Can the Melbourne Cup be a boon for Victoria's small businesses?

Can businesses tap into the spectacle of the Melbourne Cup for their own gain?

Unless you're living under a rock in Victoria, it's hard to ignore the fervour that accompanies the Melbourne Cup. While the event itself has come to be known as 'the race that stops the nation' – and rightly so – its appeal is typically reserved for the punters who have a flutter, or those that simply want to be there to see the spectacle.

However, while the event itself is relatively short-lived compared to the surrounding build up, is the Melbourne Cup actually a boon for small businesses across Victoria – or even around Australia?

The economic impact

Well, the short answer is yes, but there are several reasons as to why small business owners could expect increases in interest during the weeks surrounding the Melbourne Cup. Predominantly, it's due to the massive amount of attention Victoria gets from both here at home and overseas.

The 2014 Melbourne Cup attracted some 46,000 interstate visitors to the state.

For example, figures collated by Victoria's government looking at the 2014 event suggested that some 46,000 interstate visitors journeyed to Melbourne, with an additional 7,700 tourists from abroad getting involved with the festivities.

Consequently, while small business owners may be looking forward to the national holiday that the Melbourne Cup brings with it, gearing up for an uptake in the products and services the company offers should be a top priority.

Ultimately, the right approach to the Melbourne Cup could see your company reporting positive results to its small business accountant, while also revelling in a somewhat unconventional and perhaps unexpected spike in profitability.

Getting in at the right time

While the odds of successfully naming the top three finishers in the race itself are over 12,000 to one, according to research by Suncorp, the chances of getting the festival right from a business perspective are much higher, providing your business prepares accordingly.

In fact, as it's a yearly event with a huge amount of global pull, you could even build the Melbourne Cup into your business development plan if you're in an applicable sector. Naturally, over the course of the event itself, the hospitality and services industry will likely do the most business.

It's easy to get caught up in the spectacle of the Melbourne Cup, but it can offer business benefits, too.It's easy to get caught up in the spectacle of the Melbourne Cup, but it can offer business benefits, too.

However, due to the sheer amount of people travelling to and from Victoria over the four days of the festival and the weeks surrounding it, positioning your business to tap into that expanded market is a no-brainer, and could potentially present you with more opportunities to boost profitability.

Ultimately, the Melbourne Cup is a huge event in the global context. Businesses in Victoria that are well aware that the state is in the spotlight due to the race stand the best chance of tapping into the fervour for their own gain.

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