The Next Big Thing: 10 Successful Businesses Worth Starting
Written by Bindi Gethen
Starting a business is tough. It’s not some whimsical walk in the park where you show up, spin the wheel of fortune, and voilà – you’re bestowed with a money-making machine. No, it’s an arduous journey, where uncertainty is your only certainty and failure is your most persistent companion.
And, oh man, does it take a toll. You’ll find yourself waking up at ungodly hours, constantly combating anxiety, and always having a list of things that you need to do. You might have the best idea since sliced bread, but if you’re ill-prepared, or if your execution is half-baked, you’ll find yourself being just another name on the long list of failed ventures.
So what are the top 10 most successful businesses to start? Some business ventures you could explore are e-commerce, software development, health and wellness services, education and tutoring, food and beverage, renewable energy and eco-friendly products, personal services, mobile app development, home improvement, as well as online content creation and social media marketing.
Top 10 most successful businesses to start in Australia
1. E-commerce store
Few business sectors have witnessed such rapid growth and dynamism as the world of e-commerce. In Australia alone, this burgeoning sector has seen a considerable leap, primarily propelled by changing lifestyle trends and enhanced technology. Shopping has no longer remained a tiring, weekend pursuit. Instead, it has evolved into a convenient, fingertip task, where the world is virtually brought to one’s living room.
In fact, according to the World Bank, at least 96% of the country’s population uses the internet. With many of these people purchasing goods online, the potential for growth in the e-commerce sector is virtually limitless.
This vibrant digital marketplace thrives on diverse product categories, right from electronics to fashion, food, and beyond, allowing entrepreneurs to cater to a vast spectrum of customer interests.
2. Software development and IT services
In the digital age, no industry remains untouched by the influence of technology. Whether it’s retail, healthcare, finance, education, or manufacturing, every sector increasingly depends on software solutions for various aspects of their operations.
That said, Australia is home to a growing digital economy, where businesses – both big and small – are increasingly turning to software solutions and IT services to streamline their operations and boost their growth. This surge in demand has, in turn, paved the way for a rise in software development and IT service companies, making this industry a promising venture for aspiring entrepreneurs.
3. Health and wellness services
Society has shown a marked inclination towards healthy living, which has fuelled the demand for health and wellness services. The rising awareness about mental health and the benefits of preventative healthcare have further driven this trend. Consequently, businesses offering services in areas such as yoga, meditation, diet planning, and personal training are gaining prominence.
Additionally, the widespread use of technology in this sector – from fitness tracking apps to telehealth services – has enabled entrepreneurs to provide their services to a wider audience. With the convenience of online consultations and personalised services, health and wellness businesses can cater to the individual needs of their clients, thereby enhancing their potential for growth and success.
4. Education and tutoring
Education is a cornerstone of society, and in Australia, it’s no different (after all, it is a developed country). With an increasingly competitive academic environment and the rise of remote learning, the demand for education and tutoring services has surged.
Tutoring services are gaining popularity as parents and students seek extra academic support to gain a competitive edge. This is particularly true for high-stakes exams and entrance tests, where tutoring can make a significant difference.
Beyond tutoring, there are also opportunities in providing educational resources, developing educational software, and offering online courses in various subjects.
A perfect example of a successful business in this sector is Cluey Learning, an online tutoring service that provides personalised tutoring to Australian students. The company has seen rapid growth since its inception, benefiting from the rise in online learning.
Similarly, the success of Edrolo, an Australian edtech company that provides online resources for Year 7-12 teachers, underscores the potential of the education and tutoring sector.
5. Food and beverage
The food and beverage industry is a staple of any economy. Australians love their food, and with the country’s diverse cultural mix, the food and beverage industry provides a rich tapestry of opportunities for aspiring entrepreneurs.
From running a café or restaurant, to starting a food truck, bakery or even a craft brewery, the possibilities are endless. There’s also a growing market for businesses offering organic, vegan, and locally-sourced foods.
In addition to this, the advent of food delivery apps has revolutionised the food and beverage industry. These apps have made it possible for even small businesses to reach a wider customer base, boosting their potential for growth.
6. Renewable energy and eco-friendly products
The conversation around climate change has intensified. The world is now more conscious than ever about the need for sustainable and eco-friendly solutions. Renewable energy, encompassing solar, wind, and hydropower, is particularly promising.
The sun-drenched country of Australia is naturally inclined to harness solar energy, while its vast coastline offers potential for wind and hydro energy. Simultaneously, there’s an escalating interest in eco-friendly products, ranging from everyday household items to personal care products and clothing, made with sustainable materials and processes.
The story of Infinite Energy, a leading provider of solar energy in Australia, serves as an inspiring example. The company was founded in 2009 and has since installed over 15,000 renewable energy systems – including at properties in rural and remote areas – making it one of Australia’s leading solar providers.
In a similar vein, Ettitude, an Australian company that offers eco-friendly bedding made from organic bamboo, has tapped into the demand for sustainable products. Their success serves as a testament to the potential of the renewable energy and eco-friendly product sector.
7. Personal services
As Australians lead increasingly busy lives, the demand for personal services has surged. Consumers are looking for reliable, high-quality personal services that can help them maintain their lifestyles and save valuable time. Some examples include:
– Hair and beauty salons
– Personal training
– Massage therapy
– Life coaching
– Personal chef services
– Pet services
– Wedding and event planning
– Home cleaning services
– Nutrition consulting
Given the rise of online platforms and apps, these personal services can be easily advertised and booked, further enhancing the business’ growth potential. Just look at the success story of Hipages, an Australian online platform connecting consumers with tradespeople.
8. Mobile app development
From banking and shopping to fitness and entertainment, there’s an app for almost everything. The key to success lies in understanding user needs.
Statista predicts that by 2026, the number of smartphone users in Australia will reach 23.62 million, up from 21.77 million in 2020. This rising smartphone penetration will undoubtedly lead to an increased demand for mobile apps.
We can take inspiration from Fruit Ninja, a mobile game developed by the Australian company Halfbrick Studios. Since its launch in 2010, Fruit Ninja has been downloaded over a billion times, showcasing the global success an Australian app can achieve.
9. Home improvement and renovations
This sector involves various services from renovating, supplying building materials, and providing interior design consultation, among others.
It’s worth noting that these types of businesses can leverage the Australian government’s HomeBuilder scheme – which provides grants for home renovations – making this industry a promising one for aspiring entrepreneurs.
10. Online content creation and social media marketing
In the digital age, content is king. Whether it’s blogging, vlogging, podcasting, or creating content for social media, it is undeniable that the online content creation sector is booming. The secret to success? Genuine connections with your customers.
According to the Digital 2023 Australia report, in Australia alone, there are 21.30 million active social media users. And when it comes to media consumption, internet users aged 16 to 64 spend 2 hours and 4 minutes each day using the internet. This number is projected to keep rising. So you can just imagine the potential of your business if you’re able to form long-lasting relationships with many of these users.
Related articles:
Step-by-Step Guide on Starting a Small Business in Australia
How to Write a Simple Business Plan | Australia
Ready to scale your business?
Alright, so you’ve survived the startup jungle, wrestled with uncertainty, and come out the other end with a brand you’re proud of. But now you’ve got a new beast to face: scaling your business. You need to maintain your business’s quality while serving an expanding customer base. You need to hire more staff without diluting your company culture. And let’s not even get started on the financial complexities that come with scaling.
Things like bookkeeping can quickly turn into a mess if you’re not on top of it. So if you need any help with your finances, feel free to reach out to The Bookkeeping Studio team. Trust experts with your business finances today.
Hey, my name’s Bindi Gethen! I’m the founder of The Bookkeeping Studio in Australia. With over 15 years of experience in the industry, I have a deep understanding of the challenges that small and medium-sized business owners face when it comes to managing their finances.
I am passionate about empowering my clients with the financial information they need to succeed. My team and I pride ourselves on our commitment to exceptional value, accuracy, and confidentiality. Our virtual bookkeeping services include payroll, budgets, and management reporting, among others.
Not to toot our own horn, but we can assure you that you won’t find a bookkeeping partner like us anywhere else in the Southern Highlands.
