First declared by the United Nations in 2017, MSME Day shines a light on the global resilience, creativity, and hard work of small business owners and entrepreneurs. They’re the heart and soul of our local neighbourhoods, driving innovation, creating jobs, and building vibrant, connected communities.

Small business: Bigger than you think

Despite their size, small businesses are a major player in Victoria’s economy and continue to make their mark in our state.

According to the Australian Bureau of Statistics, there are more than 701,000 small businesses in Victoria (as of June 2023), making up an impressive 97% of all businesses in the state.

Victoria's small business sector has been buzzing, with the state welcoming over 114,000 new small businesses in 2022-23, reflecting the entrepreneurial spirit that is alive and well in our communities.

A vital part of our economy

Did you know that over 1.3 million people in Victoria are employed by small businesses? That's 42% of private sector jobs! And these mighty small businesses contributed over $406 billion to our economy in 2022-23 alone, proving that even the smallest ventures can make an impact.

Small businesses: The heartbeat of regional Victoria

The impact of small businesses extends beyond metropolitan areas. In Victoria, a solid 22% of small businesses call regional communities home, boosting local development and bringing essential services to Victorians where they live.

Support your local small businesses

As we celebrate World MSME Day, it’s important to acknowledge the challenges and opportunities that lie ahead for small businesses. Continued support from government, industry, and the community is a key ingredient in helping MSME’s thrive and continue to drive innovation and growth.

So, let’s say a big ‘thank you’ to our business community and encourage everyone to support their local small businesses. Whether it’s visiting a local centre, dining at a neighbourhood café, shopping at your local grocery store, or ordering online from your favourite boutique - every small action can make a big difference.

For more information on World MSME Day visit the United Nations website. 

To connect with other small business owners head to the Business Victoria social media channels and Business Victoria’s Facebook group, I am a business owner in Victoria, Australia.