The Best New Business Ideas in Australia
If you are looking to strike out on your own and you need the best business ideas 2023 to fit your skill set, there are plenty of options available. In fact, even if your experience is limited, you can expand your skills and embrace the right business model to flourish as a small business owner. With a shift in the economy, Australia has far more new business ideas and opportunities than ever before.
The pandemic disrupted the Australian economy in unique ways – prior to the global shutdown, large established businesses dominated most industries. While large businesses remain, there is a unique opportunity for startups trying to upset the monopoly.
With the rise of focus on Australian products, local businesses have a unique opportunity to grow, and with the ever-increasing world of opportunity online, the doorway opens to many options for those who want to start a new business.
What determines a good business idea vs a bad business idea
A good business idea and a bad business idea can sometimes be two sides of the same coin. The difference lies in how well-suited an individual is to execute the idea, along with market demand, timing, and resources.
Good business ideas: a perfect blend of skills, market demand, and timing
A good business idea addresses a genuine need in the market, has growth potential, and can be implemented by someone with the appropriate skills and resources. Balancing your abilities and the market demand for your product or service is essential.
For example, you're a talented chef passionate about creating delicious, healthy meals. You notice a growing demand for meal delivery services in your area, catering to busy professionals who don't have time to cook but still want nutritious options. In this case, starting a meal delivery business would be a good idea for you because it aligns with your skills and meets a market need.
Bad business ideas: lack of market demand, poor execution, or unsustainable models
On the other hand, a bad business idea lacks market demand, is executed poorly, or is based on an unsustainable business model. Sometimes, a bad business idea can become a good one if the entrepreneur behind it pivots, adapts, and learns from their mistakes.
For instance, consider a business that aims to sell luxury pet accessories in a small town with a low average income. While the idea might seem great to the founder, who loves pampering their pets, it could be a bad business idea due to the lack of demand in that particular market. However, if the founder recognises this issue and pivots their business to target a more affluent market or expands their reach online, the idea could transform into a good one.
Here are a few business ideas that seemed good at the time …
- Ruslan Kogan's Kogan Travel - While Ruslan Kogan found success with his e-commerce company Kogan.com, his attempt to venture into the travel industry didn't fare as well. Kogan Travel struggled to gain traction and eventually shut down.
- Pie Face - This Australian pie chain expanded rapidly but failed to maintain its growth. Poor management and an unsustainable business model led to its downfall, despite the initial popularity of its pies.
- Quickflix - Quickflix was an Australian streaming service that aimed to compete against global giants like Netflix and Hulu. Launched in 2003, the company initially focused on DVD rentals but later shifted to streaming. However, Quickflix struggled to secure content deals and faced stiff competition from international players, ultimately leading to its downfall.
The lesson here is that it’s important you choose wisely.
So, what are GREAT business ideas?
1. Green Home Cleaning Service
The great benefit of a cleaning business is you can start small and expand as you build your client list. As you get started, be specific about what type of cleaning services you offer, whether it's deceased estate clearances, upholstery cleaning, traditional house cleaning or restaurant deep cleans.
A green home cleaning service focusing on using eco-friendly cleaning products and methods to minimise the environmental impact. By marketing this unique selling point, the business can attract clients who prioritise sustainability and are willing to pay a premium for a greener cleaning solution.
2. Online Australian Handmade Crafts Store
From drop-shipping and affiliate marketing to selling clever t-shirts, there is a wide range of online business ideas depending on your skillset or talents. Consider what your interests are, what you're good at, and how much capital you have to start your business. Drop-shipping is an easier start because you don't need space to store stock or stock at all; you are simply the middle person.
You might start an online store selling handmade art and crafts Australian artists make. By promoting and supporting local talent, this e-commerce platform can appeal to customers looking for unique, high-quality items while contributing to the growth of the local art community.
3. Hospitality Social Media Manager
Every business requires a social media presence – and any growing business understands the importance of getting it right. As a social media manager, you can offer your unique skills and talents to help businesses build a strong online presence that will attract new clients. You can work with various businesses if you set yourself up as a freelancer.
You might specialise in helping Australian hospitality businesses build their online presence, such as restaurants, cafes, and bars. By focusing on this niche, you can develop expertise in the unique challenges and opportunities faced by hospitality businesses in Australia and tailor your services accordingly.
4. Boutique Pet Care
Pet owners are willing to spend big to keep their pets happy and safe. If you love animals, then getting involved in a pet-oriented business might be the perfect place to start. Dog walking couldn't be simpler; almost half of Australian homes have at least one dog. Your dog-walking business could be lucrative if you learn how to market yourself. You can up the ante by offering dog-sitting services as well. With clients who already trust you, you have a ready-made clientele who can call on you to dog sit when they go on holiday or just have a busy work period.
A pet lover might consider starting a boutique pet care business offering dog walking, sitting, and grooming services with a personalised touch. By providing exceptional care and attention to each pet, you can distinguish your business from larger, more impersonal competitors.
5. Outdoor Adventures YouTube Channel
If you are passionate about a certain topic, you can turn your hand to vlogging. It's one of the easiest businesses to start, but it requires hard work, creativity, and dedication to ensure that it's a success. With monetisation, it can be an incredibly profitable business idea if you find the right topic. In addition to ad revenue, joining an affiliate program is also an excellent way to boost your income. You can also make money by selling digital or physical products, through sponsored content and brand deals, donations, and offering memberships for exclusive content.
You might start a YouTube channel exploring Australia's diverse landscapes, wildlife, and outdoor activities. Or alternatively you could review products such as tents, sleeping bags, lithium batteries or any other camping related product. By sharing captivating content, engaging storytelling, and expert tips, this channel could attract viewers interested in discovering Australia's natural wonders and inspire them to embark on their own adventures.
Or alternatively you could review products such as tents, sleeping bags, lithium batteries or any other camping related product.
6. Eco-friendly Real Estate
Even when the market shifts, people always need real estate, whether commercial or residential. If you have the knowledge and skills, real estate can be a great business idea if you want to make a solid profit. It might be the perfect fit if you have excellent people skills and a knack for sales.
Step outside the real estate box and consider specialising in eco-friendly properties, catering to clients prioritising sustainability and energy efficiency. By focusing on this niche, the real estate agent can become an expert in green living solutions and appeal to environmentally conscious clients.
7. Luxury Home Housesitting
There are a variety of reasons why people don't want to leave their homes empty while they're away. For some, it's entirely down to safety, but for others, it's watering plants or feeding cats. Housesitting is a fun business opportunity; plenty of websites allow you to advertise your services. Create a profile on all of the relevant websites and be sure to choose photos that highlight how happy and positive you are as a person. Networking is going to help you secure return customers and referrals, which are the lifeblood of any successful housesitting business.
If you’re after flexible work opportunities, you might start a luxury home housesitting business, offering services to high-end property owners who need someone reliable to care for their homes while they're away. This business model provides income and allows you to save on living expenses by staying in luxurious properties.
8. Freelance Romance Novel Ghostwriter
Whether you are passionate about writing romance stories or have an idea for the next great Australian novel, digital content is an excellent business opportunity. You don't need a degree in English to be a successful writer, but a writing course may help you craft the perfect prose. With the ability to self-publish on various sites, you can turn your hobby into your career.
A skilled writer with a passion for romance might consider starting a freelance ghostwriting business, specialising in creating captivating romance novels for clients. By offering their writing expertise and an ability to craft engaging stories with memorable characters, this digital content expert can appeal to authors, publishers, or even self-publishing individuals who need assistance bringing their romantic tales to life.
9. Australian Wine Club
A membership program comes in a variety of flavours, and the key is good marketing. A solid membership program operates much like a subscription-based service. It encourages customers to make a recurring payment in exchange for your services or products. Plenty of goodies exist to entice membership, whether it's a regular beer shipment, an extra podcast episode, or an eBook.
For example, an entrepreneur passionate about Australian wines might create a membership program for wine enthusiasts, offering curated selections of local wines along with exclusive tasting events, expert recommendations, and educational resources. This membership program can foster a community of like-minded individuals who share a love for Australian wines.
10. Sustainable Events Planning
Whether you want to plan in-person or online events, event planning is big business. If you enjoy connecting people and you're a strong organiser, then event planning might be the perfect fit. If you want to go into in-person event planning, consider finding a niche – whether you want to be a wedding specialist or a corporate event organiser. A specialty is always a good way to enlist regular clientele.
A detail-oriented individual might start an event planning business focused on creating sustainable and eco-friendly events, such as weddings, corporate gatherings, and community celebrations. By incorporating environmentally responsible practices, this event planner can appeal to clients who value sustainability and wish to minimise their events' environmental impact.
11. Native Plant Landscaping
If you love the great outdoors, a landscaping business might be the best choice. There are varying levels of landscaping – you may want to keep it simple with a lawn care business, or you might want to explore the creative side by creating designs and planting flowers and trees. Homeowners enjoy spending time outdoors, more so when they have a pleasant environment to enjoy.
A landscaping enthusiast might establish a business specialising in native plant landscaping, helping clients create beautiful, low-maintenance gardens that support local ecosystems. This landscaper can provide a unique service that promotes biodiversity and water conservation by focusing on indigenous plants.
12. Disability Fitness Trainer
The service industry has experienced significant growth in Australia, thanks to the rise of digital platforms and the ever-growing demand for specialised skills. As a service provider, you can cater to a wide range of niches, allowing you to tailor your offerings to suit the specific needs of your target market. This flexibility makes it one of the country's most lucrative and sustainable business ideas.
One way to stand out as a service provider is by focusing on a niche where you can provide unique value. For example, you could specialise in creating personalised workout programs for individuals with disabilities or special needs. By focusing on accessibility and tailoring their services to each client's unique requirements, you can offer a valuable service that empowers clients to lead healthier, more active lives.
The Key to Finding Great Business Ideas
Plenty of great business ideas exist, but keep the following in mind as you decide which business to move forward with.
First, it is much easier to market a niche business. Marketing is the key to unlocking business success. As important as demand is, you must be able to sell yourself. If you focus on a specific area, service, or product, it's easier to reach your target audience.
Next, when it comes to pricing, it's about much more than profit. You will scare people off if you set your rates too high. Likewise, if you set it too low, you run the risk of distrust. Use a profit margin calculator to work out how best to proceed. You can tweak your prices once you are more established.
Finally, be prepared to test, learn, and grow as your business does. It takes hard work and commitment to get a business off the ground and maintain it. Whatever unfolds, you can adapt if you are prepared to be flexible. Successful businesses thrive because they learn to recognise changes in their marketplace and adjust their business plan to adapt. If your idea isn't turning out as expected, there's no need to give up when you can pivot.
Whatever type of business you want to start, as your business grows you need to be prepared to maximise your opportunities. Before you start a small business, you should give yourself all the tools and skills you need to succeed, which means learning as much as possible about your chosen path. If you're already an expert, you can take a business class to ensure you know how to execute your plan effectively.