How do you choose a business idea?
Identify your skills and abilities
Thinking about business ideas can be overwhelming, but the right one may be closer than you realise. Are you an expert in tech or a DIY enthusiast? You may be naturally good with children. Your skills and strengths are an excellent starting point for a successful business idea, so start by identifying yours.
Determine customer needs
Understanding customer needs is also crucial for business success. Consider how your skills can help people solve their problems.
For instance, if you're good at tech, could you offer repair services or training sessions? Tutoring sessions could be perfect if you're good with kids and skilled at maths. Good business ideas provide solutions, so ask yourself how your abilities could benefit others.
Analyse your competitors
Knowing the market can help you choose between business ideas and learn how to reach customers. For instance, if you're considering a tutoring or childcare business, discovering that there's insufficient childcare places in your area may help you decide.
Study your potential competitors' strengths and weaknesses and learn how they market their services. The goal of competitor analysis isn't to copy them but to better understand the market and find your niche.
Get feedback
Along the way, remember to take advantage of feedback. Talk to friends, family or potential clients about your business ideas before creating a business plan. The insights they provide may surprise you. Taking this feedback to heart and being willing to adapt can set your business up for success.
13 small business ideas or side hustles to consider
1. Laundromat business
Go-getters looking for a business with minimal daily intervention could consider setting up a laundromat. It’s essential to find the right location for such a facility — such as densely populated areas or where tourist traffic is high — to ensure regular clientele and year-round revenue.
2. Childminding
Many dual-income households in Australia need reliable childcare. A childminder's job involves caring for children while their guardians are away. Childcare may be the perfect job for you if you enjoy the company of children and a high level of patience. This venture requires a minimal investment and offers a lot of flexibility.
3. Photography
From sandy beaches to bushland, city skylines, nature and more, Australia is a country full of photo opportunities. Offering professional photography services for diverse events can be a rewarding venture. For this business, creativity and technical expertise are essential. An initial investment in quality equipment and a compelling portfolio could open up endless possibilities.
4. Recycling business
Australia's heightened focus on sustainability offers a positive outlook for recycling ventures. Making goods from waste materials is both environmentally friendly and may be lucrative if you offer the right product or solution to meet customer wants or needs.
5. Pet business
The pet ownership rate in Australia is one of the highest in the world, making it an ideal market for pet entrepreneurs. Animal enthusiasts have various options for turning their passion into a rewarding business, from grooming to pet sitting or pet shops. Home-based work is also possible in some cases.
6. Online coffee shop
Coffee is a staple of Australian culture, and while there may be many physical coffee shops, there are many possibilities for online businesses too. Brands can differentiate themselves by offering unique blends or related products. You could start an online coffee shop with a modest inventory, and scale as demand increases.
7. Vlogging or influencer marketing
With the growth of social media, more and more Australians are watching vlogs for entertainment, insight or learning. Creating engaging content, such as reviews, tutorials or experiences, is a great way to establish an online niche. Individuals with charisma and a unique perspective can leverage platforms like YouTube and TikTok to grow a following. Commitment and consistent output increase the potential for earning and partnerships.
8. Phone accessories
With smartphones dominating our lives, there’s always a market for trendy and functional accessories. Prevalent smartphone ownership opens many opportunities for tech-savvy people who understand consumer needs. Smart local partnerships and an online store can help you manage inventory efficiently and boost profitability.
9. Affiliate marketing
Online shopping has made affiliate marketing a viable business venture for some. Earning commissions by promoting products on a platform can be lucrative. Those with a significant online presence, whether through blogs or social media, are in a good position for success. Using the right strategies and partnerships can create a substantial income stream.
10. Greeting card making
Personalised greeting cards continue to be popular, especially around the holiday season. Creating unique cards for different occasions can be both enjoyable and profitable. Creativity is required in this business, so those with a knack for design and sentiment will do well. You can reach a wide range of customers by starting from home and leveraging online platforms to market and sell your cards.
11. Online courses
Online education continues to grow in popularity worldwide, and niche courses are in high demand. Learners can benefit from experts who are willing to share their knowledge. Credentialed professionals have a distinct advantage here because their backgrounds lend social proof to their skills. The global reach of platforms like Udemy enables a broader audience to access courses.
12. Handyperson services
In the fast-paced lives of many Australians, small household tasks often take a backseat. A reliable handyperson service can fill this void. This field offers steady work for skilled individuals who enjoy diverse tasks and problem-solving. Providing excellent customer service and earning word-of-mouth recommendations can ensure steady client flow.
13. Bookkeeping and financial consultation
Many companies in Australia rely on accountants and bookkeepers for a wide range of accounting and financial advisory services. Accounting and finance professionals with knowledge of business technology like MYOB products are uniquely qualified to assist businesses with their finances. Cloud-based tools and integrations make it easy to provide these services from home.
Manage your new business with MYOB
Starting a new business in Australia is exciting but requires careful planning. The process begins with establishing clear goals, identifying potential challenges and mapping growth.
Critical decisions, like selecting the proper business structure, directly influence your tax and legal standings, while your business model will guide your revenue generation and customer approach.
Business management software like MYOB is essential for scalable growth, efficiency and data insights. With best-in-class accounting software included in every plan, you can get started with MYOB Business Lite and upgrade when you’re ready.
Disclaimer: Information provided in this article is of a general nature and does not consider your personal situation. It does not constitute legal, financial, or other professional advice and should not be relied upon as a statement of law, policy or advice. You should consider whether this information is appropriate to your needs and, if necessary, seek independent advice. This information is only accurate at the time of publication. Although every effort has been made to verify the accuracy of the information contained on this webpage, MYOB disclaims, to the extent permitted by law, all liability for the information contained on this webpage or any loss or damage suffered by any person directly or indirectly through relying on this information.