Do you live in Australia? And are you searching for the most profitable business ideas in Australia? Find here a list of chosen business ideas you can start in Australia. Regardless you are an Australian or not, this article will also help you in understanding the key points in starting a business there.
Basically, Australia is a business friendly country. Additionally, it is the world’s sixth-largest country by total area. The country has the world’s 13th-largest economy and ninth-highest per capita income (IMF). Moreover, it is a wealthy country.
Basically, the country generates its income from various sources including mining-related exports, telecommunications, banking, and manufacturing. The service sector of the economy accounts for about 70% of GDP. The sector includes tourism, education, and financial services.
Additionally, the country is a major exporter of agricultural products, particularly wheat and wool, minerals such as iron-ore and gold, and energy in the forms of liquified natural gas and coal. Hence, starting a venture in Australia is definitely a lucrative proposition for the Australian entrepreneurs.
How To Start a Business in Australia
First of all, if you are a non-Australian citizen, then you have to apply for the right Visa to start a business there. And after that, you have to obtain necessary permissions and licenses from the Government departments.
Generally, you can apply for two different types of business Visa in Australia. These are Business Innovation and Investment visas and Business Talent visas. However, the two different types of Visa permissions require different eligibility criteria.
Things To Consider in Starting Business in Australia
1. Conceive an Idea
In starting any business, the idea is the most crucial aspect. You can find or check millions of business ideas in Google. However, you have to finalize an idea which is the perfect for you according to your skill, passion and investment capacity.
2. Required Skill
Skill is an another most important aspect of starting a business for a beginner. You have to identify what skill you need to have in starting the business. If you already have that skill is fine. Otherwise, you must pursue some training.
3. Business Objective
As a startup entrepreneur, you must have a clear conception why you are starting the business. Additionally, what you want to achieve in near and far future.
4. Your Weakness & Threats
This is an another essential thing you must identify in starting the business. Additionally, you must go for the SWOT analysis of the products or services that you are going to offer.
5. Business Plan
Crafting a business plan is one of the most important action is starting a business. In addition to that, your business plan must contain the financial and marketing plan too.
6. Business Registration
When your business plan is ready, you have to register your business. In Australia, there is four major type of business structures are available for registration. These are the sole trader, partnerships, trusts, and companies.
7. Apply for an Australian Business Number (ABN)
An Australian Business Number (ABN) is a unique 11 digit number that identifies your business to the government and community. Basically, the number is very beneficial for the new entrepreneurs who are carrying a business in Australia.
8. Business Name and Trademark Registration
Regardless you want to start a manufacturing, service or retail business, you must have a business name. Additionally, you must register the name also. And when you register a business name, it will be connected to your Australian Business Number (ABN).
9. Register a Website
In creating a business website, first, you have to book a domain name. Basically, a domain name gives you an online identity or brand. If you want to buy a .com.au or .net.au web address you will need to be a commercial entity and have either an Australian Company Number (ACN) or Australian Business Number (ABN).
10. Identify Tax Liabilities
Finally, you have to identify the upcoming tax liabilities of your business. Actually, the taxes you must register for, depend on the type of business you’re starting. Therefore, it is advisable to talk to a local tax consultant before commencing the business.
We hope this most important 10 considerations will help you in initiating your dream business in the more proper way. And now, check the most profitable 20 business ideas in Australia for a ready reference.
List of 20 Profitable Small Business Ideas in Australia
#1. Affiliate Marketing
Affiliate marketing is a very popular way of earning money on the internet. However to be successful in affiliate marketing business one need to understand what actually is affiliate marketing. Read More…
#2. Airport Shuttle Service
Airport shuttle service is a very profitable business. The business is hugely management intensive. You can establish business tie-ups with hotel resorts, tour operators, and travel agencies to get clients.
Babysitting is an excellent approach to earning a little extra money. Additionally, you can start and operate the business as the home based basis. Babysitters, especially capable and responsible ones, are in fantastic demand. Read More…
#4. Catering Business
A catering business is a perfect opportunity for the people who love to cook. It is a profitable business and ensures lucrative margin to the owners. Additionally, you can start this business as part-time. Read More…
#5. Cleaning Business
A residential and office cleaning business is a profitable opportunity and has good income potential. You can start the business from home. A home based cleaning business demands very less infrastructure cost. Read More…
#6. Digital Book Library
If you are interested in starting a small eCommerce operation in Australia, then you can consider this business. Digital book library or online book renting generally provides the services of accessing digital products online. Read More…
#7. Digital Marketing
Basically, a digital marketing agency provides different types of customized services to the clients. And the work area caters a wide range of segments. Generally, when you market a product or service using different digital technologies, it is called digital marketing. Read More…
#8. Domain Flipping
Firstly let us understand what is domain flipping. Domain flipping is all about buying and selling domains for profit. Since 2013, more than 200 million domain names have been registered. Read More…
#9. eBay Selling
If you have a great product knowledge and you enjoy selling on the internet, then you can consider this business. Due to the various reasons, eBay selling is a profitable business. This allows you to start this business from home. Read More…
#10. Graphic Designing
The investment required to start a graphic designing business is in having a computer with good quality graphic design software. The increasing need for attractive marketing campaigns and promotions enhances the demand for graphic design services. Read More…
#11. Greeting Card Making
Greeting cards are billion dollar industry now. People need it for plenty of reason like birthdays, anniversaries and as well as for business reason. Greeting card making business is a fun-making, feel-good business. Read More…
#12. Homemade Cookie Business
Most of the people prefer cookies. And it is always better if anyone can purchase delicious and good quality cookies from home.
If you are a passionate cookie maker and want to start a cookie business with small capital investment, this business is just perfect for you. Read More…
#13. Interior Designing
Interior designing is a perfect career option for the individuals who are passionate about design, art, and home decoration. Any individual of any age can start this business from home. Read More…
#14. Mobile Pet Zoo
This is an emerging business. As the name indicates the business is all about entertaining the kids with a moving zoo. However, the animals are the pets. The business is very lucrative. However, it demands moderate capital investment and strategic planning.
#15. Pet Photography
Pet photography is a business for pet lovers with a passion for photography. Running a pet photography operation from a home studio is a self-rewarding business. Pet photography is a fast growing and super fun genre of photography. Read More…
#16. Recycling Business
Any individual can earn handsome money from recycling business. The magnitude of garbage that we produce is increasing day-by-day at a disturbing rate. To start any recycling business, it requires a good knowledge of where to sell the recycled products and most importantly, where you obtain the goods for recycling. Read More…
#17. Rental Business
Starting a leasing and renting business definitely, a smart way where you can earn huge profit. Rental businesses have long been a popular money making industry, mainly because although not everyone can afford to purchase luxury or recreational equipment, they can pay the rent. Read More…
#18. Staffing Agency
Initiating a staffing agency is one of the best business you can start in Australia in the service sector. Basically, a staffing agency or job placement organization matches employers to employees. Read More…
#19. Used Books Selling
Second-hand books are abundant. You can earn handsome money by selling those books. From a professional point of view, you can also do it by buying books at a cheaper rate and selling them at a higher rate. Read More…
#20. Virtual Office Space Renting
A virtual office is a business location that only exists on the web. With this specialty, any business can be operated from any location by using technology and the internet. A virtual office provides significant financial savings to the entrepreneurs compared to traditional space renting. Read More…
We hope this informative article with 20 profitable business ideas in Australia will help you in taking the decision in starting a business in Australia.