Top 10 Small Profitable Business Ideas In Australia

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Top 10 Small Profitable Business Ideas In
Australia
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Introduction

• On a global level, Australia was ranked 14th in
  the world for conducting business with ease in
  2020, as per the data observed by the World Bank.
  Being the 6th largest country and having the 13th
  largest economy, Australia is known for
  maintaining an excellent economic landscape
  marked by well-regulated financial and corporate
  sectors. Most budding entrepreneurs are inspired
  to execute their own niche and leave a mark in
  the corporate world. In the ever-evolving
  technological world, many entrepreneurs have
  surged to unprecedented heights, building
  profitable businesses in Australia.

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• As an Australian, if you are also seeking smart
  and small business ideas to put into action, then
  you have come to the perfect spot. Roughly 99 of
  all firms in Australia fall under the small and
  medium-sized category, and these businesses are
  accelerating the Australian economy. As owners of
  small businesses, youre actually a part of
  Australias thriving sector. Australias economy
  is booming, mostly due to the contributions of
  small and medium-sized firms.

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Here are some important insights

• As per an analysis done by NAB (National
  Australia Bank), small and medium-sized
  businesses constitute the backbone of the
  Australian economy, where they create 7 million
  jobs and make a substantial contribution to 57
  of Australias GDP, giving space to creative
  entrepreneurship. The total GDP, according to
  World Bank data for 2021, is 1552.67 billion US
  dollars. These figures explain that Small
  businesses in Australia are playing an improving
  role in improving the economic expansion and
  prosperity of the country .
• The primary sources of revenue in Australia are
  driven by exports in the mining sector, banking,
  manufacturing, and telecommunications. The
  service sector contributes to 70 of GDP in the
  country, and this includes industries like
  education, tourism, and financial services.

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• The population of Australia is around 26 million,
  and per capita income is 66,408, which creates a
  perfect atmosphere for Australian small
  businesses to flourish. As reported by
  Biztraction, the industrial sector contributes to
  25.3 of GDP, and agriculture comprises 3.6 of
  GDP in the country.
• The Australian economy is well managed, and it
  has a strong population. According to NAB, the
  bedrock of small and medium-sized businesses in
  the Australian economy is formed by small and
  medium-sized businesses. Australia has a skilled
  workforce and a supportive government that has
  come up with policies that help the citizens
  execute business freely.
• Now, lets look at the top 10 profitable
  businesses in Australia that are tailored for the
  market, and if you are planning to start your own
  small business, then this guide will help you do
  so.

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Top 10 Small Business Ideas
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1. Laundromats

• The Laundromat business idea may sound a little
  distinct, but it is one of the most profitable
  business ideas in Australia. This business is
  about dry cleaning and laundry, which offers
  great returns. Annually, the laundromat business
  contributes 2 billion to the Australian economy,
  and an average Australian laundromat generates a
  return of approximately 25 of the initial
  investment every year, where the earnings range
  from 300 to 1300 per day.

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• As an individual, if you are planning to make
  your mark in this evergreen business, then it
  will definitely give you profit, and you can
  expect your income to rise in the coming future.
  The laundry business is growing in Australia, and
  many Aussies have started small in the cleaning
  business. As per a recent report, the predictable
  growth rate of the laundry services industry is
  5, which will reach 127 billion by 2025. The
  laundromat industry has a success rate of 95.
• Starting from scratch, a laundromat business will
  need an initial investment between 100,000 and
  400,000 but yes, the cost will also depend upon
  the size, rent, number of machines being used,
  equipment cost, etc.

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2. Cleaning Business

• Those looking for small profitable business ideas
  will find that a cleaning business in Australia
  makes a lot of sense. This business has become
  more lucrative during the COVID-19 scenario
  because companies call the employees back to the
  office and it has become a top priority for
  organizations to maintain cleanliness.
• Cleaning services are not just limited to
  commercial settings in Australia they encompass
  residential and industrial levels as well.
  Cleaning services include the cleaning of desks,
  upholstery, furniture, floors, sandblasting
  building exteriors, carpets, windows, steam
  cleaning, and much more. Small businesses often
  face unique challenges, but if you decide to
  start your own cleaning firm, there will be fewer
  challenges and more income. You will grow soon.
• In 2020, the global cleaning service market size
  stood at 55,715.0 million, and in Australia, the
  cleaning industry boasts a market size of 12
  billion, featuring 35,248 registered cleaning
  businesses.

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• The sector boasts a profit of typically 10 to
  28, and the range is amazing for any small
  business owner. In 2022, the cleaning business
  market size will have increased to 9.9 billion,
  and the commercial cleaning services market will
  have increased by 19.3 in Australia. Every year,
  an average commercial cleaning business makes
  70,000 to 100,000. The most profitable cleaning
  services are pressure washing, chimney cleaning,
  gutter cleaning, poor cleaning, etc.

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3. Freelancing

• Freelancers can choose the projects and work
  remotely. They have the freedom to choose their
  schedules and statistics show that freelance
  workers are more productive and happier. They
  earn more than traditional employees.
• In the tech sector, the need for freelancers is
  rising and Australia alone will need at least
  200,000 experts in tech by 2030. There are many
  freelancing opportunities on PeoplePerHour,
  Upwork, Fiverr, Airtasker, 99Designs, etc. These
  are the best places for small businesses, like
  freelancers, to build their unique identity and
  get work.
• Freelancing in Australia is nothing new but now
  the requirement for freelance work has increased
  in the country. Freelancers can be hired on the
  spot, and it gives Australian small businesses
  the liberty to hire them only when the work is
  required so they do not have to hire full-time
  employees and save money in case there is no work
  at times. Freelancers are only paid when there is
  work and they need to offer proper work to the
  employer.

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4. Restaurant and Food Takeaway

• The restaurant and food takeaway business in
  Australia is the most profitable sector. Many
  small businesses that entered the food and
  restaurant industries became big in no time. Some
  food chains started so small, and today they have
  a big name in the market, like Black Star Pastry,
  T2 Tea, Zumbo Patisserie,Gelato Messina, and much
  more. Through innovation, quality, and
  dedication, many Australian small businesses have
  gained prominence.

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• The food industry in Australia is very profitable
  and contributes to the countrys economy, with
  restaurants, cafes, and takeaways generating a
  turnover of AUD39.75 billion. The industry
  employs 817,500 individuals, which constitutes
  6.2 of the total workforce. You must ensure
  compliance with health and safety regulations and
  meet your goods and services tax obligations to
  execute the food and restaurant business smoothly
  in Australia.
• Consider food franchise opportunities and list
  your business on a Google local listing. Also
  explore food delivery apps like MenuLog,DoorDash,
  etc. In 2022, the annual revenue of Australian
  food businesses like cafes, restaurants, and food
  takeaway businesses amounted to over 58 billion
  dollars. From 2022 to 2023, the business recorded
  revenue of over 23 billion, an increase of 2.4
  billion.

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5. Art Entertainment and Recreation

• The art and recreation services industry includes
  a wide range of activities, from exhibits and
  live performances to sports and recreational
  activities. The sector has gone through steady
  growth and it has contributed immensely to the
  Australian economy. From 2015 to 2020, the
  revenue of the industry has increased by an
  average of 0.5 annually.
• According to IBIS World, in 2020, the art and
  recreation service industry generated 7.8
  billion and it ranked 11th among sectors with the
  highest wage in Australia. Though this sector is
  vast, on specific websites, one can find work and
  help register their events. Some prominent places
  to get work are Upfront Events, ArtsCentre, etc.,
  and you can also take advantage of Google Events,
  which is very reliable for listing your business
  and events. Update the Google listings from time
  to time to get satisfactory results.

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6. Online teaching classes

• The online teaching business has been booming
  during the pandemic and if you are planning to
  start this, then do not hesitate. It is the best
  time to begin this business and the online
  learner base is growing exponentially so pick up
  an interesting topic like taxation, accounting,
  etc. on which you have a good command.
• As per your knowledge and expertise, you can
  choose the subjects you want to teach and create
  powerful, engaging course content. Learn the
  technicalities of running an educational website.
  Choose the price of a particular course and plan
  the schedule to begin with. Use promotional and
  marketing strategies for the online academy and
  spend on webcam, video camera, lighting,
  classroom backgrounds, editing software, etc.

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7. Online fitness training

• Another lucrative venture that can be started as
  a small business in Australia is personal fitness
  training. This venture offers you the flexibility
  to choose your schedule and train. You can work
  independently or join fitness studios, gyms, etc.
  You can join a hospital too.
• Today, health and fitness are given a lot of
  importance so personal training is lucrative to
  pursue. At present, two-thirds of Australians
  engage in exercise for at least 100 minutes every
  two weeks. The market size for personal trainers
  in Australia is 435 million and it features 8012
  industry professionals in the business. The
  personal trainer industry market size in
  Australia will reach 491.7 million in 2023. The
  market size of the gyms and fitness centers
  industry in 2022 is 1.9 billion.

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8. Online retailing/e-commerce

• Online retailing or e-commerce, is a small
  business concept that is in constant demand. Many
  companies started small but became big giants.
  Online shopping has changed things so it is the
  new norm and shoppers are interested in buying
  products online and making online payments
  securely. They like the purchases to be delivered
  at their doorstep conveniently. In 2020, when the
  pandemic struck, online retail sales went up and
  there was remarkable growth experienced in
  Australia. Online sales accounted for over 15 of
  the retail market in the first quarter of 2021.

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• The purchase of domestic products in Australia
  reached 51.1 online. Over 5 million households
  in Australia engage in online shopping. The most
  sought-after category for online purchases in
  2021 was homewares and appliances. As per IBIA
  World, the online retailing market in Australia
  stands at 44 billion, which includes 76,324
  businesses and 80,035 employees. Combining
  physical and online stores, retailers enjoyed
  significant growth in June 2021 because of
  lockdowns in many regions of Australia.
• The online shopping sector is predicted to grow
  by 35.3 and this is an opportune time for those
  who are seeking ideas for small businesses and
  want to start earning. You can sell anything
  online like jewelry, clothes, makeup items, art,
  etc. A vast expanse of the internet is there to
  help you and you can also use established
  platforms like Amzon and eBay to promote your
  business.

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9. Website development
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• If you are looking for the best small profitable
  business ideas that are interesting,
  entertaining, and lucrative, then website
  development will be liked by you. The video game
  industry is thriving and there are opportunities
  for entrepreneurs to capitalize on the growing
  demand for website building.
• As per the Global Auralia Report, the video game
  industry is going through remarkable growth, with
  more than 2000 software developers employed.
  Analysts estimate the value of this sector to be
  2.96 billion annually in Australia, as per
  Biztraction. In 2021, the sector experienced 22
  growth from the previous year and was valued at
  226.5 million in revenue. The numbers will boom
  further.

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10. Babysitting

• If you still feel you do not have any skills and
  little or no capital to invest and think that
  these top 10 profitable businesses in Australia
  are not your cup of tea, then babysitting can be
  an ideal profession for you. You need a few
  skills, like patience and the ability to care for
  infants and children. Just enjoy spending some
  time with them and this career can be extremely
  rewarding. As there is a rise in working parents,
  there is an increasing need for reliable and
  experienced babysitters. Your service can be
  invaluable to busy parents and all you need is
  the affinity to work with their children. You
  have to change the diapers of the baby, give them
  nutritious meals, play with them, and keep them
  happy and engaged.

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Final Thoughts

• Consider these small profitable business ideas to
  embark on your entrepreneurial journey and
  contribute to the thriving small business
  community that drives the nations economy. The
  idea doesnt have to be unique all the time, but
  it must have the potential to capture a market
  that can give you good returns. So, think well,
  plan out what all you can do and then decide
  which business is best suited for you in
  Australia. So, Aussies, follow your passion but
  make sure it gives you profit so you keep going
  and growing in your career.