What are the most profitable small businesses?
Every day, new companies open their doors, provide jobs, and drive local economies, helping to sustain the functions that our nation needs most.
However, not all small business ideas are made equal, and some are more likely to excel than others. Although you think you have a good business idea, your target market may not feel the same way.
Augmented Reality Safari Guides
Tourism in Australia has always been a large part of the economy. Its obvious people love to travel there, and they will continue to do so. To take it to the next level, you could start a business that creates an augmented reality safari guide. The customer would wear a headset or something similar to Google Glass, and be able to see certain statistics, read important and interesting information, and have a more immersed experience. This would be a great way to charge people higher prices too since its new.
Or, it could be an app on the person phone that they install before the tour to get cool insights or AR viewing of what the area used to look like on the safari. A lot could be done, but this idea would take quite a bit of investment to get going. However, it has so many applications, and it could create a significant unique advantage for a tourism company.
Bookkeeping and Accounting
Accounting and bookkeeping are an unavoidable reality of business ownership. But for many entrepreneurs, money management is the very worst part of owning a business. Whether you’re a licensed CPA or just a QuickBooks wizard, you might be the perfect candidate to launch your own business by keeping your fellow entrepreneurs’ personal and small business finances in order. With a net profit margin of 19.8%, bookkeeping, accounting, tax preparation, and payroll services have long been some of the most profitable businesses for entrepreneurs.
As a bookkeeper, you can process invoices and payroll, compiling expense reports, and more. If you have a CPA license, you can help business owners file taxes, generate balance sheets and other accounting documents, and make your professional recommendations about your client’s bottom line.
Computer design services
In this age and time, people are always in need of services, especially on a computer. These services include but not limited to printing, photocopying, laminating, graphics designing etc. Thus, a family can specialise in this type of business and offer these services to clients for a fee. The return from this type of business, especially if a family runs, it is very high.
In this century, many persons are mostly in need of repairs/troubleshooting for their computers/laptops. A family understanding this need can set up a computer repair/troubleshooting centre. This service and many more can be offered to many people who still find computers complicated to maintain and to terrify if they go wrong.
Corporate Education and Leadership Development Company
Corporate leadership and job training are massively underserved areas, which presents the opportunity to start a company and fill that need. By developing customised training and development programs for companies, you can help their employees and talent excel within the organisation. A huge problem in the workforce in Australia is the development of employees to be able to take on the management and higher-level roles as the baby boomers retire.
This idea fixes that problem by working with the companies to make sure their employees are trained and confident to lead the company. This is another idea that could be started with low investment as you could pre-sell the packages to companies, and then work with them to make sure the training is custom.
Edge-of-City Warehouse & Distribution Centers
E-commerce is a huge business that is growing in Australia as access to goods from China is closer than places like USA and Canada. However, within this business model, there is always the problem of shipping and distribution. If people live on the outskirts of the city or in more rural areas, it can be hard to deliver packages, or it takes a long time.
This business idea would be to set up warehouses and distribution centres on the outside of cities so they could easily deliver goods to those usually hard to reach homes. A specialty delivery fee could be charged for the convenience of being able to get your packages so quickly.
Elderly Personal Service and Care Company
Another service to cater to the growing elderly population is a personal service and care company. If you want to help the growing elderly population, you can do it without spending a lot of money on start-up costs. By doing it yourself, you could advertise to local areas where seniors live and offer your services for personal services and care. This could range from a wide array of different services like delivery, companionship, transportation, etc. Setting this business idea up on a subscription would also be very useful for families with elderly parents, so they know they are being taken care of.
Event planning is simply the process of researching, planning and ensuring the smooth organisation or flow of an event. The process of a full-scale event planning and management service include: Conducting initial research, Creating an event design and concept, Finding a good location, Making arrangement for food from caterers, Doing the interior décor, Organising the entertainment needs, Sending invitations to attendees etc.
E-Sport Facility Company
As mentioned previously, e-sports is a massively growing industry, and people need a place to play and host their games and competitions. Or maybe, people don’t want to spend thousands of dollars on a home gaming station, so they can come to your store and play. By setting up a bunch of gaming stations with the latest games, you could charge an entrance fee for customers who want to play video games. You could also host competitions and tournaments to make money as well.
If you have a passion for gaming and want to enter an event an e-sport business, this idea is perfect for you. Although it would take quite a bit of initial investment to get going, it could be very profitable if you enter the right location.
E-Sports Sponsorship Management Company
Another sector that is growing within the massive e-sports community is sponsorship. Over the next five years, the market is set to triple in growth from $2 million in revenue to about $6 million. Although this is not massive growth, if you can capture some of that market share with this business idea, it would be easy to expand oversees to other locations where their markets are much bigger.
This company would work with other companies who want exposure at certain events and areas within the e-sports competitions and shows. You would provide them with logo placement, brand mentions, etc., in exchange for a fee. This idea could be started with very little money in the beginning because you don’t need a lot of technology, just sales skills.
Fibre-Optic Installation Company
There is a growing demand in Australia to get fibre-optic networks installed, either to peoples houses directly, or to central stations where faster internet can be distributed. This company would work with governments and cities to get these cables installed in the ground. If you are interested in this, there could be potential grants and loans that you can receive from the government for performing such a service.
The fibre-optic installation idea could be started for a low investment if you worked with the cities to get grants before starting the job. As this idea grows, the international expansion would be needed for growth.
Fine Art Investment Blockchain Tracking Business
Some pieces of art can be highly valued, and it can also be copied easily. This company would stop that corruption by tracking all the fine-art through a blockchain tracking system. Certain identifications could be given to specific paintings, and a website or app would be able to verify if it was the original, as only one registered item can belong to the code. Charging a fee per code generated could be a great model for this idea, and it would prevent the corruption and duplication of famous paintings, which artists hate.
International Distribution Supply Consultant
With the changing political market, businesses are always needing help to navigate the international landscape, especially with how the US market is reacting. This idea could be started with low start-up investment because it is a service-based business, and you would need knowledge of international trade and distribution.
This company could also expand into helping business who want to go international, but don’t know where to start. You’d help them navigate that for a fee or percentage of new revenue from that market.
Internet and Smart Device Network Security Business
Australians are demanding faster internet, and with the breakthroughs in smart devices, there is always the underlying question about security. Well, with this idea, you would consult with governments, cities, and private businesses on setting up smart device networks and manage the security systems behind it. For example, the city may want to install a smart grid that monitors all the roadways for repairs. This company would help them manage the security behind it all. If you have a passion for networks and smart devices, this could be a great area to get involved in.
Livestock farming or animal husbandry is simply the process of breeding animals for consumption purpose. But in this article, we will be looking at the profit or business side of livestock farming. It is a known fact that as long as humans exist, there will always be a need for food and the two major sources of food for mankind are crops and animals.
Mining Automation Dealer
As a mining automation dealer, this company would supply local and near mining companies and operations with the latest and greatest machines for mining automation. The industry is headed into a wave of technological advancements, and as a middleman, there is a spot to help people and make some money too.
By working with local mining companies, you could find out their needs for mining automation equipment, and work with other companies that produce it to supply it in Australia. With the way things are headed with international trade, these types of companies are always looking for ways to reduce costs and automation is a huge part of that. This idea wouldn’t take a lot of money to start, as you could source the machines and buy it with your client’s money before you set up your retail store to showcase them.
Taking advantage of internet popularity, you can also consider network marketing as part of the top family business ideas. You can put your tech, sales and marketing skills to practice and operate online. Network marketing is the perfect family business because you tend to work together as a family, grow together and the entry barrier is very low, as it even creates more bond and the dissemination of ideas among members of a family.
The world today is a global village, and it is now easy to trade online (i.e. buying and selling). A family can venture into this type of business and trade their stocks on offer to people on an online platform. Sites such as eBay and Amazon make it easy for people to dabble in e-commerce.
Personal Privacy App
There is always growing concerned among people regarding their privacy. They forget who they shared their email with, or how much information Facebook is taking from their profile. To help solve this problem and frustration, you could develop an app that monitors all that activity for someone, so they can see who has access to what type of information, all in one place.
A one-time fee or monthly subscription could be charged to give people peace of mind about what is happening with their data. Australia has somewhat different privacy laws than other countries, so it is the perfect market to test this idea out. If you have a passion for app design, this program could be a real hit, especially as digital profiles get bigger and more important.
Publication of oil and gas magazines
There are several careers that an entrepreneur can launch in the value chain of oil and gas industry, and one of them is to start publishing oil and gas magazines. Information is key in any industry, and all you need to do to be able to gain ground with this type of career is to ensure that you have relevant contents in your magazine per time.
Research and Development Consultant
R&D is a huge priority of the government for companies in Australia. To show this, they supported more research and development with tax breaks and grants for companies who are going to undertake more research. Although this business would not receive grants and tax breaks, these incentives free up money for companies to hire external support to help them manage their R&D process.
If you have knowledge of R&D or want to enter this area, this is the perfect opportunity as the government is supporting you with policy change. And business ideas that come from policy changes are often not looked at, and thus don’t have significant competition entering the market until later (when people see the profits). Since this is a service-based business (consulting), you could start this idea with little money.
Shared Home Improvement Equipment
Are you the go-to guy or gal in your neighbourhood for every lawn, garden, and home-repair tool under the sun? Why not turn those favours into a profitable business by advertising your available equipment beyond your immediate friend group?
You might even decide to invest in more specific and higher-cost equipment that would be useful to those around you. And if a customer doesn’t know how to use a specific tool, combine your equipment rental with a mobile handyman service for even more cash in the bank. This could be a big opportunity as one of the most profitable business ideas as more people invest in fixer-upper houses and are in need of tools and advice.
Solar Power Development Company
Solar power is an industry that is growing so much, and with the amount of sun Australia gets, it’s a perfect combination. You could start this company by buying large plots of land in rural areas of the country and then set up solar panels.
Then routing this power to nearby rural or city areas that need power would be where you will make money. This is more of a large-scale business idea, but it has the potential to be a very sustainable business. It would also make you and the country look good with the production of so much renewable energy. If you are worried about storage of that power, you could probably buy Tesla battery storage packs for a wholesale price.
Home Solar Power Installment and Maintenance Business
Solar power in residential homes is a growing trend, as well. Why not power your own home, reducing your power consumption until you don’t have to worry about another electricity bill. In Australia, it works for a large amount of the population, and although you would be facing some competition, the market is set for growth, and there is room for more competitors.
This business idea for Australia would involve not only installation but also maintenance and cleaning. If you like the outdoors and have a passion for renewable energy, this could be a great business to start. To do it for a low cost, try and pre-sell your services to the people. Once you have enough money from the pre-sales, you can buy supplies to complete the work. This would get you started quicker than raising money if you don’t have much.
Third-Party Gaming Add-on Development Firm
The gaming industry is set for growth in Australia. But it’s not just the games and consoles themselves that have huge potential for profit. The in-game micro-transaction market is growing significantly, and with that growth comes the opportunity for aspiring entrepreneurs like you to seize it.
This business would involve creating the in-game add-ons for certain games. You would need to work with the developers to make sure they could be released, and the percentage of profit they get for providing such a marketplace.
However, this could be a very profitable company because people currently go to lengths to create accounts, level them up, and then sell them to others. If you have a passion for gaming, this business idea is for you!
Sites like Airbnb or VRBO have made it easier than ever to profit from your unused vacation property—or even your extra bedroom. Plus, it’s not too difficult to become an Airbnb host, and the demand for these types of rentals has only grown in recent years. Therefore, if you live in a highly desirable tourist destination, you can easily make a profit renting space in your home to travellers.
Starting a successful company relies on many factors, from business acumen and experience to the resources available at your disposal and a solid business plan. While no one industry boasts guaranteed success, those with higher-than-average net profit margins are better positioned for potential prosperity. This list of the most profitable small businesses provides a beneficial starting point, offering plenty of possibilities for your entrepreneurial ambitions so you can go out there and start a business.