Booming Industries to Start a Business in

Starting a business is an exciting adventure. It can be a fantastic way to become your own boss and dive into an industry you’re truly passionate about. If you’re considering starting a business, you may already have an idea of where you want to start, but if not, we’ve got some ideas.
Below we’ve summarized some of the top industries to start a business in Australia. 

Top 6 Booming Industries to Start a New Business in

1. Cafes and Coffee Shops
Everyone loves coffee, and plenty of people treat themselves to a takeaway coffee every few days, which is why opening a coffee shop or cafe is such a good idea. This industry is always evolving and new products, trends, and ideas are always appearing. With such an industry, you can always make changes if progress slows, tap into new trends, and learn on the job.
It’s also an incredibly social industry and attractive to workers. Unlike other industries, employees don’t tend to be in short supply and you can usually fill positions relatively quickly. It is a resilient industry and has survived through many turbulent financial times.

2. Takeaway and Casual Dining
Like cafes and coffee houses, the takeaway and casual dining industry is also a good place to start a business. Generally, you don’t need any specific skills, just a love of good food and drink, and the business savvy to employ the right people.
Casual dining and takeaway have always been popular and are likely to continue to be so. As such, if you’re looking for an industry with resilience, then this is a great place to begin.

3. Business Services
This is a rather broad term that refers to any kind of service that a business cannot provide for itself. It can range from financial advice, marketing, and legal services to delivery services, waste management services, and security services.
If a business can’t do it, and you can, then you’ve got yourself a viable idea. Additionally, if you’re offering it, businesses may choose to outsource for various reasons, including ease, manpower, and more.

Generally, if you’ve got a specific skill, then business services is a good industry to start your company. It can allow you to easily branch out and become your own boss as well as help people with the skills that you have.

4. Manufacturing
This is a huge industry that covers every kind of business. If something needs making, then another business can use yours to make it for them. Manufacturing is at the centre of business-2-business services and it is in consistent need. This means it's a financially lucrative operation. If you have the know-how or the means to find someone who does, then this could be a great choice for you.

5. Distribution
This kind of service can cover many areas, including everything from inventory management to packaging and transportation to logistics. It’s an important industry in the digital age where many people rely on online ordering and delivery services.
Third-party logistics (3PL) are perfect for getting products to people quickly. In a globalised world, it can mean the difference between a weeks-long wait for ordered products and next-day delivery. Businesses will pay well for these services, so if you’ve got the means to make it happen, distribution is a great idea for a new business.

6. Food Outlets
Differing slightly from hospitality and other food services, food outlets are retail spaces for food items. They’re a great option for people who have an interest in food and drink and want to sell their interesting recipes to others.

It is a different set-up to a restaurant, coffee shop, or deli, but can be a great way to put your cooking skills to good use. There are different niches and trends within this part of the food industry, and your business can be incredibly financially rewarding.

Additionally, food is always needed and people are willing to pay for good food, especially when they’re on the go. You could set up a business in an area with many other businesses and become a worker's one-stop shop for lunchtime meal deals!

What Does It Take to Start a Business?
Starting a business in Australia, like many other places, comes with a few steps. However, the first thing you need to do is to come up with a viable business idea. This means coming up with a plan that shows how you’ll run the business, how you’ll make money, who your competitors are, and how you'll eventually grow the business.

From here, you’ll have all the information you need to make a formal business plan which you will need when applying for loans, funding, or any other financial programs. You may want to use the services of an accountant or solicitor during the early stages of inception too, to ensure that you’re following all guidelines and working within the legalities of the industry.                                         Once you’ve got a business plan and funding, and you know what the laws are regarding your business, you can then begin registering your business and setting up operations. This could mean finding physical premises, setting up a website, or engaging suppliers.

Once all of this is ready, you’re going to need to start marketing your business to get the message out there and entice clients to your services. The long and short of it is that you’ll need a robust plan, funding, and a good marketing strategy to start a business in Australia.

If you’d like to skip the setup part, there is another option. Businesses are bought and sold every day in Australia, and buying an already-running business is a great way to dip your toes into the world of business without having to go through the rigorous set-up process. If you’re looking to buy a business and don’t know where to start, Eden Exchange can help.
Take a look at our buyer's page to find out more about our platform and what we can do for you.

Final Thoughts
There are many industries in which you can start your own business, but if you haven't got a specific plan yet, then the six industries we have listed are a really good place to start. Take a look at these areas and see how your own skillsets could fit in with them.
If you’re looking for a great place to get guidance on business buying, selling, and more, then take a look at the Eden Exchange website or get in touch now.

Who we are

Eden Exchange is an integrated multi-channel platform, simplifying business buying and selling. We match, refer and connect business buyers, sellers & brokers in an ecosystem that facilitates frictionless franchise, business and finance transactions. Visit www.EdenExchange.com and connect with our engaged and multidimensional transaction network today.