8217;t a topic where you won’t get a &#8216;value-added offer&#8217;. And while the pandemic may have temporarily halted the activities of these generations, it didn&#8217;t stop their desire to continue to hold those to account. And in cases of those who were/are yet to commit, a push to get what matters on the agenda.</p>



<p>Studies (such as the <em>Deloitte 2021 Global Millennial Survey</em>) have indicated, notwithstanding the effects to the pandemic, younger gens have – and are – putting their energy into calling people (including themselves) to account. Racism, sexism, dishonesty, discrimination, unethical behavior – these issues are becoming increasingly non-negotiable and non-tolerable for younger gens (who are, admittedly, also fed up with the state of the world and those who hold the &#8216;perceived power&#8217; doing less than could be done, to create positive change).&nbsp;</p>



<p>So, what does this mean for workplaces? If we look to the research, there are several areas that workplaces will need to come to grips with understanding, and then, focus on. And this isn&#8217;t just a matter of doing the right thing but will have a significant impact on the ability to recruit and retain millennial and Gen Z talent.&nbsp;</p>



<h5 class="wp-block-heading"><strong>1. Climate change</strong></h5>



<p>There are deep concerns about the state of the planet and the perceived tipping point the world is at. This means that younger gens are gravitating to join workplaces who have sustainability and climate change on the agenda and activity doing something about it.</p>



<h5 class="wp-block-heading">2. <strong>Societal impact</strong> </h5>



<p>This stems beyond promises made; it&#8217;s about corporate responsibility and the impact being made in the world. And like climate change, younger gens want to see business motivation not focused solely on their own agenda and profits, but the greater good.&nbsp;</p>



<h5 class="wp-block-heading">3. <strong>Mental health</strong> </h5>



<p>For workplaces, there is still much improvement to be made on removing the stigma around mental health. A reported 40 per cent of millennials and Gen Z felt that workplaces didn’t offer enough support during the pandemic – which is not a great position to be in. Action speaks louder than words, and one of the key concerns was that while a lot of talk was happening, little was done by way of action.</p>



<h5 class="wp-block-heading">4. <strong>Stress</strong></h5>



<p>Linked with mental health, there’s growing anxiety and uncertainty around personal finances. This also extends to supporting family, and job/career prospects. For workplaces, this means a new approach to supporting younger gens through their financial concerns is needed. Alternative ways to alleviating financial burdens based on individual needs, is worth considering.&nbsp; &nbsp;</p>



<h5 class="wp-block-heading">5. <strong>Inequality and racism</strong></h5>



<p>It&#8217;s reported that two-thirds of younger gens are concerned about the unequal distribution of income in the word. And further, this inequality also extends to racism, where an alarming percent see systemic racism as widespread across society. For workplaces, this demands more attention, including ways of reducing barriers and removing bias.</p>



<p>The demand for accountability isn&#8217;t going away. If anything, it will only continue to grow in power. Those workplaces who are willing to &#8216;walk the talk&#8217;, and act in ways that are integral and ethical, will prosper through the performance, support, and commitment of younger gens.&nbsp;</p>
<p>The post <a href="https://insidesmallbusiness.com.au/featured-post/why-accountability-matters-the-driving-force-of-younger-gens-and-what-this-means-for-workplaces">Why accountability matters: the driving force of younger gens and what this means for workplaces</a> appeared first on <a href="https://insidesmallbusiness.com.au">Inside Small Business</a>.</p>
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