30 Most Profitable Small Business Ideas in Australia

Are you an Australian looking for Successful, Profitable small business ideas in Australia to implement?

Then you are in the right place.

Before I take you through the list of well-researched successful small business ideas, here is what you must know – small businesses are the backbone of the Australian economy.

Almost 99% of businesses in Australia are considered small or medium businesses, meaning you are not alone.

By becoming a small business owner, you will be a part of the Australian small business community that contributes immensely to the Australian economy.

Quoting from an article on NAB, ‘Small to medium businesses are the backbone of the Australian economy, creating around 7 million jobs, contributing to 57% of Australia’s GDP and cementing our reputation as a nation of entrepreneurs.’

Which Sectors top the list of Small Businesses in Australia?

First, Australia is the sixth-largest country by area and boasts an impressive economy.

Australia’s primary source of income comes mainly from mining-related exports, telecommunications, banking and manufacturing.

Service sector jobs comprise 70% of GDP from tourism, education and financial services.

Australia has an estimated 26 million inhabitants and a per capita income of $66,408, making it an ideal environment for small businesses to thrive.

The service sector accounts for 71.2% of Australia’s GDP, followed by the industrial sector at 25.3% and agriculture at 3.6%. (Source: Biztraction)

According to World Bank data, Australia’s Gross Domestic Product (GDP) in 2021 was valued at an impressive 1552.67 billion US dollars – an incredible accomplishment given its small population and a strong economy. (Source: Trading Economics)

Australia’s success can be attributed to various factors, including a vibrant service sector, a solid industrial sector and well-managed natural resources that have been effectively leveraged.

And what contributes to the growth?

According to an article on NAB, “Small to medium businesses are the foundation of the Australian economy. They create approximately 7 million jobs, contribute to 57% of Australia’s GDP, and solidify our reputation as a country of innovative entrepreneurs.” (Source: NAB)

Australia offers numerous lucrative business opportunities, from e-commerce to hospitality, health and wellness, and technology.

With a highly skilled workforce, supportive policies, and an unfailing political environment, Australia is ideal for entrepreneurs or investors looking to expand their portfolios.

Let’s get tolling with the list of the most profitable Small Business Australian ideas for you:

Cleaning Business

There has never been a better time for a cleaning business than the COVID-times.

With employees being called back to the office, cleanliness is at the top of the list of every Organisation.

Any you can’t blame them.

With the rising awareness about the importance of hygiene in the workplace, companies are taking extra steps to meet the cleaning demands.

Every Organisation wants to ensure the spread of COVID-19 remains in check.

Cleaning services can be at residential, industrial, and commercial levels.

The services include cleaning upholstery, floors, steam cleaning, sandblasting exteriors of buildings, windows, carpets, and anything that requires cleaning.

Before we list the cleaning industry’s growth as a small business idea, let us take you through some impressive global numbers around the cleaning industry (worldwide).

In 2020, the global cleaning services market size was $55,715.0 million, projected to reach $111.498.8 million by 2030. That means a CAGR of 6.5% between 2021 and 2030.

The revenue people into household cleaning have already reached in the newly ushered-in 2022 is USD 444 million. This market is projected to increase by 4.22% every year (CAGR 2022-2026). (Source: Statista)

The cleaning industry market size is $12 billion in Australia, with 35,248 businesses registered as cleaning businesses. The industry employs around 157,500 professionals.

And it is a small business where profit margins are pretty good.

As per the website, the cleaning business boss, it is a business where the profit margins are between 10% to 28%.

Now, that’s an impressive enviable profit margin for any small business.

We think the cleaning business is a good idea to kick start your entrepreneurial journey as a small business owner (provided you do your research properly).

Where to look for cleaning gigs for a small business in Australia?

To start with, you can take a cleaning franchise in Australia or some of the websites that can help you get started in the cleaning business, include – Airtasker, GumTree, and HiPages.

If you set up your cleaning business and engage in contractual agreements with individuals and companies, you are sure of growth in this business.

Restaurant and Food take away Business

The last two years have been rough for the F & B industry.

However, with the states opening restrictions and allowing the restaurants to operate (though under a limited capacity), it is a good time to Start a Restaurant in Australia.

That is why the restaurant and food takeaways business is mentioned in the second place in the small business Australian ideas list.

It is a small business industry that never goes out of season and includes – restaurants, cafes, pubs, takeaways, bars, or any avenue you can use to sell meals, beverages, and snacks.

The statistics that prove the growth of the Restaurant and takeaway business are:

– According to Statista, the food service industry contributes hugely to the Australian economy. Turnover of restaurants, cafes, and takeaways amounts to AUD$ 39.75 billion. The profit figure for food and accommodation is AUD$4.58 billion. (Source: Statista)

– The food and accommodation and food services employ 817,500 persons approximately, which amounts to 6.2 percent of the whole workforce. (Source: Australian Government Labour Market Information Portal)

– During COVID 19, Restaurants and Cafes jumped on the takeaway and delivery bandwagon. Thereby leading to an increase of 19.1% in the meal delivery service or online food ordering service. (source: RoyMorgon).

As long as you can maintain health and safety regulations in Australia, this industry is known to yield decent returns.

However, before you start – some of the regulations you need to take care of include prevention of burns from steam, surfaces, or hot liquids, quick response to bullying in the workplace, noise management, and electrical safety, among others. (Source: Australian Government Business)

Also, like many other businesses, you are expected to pay your GST (Goods and Services Tax) of 10% on the services, goods, and other items you sell in Australia. This tax will have to come from your customers most of the time. (Source: Australian Government)

As an entrepreneur, I would put my money on a small food business that works on a hybrid takeaway model and a small restaurant with in-check operations costs.

How to find customers in Restaurant and Takeaway Business?

To start a Business in F & B industry, we recommend getting a Food Franchise in Australia and to be found as a local business, we suggest google local listing – which is a good starting point for any new business.

Next, create and update your local google listing to show in the list of restaurants in your area.

Other listing websites include – Zomato and Yelp.

In terms of growing your Business using food delivery, we recommend registering on any food delivery apps like Uber, MenuLog, or Door Dash.

Before we move to the next name on the list, it is also worth mentioning that you can take Franchise of a Business like Mcdonald’s or Hudson Coffee to quickly start a business.

Art, Entertainment, and Recreation

As per the Australian Government, the arts and recreation services industry includes – exhibits, events, and live performances from musicians, artists, performers, writers, and venue operators.

It also includes recreational and sporting activities like sports clubs and venues, horse racing, amusement parks, gyms, museums, botanical gardens, nature reserves, zoos, and gambling activities. (Source: Australian Government Business)

Revenue in this industry has grown by 0.5 percent on an average yearly basis between 2015 and 2020.

Most importantly, It is the 4th fastest sector for business growth in Australia to $39.3 billion. The number of businesses in this sector has grown by 2.6 percent since 2015, to 16,257.

Australia’s arts and recreation services industry will have $7.8 billion in 2020, ranking 11th in the sectors with the highest average wage in Australia in 2020. (Source: IBIS World)

According to Statista, the arts and recreation services industry in Australia grossed a total of AUD$13.8 billion from 2011 to 2020. (Source: Statista)

Again with COVID-19 restrictions easing and everyone wanting to go out and enjoy life outside the home, starting a small business in Art, Entertainment and Recreation is an excellent small business idea.

You can start a small business in Australia’s arts and recreation services industry and make it a full-time or part-time business.

You can also choose to become an apprentice and access government financial help and support. (Source: Australian Apprenticeships)

How to find customers in the Art, Entertainment, and Recreation Business?

Though the sector is quite broad, specific websites can help you register your events in this space.

Some of the prominent ones are – Arts Centre, Upfront Events, and the always reliable google events that are a part of the google listing.

You can leverage the event feature to update the google listing from time to time to ensure your event shows on the front page.

Freelancing

There is nothing as liberating as working as a freelancer.

It is the stepping stone to becoming independent and eventually turning into an excellent small business.

Well! That’s how I started my entrepreneurial journey :).

As a freelancer, you get to work whenever you want and wherever you are – along with the flexibility to decide the projects and clients you want to pick up.

Statistics reveal that freelance workers are usually more productive and happier. They may even earn more than what is obtainable in traditional jobs.

The Covid-19 pandemic revealed how companies and individuals could benefit from freelancing.

Many professionals who lost their traditional jobs turned to freelance and experienced first-hand what it felt like working from home.

Talent Alpha revealed the vital role freelancers play in covering the gap in the tech talent sector globally. According to their analysis, major economies will require more hands in technical expertise by 2030. Australia alone will need at least 200,000 tech experts.

According to Upwork, a popular freelancing website, there has been a significant increase in remote freelancers’ requests.

There has also been an increase in the confidence level of businesses hiring freelancers for their companies. (Source: Upwork)

A committed freelancer can earn very juicy hourly rates for the gigs they offer. Additionally, they also get to lead a more satisfying lifestyle when compared to their contemporaries in the traditional field. (Source: Payoneer)

The yearly income of freelancers can be as high as $75,000 or more yearly. It can be a reliable source of income and a very satisfying one. (Source: LinkedIn)

Freelancing, like every other thing, is not for everyone.

But, if you have a skill that you can hire out online, you might want to consider this viable small business idea.

How to Find Freelancing Gigs?

Some prominent websites that can help you find freelancing gigs are Upwork, Freelancer, Peopleperhour, Airtasker, and 99designs.

Personal Fitness Training

Another profitable small business idea is the personal fitness training industry.

In this Small Business, you can offer your services to small groups or run one-on-one programs.

If you do not want to work independently, you can work in fitness studios, gyms, and hospitals as a fitness trainer.

With the heightened awareness about the importance of healthy living, personal fitness training can be very lucrative.

The stats to back my above argument are based on the growing awareness around regular exercise.

This awareness has led to about two-thirds of Australians embracing exercise for not less than 100 minutes every two weeks.

The market size for personal trainers in Australia is $435 million, with an industry employment of 8,012. It also has a total number of 8,012 businesses in this sector. (Source: IBIS World)

The Australian Institute of Health and Welfare states that if its indigenes should participate in only 30 minutes of exercise 5 times a week, it could reduce physical inactivity by 26%.

This will bring about a positive effect on well-being and general health. (Source: Australian Government)

This relationship between good health and physical activity shows why many Australians require personal trainers. And this is something you could turn into a profitable business.

According to PayScale, personal trainers could earn up to $66 per hour based on qualifications and experience.

Personal trainers can increase their salary by specializing in health and nutrition, strength and conditioning, rehabilitation, and weight loss. (Source: PayScale Australia)

Another good thing is the industry only requires lower skills but has a very promising future growth. (Source: Australian Government Job Outlook)

To become a fitness instructor in Australia, you need to obtain a certificate III or IV in fitness.

You could also specialise as a gym instructor, aerobics instructor, or general physical fitness trainer.

You also get to decide how flexible your working schedule should be.

How to Find Personal Training Gigs in Australia?

Our recommendation is to start advertising your services on google local listings, Air Tasker and Bark.com.

Real Estate Agency

The real estate industry employs 132,090 individuals and has a market size of $32 billion, with a total number of 47,986 businesses registered in it.

There is no doubt that a real estate agency is a thriving business in Australia. (Source: IBIS World)

Real estate agents are professionals who purchase, appraise, rent, manage, or sell commercial and residential properties.

The industry is not slowing down anytime soon.

As a matter of fact, it is projected to increase over the next five years. The expected rise in residential housing prices will add to the industry revenue. (Source: IBIS World)

Apart from the times when there were economic uncertainties, the yearly growth of prices of residential houses in Australia has maintained a substantial margin with property prices hitting a new high during COVID. (Source: Statista)

In larger cities in Australia, you can expect to get higher rates.

In Sydney, the price can go as high as a million Australian dollars against Perth’s obtainable. This increment started in the last quarter of 2020 due to auction clearance rates and new lending commitments. (Source: Statista)

It’s important to state that you can manage any property anywhere as a real estate agent.

You can help a property owner take care of their home, become a middleman, and get paid for it.

In current times, if I were to think of starting a new small business, starting a real estate agency is a small business idea that I would be interested in.

How to Find Real Estate Clients?

Now that’s a brutal one 😊.

Though the industry has a lot of potentials, it is still occupied by 5 to 10 big real estate names that run on an agency/ franchise model across Australia.

Having said that – I am not dissuading you from getting into this lucrative industry.

If we were starting in this industry, we would start small and think of ways to disrupt the industry by saving buyers and sellers some commission and providing A+ service.

The online medium of advertising properties in Australia is dominated by two market players- Realestate.com.au and Domain.com.au.

Manufacturing

Another interesting small business idea mentioned in our list is ‘manufacturing’.

Manufacturing includes creating or manufacturing products like perfumes, cosmetics, cleaning products, toiletries, soaps, pesticides, fertilizer, jewelry, bottled water, fruit juice, confectionaries, etc.

The manufacturing sector in Australia has 141 industries that range from cleaning compound and soap manufacturing, shipbuilding, and repair services to pharmaceutical product manufacturing. (Source: IBIS World)

The list is exhaustive!

If you want to try something big with your first Business, manufacturing is a small business idea that might entice you.

The manufacturing sector has been ranked number 12 in the category of businesses in Australia in the past five years. (Source: IBIS World)

The manufacturing industry also plays a significant role in the nation’s economy.

It helps in knowledge and skill-building.

The contribution it makes to the Australian GDP annually is around $100 billion. The sector also employs about 900,000 people. (Source: Australian Government)

How to get Manufacturing Clients?

Find your industry.

Look for your sales model (B2B or B2C).

Get a website and approach clients accordingly.

B2B clients prefer a one-on-one approach, and it might be hard to come by using online ads.

On the other hand, B2C clients can be found on e-commerce websites like Amazon, eBay, etc.

Waste Management Service

Waste management service is a small business idea that links to an industry that will see growth irrespective of the economic condition of any country.

Plus, the sector contributes immensely to the economy of Australia.

Because there will always be waste in need of disposal or recycling, the waste management service provides an excellent opportunity for anyone looking to profit from it.

Different industries generate different kinds of waste.

The waste from industrial and commercial businesses in Australia was as high as 17.3 million tonnes from 2013 t0 2014.

This figure was projected to reach 29 million tonnes by 2020. (Source: Waste Management Report)

Before 2018, most recyclable waste from Australia was shipped to China.

China banned such importation, causing a “recycling crisis” in Australia. According to Switzerland Global Enterprise, the waste management market in Australia is AUD$17 billion and is expected to grow at an annual rate of 9%.

Additionally, the waste management industry in Australia has 32,737 people under its employment. (Source: Australian Government)

In 2022, the market size of the solid waste collection services industry in Australia by revenue is $7.4 billion.

New housing estates are permanently being erected and have waste issues – creating a good market for waste management business.

The waste from households is another sector that you can think of exploring as a small business idea, and if you take it a step further and go into recycling, you are sure to remain in business for a long time.

How to Find Clients in Waste Management Business?

Waste Management is a pure B2B business.

As a small business owner, you can create your online presence and then approach prospective clients based on their business requirements.

Online Retailing

E-commerce or online retailing is a small business idea that never goes out of trend.

What is the reason for the growing trend?

There was a time when imagining getting your goods without having to step into a physical store was unimaginable.

Today, things have changed!

Shoppers are comfortable going online to search for products and services they need, pay for them online, and have them delivered to them.

With the advent of online retailing, it is impossible to imagine life without it now.

Online retail sales have grown exponentially in Australia, especially since the Covid-19 pandemic.

As a result, many brick-and-mortar retail outlets had to close their doors.

This opened up more opportunities for the online retailing Business and led to online retail sales occupying over 15 percent of the retail market in the last quarter of 2021. (Source: Statista)

Consider this:

The spending for online retail for domestic products in 2021 is at 51.1%.
Over 5 million households shop online.
The most popular online purchase category goes to homeware and appliances. (Source: Statista)
According to IBIS World, the market size of online retailing in Australia is $44 billion. It has a total of 76,324 businesses with 80,035 people under its employment. (Source: IBIS World)
Pure-play (online only) retailers and multi-channel (mix of physical and online stores) retailers received a significant boost in June 2021, especially with the lockdown in many parts of Australia. (Source: Australian Bureau of Statistics)

The online shopping industry is expected to rise by 35.3%, with more brick-and-mortar stores going online.

However, discretionary products like jewelry may not see much increase in sales.

Revenue for the Online Shopping industry is anticipated to rise by 35.3% in the current year due to more bricks-and-mortar firms establishing online operations.

The COVID-19 pandemic is anticipated to positively affect industry product segments, such as groceries and homewares, while negatively affecting sales of discretionary products such as jewelry. (Source: IBIS World)

This is an excellent time to take advantage of this opportunity and set up a small business store online.

How to Find Clients in Online Retailing?

Internet is your playground. If we were starting a small business as an online retailer, we would use existing e-commerce marketplaces like Amazon and eBay to advertise our products.

In parallel, we would use digital marketing to promote my business on social media and Google.

Travel Agency and Tour Arrangement Services

A small business idea that should have been at the top of our list if it was not for COVID is tourism and travel.

However, it does find a mention in the list of profitable small businesses you can start in Australia because Australia is one of the top tourist destinations globally.

We are confident that the day international tourism opens, Tourists will be flocking to the Oz land, and this is where you, my friend, will have an opportunity to shine as a small business owner.

The small business tours and travel agency now provides booking and reservation services, travel information, transportation, tourist attractions, and accommodation to individuals and business travellers.

It has a market size of $3 billion with a total number of 9,071 businesses. This industry alone employs 35,188 people in Australia. (Source: IBIS World)

By June 2020, there were more than 158,000 non-employing businesses in tourism in Australia. The number of large tourism-related companies in 2020 amounted to 896 in total. (Source: Statista)

The Australian Government reports that as of June 2020, there were 317 tourism businesses in the country. This is about 13 percent of the 2.4 million businesses in Australia. A

Also, from 2019-to 2020, the tourism business grew by 1.2 percent regardless of the impact of 2019-2020 summer bushfires and Covid-19. (Source: Australian Government)

Australia’s travel agency and tour arrangement industry are projected to bounce back from the effect of the Covid-19 pandemic as the travel restrictions ease up.

And when this happens, the revenue in this industry will recover and reward those in the industry.

How to Find Clients in Travel Business?

Airbnb, Hotels.com and other travel websites are where you need to advertise your business.

You can also use digital marketing to promote your small tours and travel business.

Gaming Development Company

With the country’s thriving video game industry, there is a significant opportunity for entrepreneurs to capitalise on the growing demand for interactive and engaging games.

Global Australia recently reported that Australia’s video game industry is experiencing unprecedented growth, with over 2,000 software developers employed. Analysts estimate the value of this sector alone to be $2.96 billion annually in Australia alone. (Source: Biztraction)

If you possess any skills in game development or are eager to learn, starting a business in this field can be highly profitable.

Australia can be a lucrative market for creating interactive games for entertainment or educational purposes. Starting a game development agency from home with no capital is possible.

Video game development can be a highly profitable business opportunity in Australia for those with the necessary skills and passion.

Laundromat Business

According to IBIS world, Australia’s dry cleaning and laundry industry is projected to experience steady growth over the next five years.

These include rising disposable income levels, an aging population, and increasing consumer preference for convenient professional services.

Additionally, as the world becomes more eco-conscious, there is a high demand for eco-friendly cleaning services, providing investors with an exciting investment opportunity.

The Australian dry cleaning and laundry industry is projected for remarkable growth, with projected annual revenues of $2 billion by 2023. (Source: Palladium Financial Group)

Investors in this sector can look forward to enjoying a rapidly evolving market that provides ample opportunities for creativity and expansion.

Airport Shuttle Service

Australia boasts a vast land mass with an advanced transportation network, including airports that link major cities and regions.

As such, airport shuttle services have become increasingly popular among travellers who prefer to avoid dealing with public transportation or private taxi fare-shock.

This service offers reliable and convenient transport to and from airports for travellers. Travel continues to expand, creating a need for quality transportation services.

An airport shuttle service could be lucrative if it can partner with tour operators, hotels and travel agencies.

Establishing strong connections with these businesses can enable you to expand your customer base and generate a reliable income stream.

While managing an airport shuttle service can be time-consuming, there is also potential for innovation and growth.

You could expand your services to include transportation for other events or occasions like weddings or corporate functions; this helps diversify your revenue streams and boost overall profitability.

Network Security Business

Due to globalisation, there is an urgent need for effective online security measures that can protect against data breaches and cyber-attacks.
If you have a passion for network technology or cyber security and want to aid individuals and businesses in protecting their digital assets, starting a network security business could be your ideal career.

The Network Security business is expected to exhibit a CAGR (Compound Annual Growth Rate) of 10.77% from 2023 to 2027 in Australia, leading to a market volume of US$5.83bn by 2027. (Source: Statista)

By providing clients with a range of online security solutions such as firewalls, intrusion detection systems, and encryption software, you can help safeguard their sensitive data and shield them from cyber criminals.

Establishing a reliable network of trusted partners and clients is essential for the success of your business, as you need to develop long-term connections with companies that require reliable network security solutions.

Babysitting

If you possess the patience and ability to care for infants and children and enjoy spending time with them, a career in babysitting could be ideal.

This business opportunity requires little capital investment and can be started from home. Due to the rise in working parents, there is an increasing need for reliable and experienced babysitters.

As a babysitter, you can provide invaluable services to busy parents who rely on reliable individuals to care for their children while they are away at work.

Babysitting can be a rewarding career opportunity for individuals with an affinity for working with children. They provide nutritious meals, diaper changes, playtime and a safe and nurturing atmosphere.

Babysitting provides flexibility and autonomy to parents while still providing them with quality childcare services.

Catering

As a catering business owner, you are accountable for providing your clients with delicious food and drinks and excellent customer service.

This involves preparing and delivering meals to events such as weddings, corporate functions, parties, and other social gatherings.

To succeed in this industry, you must possess excellent cooking abilities, creativity, and the capacity to work under pressure.

Catering businesses have the flexibility to cater for corporate functions, weddings, parties and social gatherings – often charging premium prices that, if managed effectively, can produce substantial profits.

The Catering Services industry in Australia is expected to have a revenue-based market size of $1.7bn in 2023, reflecting the significant demand for food and beverage services in the country. (Source: Ibis World)

Furthermore, this venture requires minimal startup costs and allows entrepreneurs to work from home; successful catering requires careful planning and execution.

Affiliate Marketing

Affiliate marketing has quickly become one of the most successful business models in today’s digital age.

The current worth of the global affiliate marketing industry exceeds $17 billion, which is a significant increase from $13 billion in 2016. (Source: Kinsta)

This innovative concept allows individuals to make money by promoting other company’s products or services through smartphones or laptops.

Companies reward affiliates with commissions for promoting their products through an affiliate link, but to be successful at this form of marketing, it is necessary to understand the fundamentals of digital advertising.
Successful affiliates possess expertise in search engine optimisation, social media marketing, email marketing and other digital tactics.

Furthermore, successful affiliates have a well-established online presence and an engaged following of followers who may be interested in what they have to offer.

Warehouse & Distribution Center Business

The E-commerce industry has seen unprecedented growth and shows no signs of abating anytime soon.

Despite its immense success, this sector must overcome a significant obstacle – effective shipping and distribution. Entrepreneurs now have a unique chance to build successful businesses in shipping and distribution.

By setting up warehouses and distribution centres, entrepreneurs can offer reliable solutions to the logistical issues e-commerce companies face.

These facilities can securely store and handle products, ensuring prompt customer delivery.

Businesses can streamline operations to achieve maximum efficiency by incorporating cutting-edge technologies such as automation and robotics.

This helps reduce operational costs while guaranteeing fast, accurate distribution of items.

Cloud bookkeeping Company

If you have a knack for technology, you can launch a cloud bookkeeping company that allows businesses to transfer their financial data through an online platform.

Though technical proficiency is necessary, you can launch this venture with minimal investment from the comfort of your own home.

Cloud bookkeeping refers to using software that stores and processes financial data in the cloud, granting clients access to their figures anytime from anywhere.

Over the past five years, the adoption of cloud services by Australian businesses has led to a cumulative productivity benefit of $9.4 billion for the economy. (Source: Deloitte)

Cloud bookkeeping technology helps businesses save time and money by eliminating the need for physical storage and decreasing the risk of data loss.

To succeed as a founder of such an enterprise, you must possess technical proficiency with software and technology.

Grocery Home Delivery Business

A grocery home delivery business in Australia could be an attractive option if you want to help customers meet their everyday grocery requirements.

This type of venture requires low investment and has the potential to expand into a more extensive operation if you decide to open an actual grocery store.

Many people seek convenient ways to shop for groceries – and home delivery services are becoming increasingly popular.

As a grocery delivery business owner, you are accountable for sourcing products, purchasing them, managing inventory and coordinating with customers on delivery. Starting a grocery delivery business requires minimal startup capital.

You can start by offering your services to family and friends first and gradually expand by advertising through social media or other marketing channels.

Forex Trading Company

Forex trading is the practice of purchasing and selling currencies on the foreign exchange market. As a forex trading company, your primary responsibility is providing traders access to this marketplace, execution tools, and account management.

The revenue-based market size of the Foreign Currency Exchange Services industry is projected to be $641.5m in 2023. It is expected to witness a significant increase of 258.8% in 2023. (Source: Ibis World)

Your primary responsibility as a forex trading company is to provide an accessible trading platform for retail forex traders.

By creating such an entity, you can guarantee secure and user-friendly conditions so individuals can efficiently handle their forex needs.

To guarantee your company’s success, stay abreast of technological advancements within this industry by integrating advanced trading tools like real-time data feeds, chart software, and analytical tools into your platform.

Starting a Pharmaceutical Firm

Being an experienced pharmacist dedicated to finding effective drugs that address health problems can be personally and financially rewarding.

The pharmaceutical industry is indispensable, with an ever-increasing need for novel and successful medications to treat various illnesses and conditions.

In 2020, the pharmaceuticals market in Australia was valued at USD 25,250 million, and it is anticipated to attain a value of USD 28,750 million by 2026, exhibiting a CAGR growth of 2.1% during the forecast period of 2021-2026. (Source: Research and Markets)

As the owner of a pharmaceutical firm, your duties include creating and manufacturing medicines that are secure, efficient, and by regulatory standards.

Conducting extensive research and clinical trials to guarantee your products meet the highest quality and efficacy standards requires investing in R&D, production facilities, and regulatory compliance.

Starting a pharmaceutical firm can be expensive due to all these requirements.

Digital eBook Library

Reading is an ageless passion that unites people of all ages. If you want to contribute to the local bibliophile community in Australia, consider opening your own Digital eBook Library.

This business allows individuals to read their favourite books online and provides you with a lucrative side hustle.

As the owner of such a library, your primary responsibility would be sourcing and curating an extensive collection tailored towards your target audience while procuring permissions and licenses from authors and publishers to distribute their works digitally.

Opening a Digital eBook Library offers readers convenient and affordable access to the literature they love.

eBay Selling

Every product needs a platform to reach its desired customers.

Starting an eBay selling business can be ideal for those passionate about online sales, as you can work from home and generate substantial income with minimal investments.

Between March and August 2022, ebay.com experienced its highest website traffic in March, with over 600 million visits to the consumer-to-consumer (C2C) e-commerce website, mostly from mobile devices. (Source: Statista)

As an eBay seller, your responsibilities include creating listings, managing inventory and ensuring timely customer delivery.

Using eBay as your sales platform is its user-friendly interface and large customer base – reaching a broad audience with minimal effort!

To succeed, however, you must create an effective competitive strategy by appropriately sourcing and pricing your goods correctly and competitively.

Photography

Starting a photography business can be fulfilling and profitable if you have a passion for photography and enjoy capturing moments through the camera.

This industry allows you to express yourself creatively while earning money doing what you love most – taking photographs.

Before beginning a photography business in Australia, it is essential to have a sound understanding of the fundamentals of photography and excellent image editing capabilities.

This includes knowledge of camera settings, lighting conditions, composition techniques and post-processing methods.

You must also understand different photography genres, such as landscape, portrait and event photography, to cater to a diverse client base.

To be successful in the photography industry, you must establish a unique brand identity and craft an effective marketing plan to reach your desired audience.

Recycling Business

With garbage being produced at an alarming rate from every home, business, and industry, starting a recycling business can be lucrative and environmentally conscious.

By recycling waste, you contribute to the conservation of natural resources and help keep our planet clean and green.

In 2020, the plastic recycling market in Australia amounted to 2.96 million tonnes, and it is projected to reach 3.99 million tonnes by 2030, registering a robust CAGR of 2.91% until 2030. (Source: Business Wire)

Running a successful recycling business requires a good command of science and technology.

You need to understand the different types of waste materials and how they can be repurposed or recycled.

This includes knowledge of sorting and processing techniques and specialised equipment and machinery.

Starting a recycling business in Australia can be done with a relatively low investment and offer a significant return on investment.

GPS Car Tracking Company

GPS tracking devices have seen an incredible surge in demand in Australia as businesses search for ways to guarantee the security of their vehicles and assets.

With GPS technology, car tracking services have seen tremendous growth. GPS car tracking provides businesses and individuals with a solution for keeping an eye on their cars at all times – keeping them secure.

In Australia, a vehicle is reported stolen every 12 minutes, with Queensland recording the highest number of stolen vehicles at 15,805, followed by Victoria at 15,353, according to crime and vehicle registration data from local governments and the Australian Bureau of Statistics. (Source: City News Australia)

Installing vehicles that transmit location data to a central server enables fleet management, monitoring driver behaviour patterns, and preventing theft with real-time access to this valuable data.

Starting a GPS car tracking business in Australia requires investing in equipment like GPS devices, software and a server.

You’ll also need an effective marketing plan to reach potential customers, build relationships with suppliers and partners, and comply with data privacy and security regulations.

Automobile Repair Garage

The automobile industry has seen incredible growth and development, necessitating a constant need for skilled auto mechanics.

These professionals possess the necessary knowledge and skill set to repair and service cars correctly.

As a result, there is an increasing need for trustworthy auto repair shops that provide top-notch services to their customers.

If you’re interested in meeting this demand, opening an auto care shop specialising in fixing cars of all makes and models could be a lucrative business opportunity.

Such a shop would be invaluable to car owners who require regular maintenance and repairs to keep their vehicles in optimal condition.

Establishing a reputation as an honest and dependable provider of quality services will attract loyal customers willing to spend money on your offer.

Rental Business

Establishing a leasing and renting business can be an efficient way to generate substantial profit. Rental companies have become famous for Australians who may need more capital to purchase luxury items outright but can comfortably afford to rent them.

Furthermore, this type of business offers flexibility regarding location; you can operate from a physical store or an online platform.

As the owner of such a venture, you can reach an even wider audience by offering convenient pick-up and drop-off services and creating user-friendly websites that enable customers to browse products online.

This type of business provides flexibility regarding location, with the option of operating from a physical store or an online platform.

As leasing and renting business owners, you can reach a wider audience by providing convenient pick-up/drop-off options and creating a user-friendly website that allows customers to browse and book products online easily.

Staffing Agency

Establishing a staffing agency in Australia offers businesses an exciting business opportunity in the service sector.

This type of organisation matches employers with qualified individuals who possess the necessary skills, education, and experience for a job.

The Employment Placement and Recruitment Services industry is projected to have a revenue-based market size of $5.0bn in 2023, with an expected growth rate of 3.3%. On average, the market size of this industry in Australia has grown by 0.3% per year between 2018 and 2023. (Source: Ibis World)

Businesses often need additional personnel as their operations grow and expand. But finding the ideal candidate can be time-consuming and costly.

That is where staffing agencies come into play – providing a cost-effective, hassle-free solution.

Starting your staffing agency offers businesses an efficient and cost-effective solution for their hiring needs.

You can assist job seekers in finding employment opportunities that match their qualifications and aspirations.

Running a staffing agency necessitates knowledge and experience in recruitment, as well as excellent communication and organisational abilities.

Furthermore, you need an eye for talent identification and the capacity to understand employer and job seeker needs.

Conclusion

Choosing and deciding on the small business idea to go into is a personal decision. However, there are a lot of things you need to put into consideration aside from money.

First, you need to be sure that the business idea you choose to go with is comfortable.

That way, you can stay motivated to see it succeed no matter the odds.

Many small business ideas are out there, but the ones listed in this article have proven very profitable.

If you already have a unique small business idea that you are convinced will sell, by all means, go for it!

Once you are willing to work hard, you are more likely to succeed.

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Jasmeet Singh

Jasmeet has been a part of multiple Ventures. He earns his bread and butter by hanging onto his first venture, a Software Company located in India. He is at present working on a new startup idea which like all startups will be "Disruptive" (at least he thinks so 🙂 )