I love Lismore. It is truly one of NSW’s great regional cities. There is a great feel about it that you don’t find in other parts of the Northern Rivers. It’s a city that proudly has its sleeves rolled up and is ready for an honest day’s work. The CBD is filled with businesses that reflect the diverse nature of its surrounding area. Not dominated by tourism, like its neighbour Byron Shire with its 2.2 million visitors a year, Lismore feels more grounded with its industry, farming and manufacturing.
However, when you look at the number of businesses that employ people in Lismore LGA, its slowly in decline. In 2020 some 52 businesses that employed at least 1 person closed their doors. In the same year 40 businesses started up so that’s a net loss of 12 employing businesses. That’s 12 businesses that represent someone’s dreams and aspirations, 12 opportunities to create gainful employment for local folk. It’s always sad to see a business close and no doubt when the ABS releases the numbers on the financial year just past it will be sobering news.
Yesterday I got a call from a budding entrepreneur who is launching his business right in the middle of COVID lock down. He and his business partner are leasing premises right in the middle of town, filling it with stock and opening for business. It will start with 2 employees and will use the services of even more local contractors and trades, they have big plans and his enthusiasm was infectious.
It’s scary times at the moment with COVID generating so much uncertainty, so it’s worth remembering some of Australia’s most known business were born out of adversity. Priceline Pharmacies launched in 1982 during a recession; JB HiFi launched in 1974 as the Australian economy was shrinking after the Oil Crisis of 73’, even Cotton On launched in 1991 in the midst of ‘the recession we had to have’ with unemployment at 10.8% and interest rates as high as 17%!
At Good Cover we are here to help you with your insurances, to understand your risk profile and how to take the practical steps to make your new venture safe and protected.
Innovation, entrepreneurship and just plain getting in there and giving it a crack should be celebrated in these troubled time.
At Good Cover we’re in your corner, every step of the way.
https://dbr.abs.gov.au/region.html?lyr=sa2&rgn=112021248
https://lawpath.com.au/blog/6-famous-australian-companies-started-during-recessions
https://www.byron.nsw.gov.au/Business/Business-in-Byron/Key-industry-sectors/Tourism