Melbourne is one of Australia’s busiest and most exciting cities. Hence, you can take an opportunity to start new entrepreneurs. However, this journey requires careful planning and strategy. So, you will need to develop your idea and understand the legal steps. In this article, we will give you detailed steps to establish a business.
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Top 5 potential business ideas in Melbourne
As you can know, Melbourne is a vibrant city. Hence, you can start a new business in this place. Now, we will help you explore some exciting ideas.
#1 Tutoring
If you have expertise in a specific subject, turning that knowledge into a business opportunity can be a highly profitable venture. Thanks to technology, starting an online tutoring service has never been easier. For example, if you excel in English language teaching or mathematics, you can offer personalised tutoring sessions to students at various levels, from primary school to university. By leveraging platforms like FirstTutors, Cambly, or Preply, you can connect with students globally, offering flexible online lessons via tools such as Zoom or Google Meet. You can even specialise in niche subjects like coding, science, or exam preparation to carve out a unique space in the competitive market.
Initially you can start as an individual then you can form a team of tutors and gradually establish your own brand. Today’s cross-national platforms allow you to reach customers worldwide.
#2 Home cleaning and gardening service
You can start a business helping people who need extra work but don’t know where to find it. Offer cleaning and gardening services, and even consider adding extra services like laundry, ironing, or garden design.
In Melbourne, there are many platforms where you can find customers looking for domestic help. For example, Helpling AU is an online platform that connects clients with professional cleaners. Cleaners are rated and peer-reviewed, ensuring quality service.
#3 Personal training
You can consider becoming a personal trainer. In detail, you will help people reach their health goals. For example, you guide them in losing weight, building muscle. Moreover, you can help them improve their overall wellness.
To get started, you need to complete training courses and get certified. When you have certification, you can earn a good income. Many trainers can get $60,000 and $70,000 per year. (source)
#4 Sewing and alterations
Additionally, you can start a business to sell custom clothing. Firstly, you will need a quality sewing machine. Moreover, you also buy some basic materials. Secondly, you need to partner with local dry cleaners or laundry services. The main purpose is to expand your client base. From that, you can work from home or in a small studio.
#5 Pet Care
If you love animals, starting a pet-sitting business could be a great option. You can look after pets while their owners are at work or on holiday, either at their home or your own. If you have the space and equipment, you could also start a grooming business, or consider a mobile grooming service if you don’t have the room. Dog walking is another popular service, and while trust and reliability are key, you don’t need any special qualifications to get started.
The Australian pet services market, valued at USD 440.3 million in 2023, is projected to grow significantly, reaching USD 894.6 million by 2030, offering strong potential for pet-related businesses. (source)
Want more ideas? Talk to us
Step by step to starting a business in Melbourne
It will be an exciting experience if you start a business in Melbourne. However, you should follow the right steps. In this simple guide, we will walk you through each stage to grow your business.
#1 Choose Your Business Idea
Firstly, you should choose your business idea. To do this, you need to identify your skills, passions, interests. Moreover, your skills should align with the demands of the Melbourne market. From that, you can start planning your business.
#2 Investigate Your Market and Competitors
You should understand your target customers to investigate your market. You can consider their age, income level and their problems. Next, you should research your competitors. The main purpose is to see how they operate. You can look at similar businesses.
You should understand your target customers
#3 Draft a Business Plan
You need to draft a business plan. You can start by explaining what your business will offer and who your customers are. The second part of your plan should focus on finances. You need to write down how much money you should spend to start. It includes costs for equipment, advertising or renting a space. Then, let’s estimate how much you expect to earn in the first year.
#4 Decide on a Business Structure
You can choose from different structures in Melbourne. It includes a sole trader, partnership or company. For example, if you choose to become a sole trader, you have to run the business alone. Hence, you are personally responsible for any debts. When two or more people share the business, it is a partnership. So, you should think about the size of your business and budget.
| Structure | Pros | Cons |
|---|---|---|
| Sole Trader | – The simplest and cheapest way to set up a business – Aren’t many tax or legal formalities to meet | – Owner is personally responsible and liable for all aspects of the business – Must lodge annual returns (more admin than sole trader) |
| Partnership | – Responsibilities and liabilities split between owners – Inexpensive and relatively easy to set up | – As a partner you can’t claim deductions for money drawn from the business – More expensive to set up and higher admin and legal compliance needs |
| Trust | – Can be very beneficial for tax purposes – Owner has limited liability for the company | – More expensive to set up and higher admin and legal compliance needs – Tax compliance higher and more complicated |
| Company | – Taxed at the set company rate rather than the individual income rate (highly beneficial once earning over a certain amount) | – The most expensive and complicated business structure to set up and comply with |
#5 Enroll Your Company and Obtain Licenses
You need to register your company. Then, the owner has to get necessary licences. First, you must choose a business name. Remember, you should make sure it is unique. Then, you need to register your business with the Australian Business Register (ABR). Main purpose is to get an Australian Business Number (ABN).
Next, you may need a specific license. Or you prepare the permits to operate your business. For example, if you are opening a restaurant, you have to find food safety permits. Then, you can ensure your business complies with local laws.
#6 Finance Your Enterprise
You have many options to finance your business. Firstly, you should consider your needs. Or you can save your own money. Moreover, you could apply for a small business loan. Then, you can provide the extra capital for your company. Some startup support funds in Australia that you can consider are AirTree, NSW Investment and Carta.
#7 Promote Your Company
You should start to promote your company. In detail, you need to build a strong online presence. You can create a professional website. However, it should clearly show your products. Moreover, it also provides your contact information. Additionally, you need to set up social media accounts on platforms. It includes Facebook, Instagram or LinkedIn. Main purpose is to reach more people.
You can share promotions thanks to regularly posting updates. Especially, you will have a chance to engage with your audience. Additionally, you also need to use local marketing. Then, you participate in community events. One suggestion for you is placing ads in local newspapers, online classifieds.
Leverage market research for business ideas.
If you are looking for fresh ideas to begin your business, let’s choose us. At Ven, we regularly share industry reports to provide valuable information across many sectors. These ones will help entrepreneurs understand about the market. You can check our latest publication about Small Business in Melbourne.
Small business in Victoria Statistic
In 2023, Victoria had 701,061 small businesses. This number makes up 28% of all small businesses in Australia. The city has only 25% of the country’s population. This trend reflects the supportive business environment of the state. Moreover, this indicates that small businesses are important in the local economy. (Source)
Business Ideas Based on Search Behaviour
Ven can help you to start a business. In detail, we will analyse search behaviour. Hence, you can understand what people are looking for. In particular, we can identify trends, popular products, and high-demand services. From that, you can create a business idea. Especially, it will fit the needs of your target audience.
For example: below are the search trends for online doctors in Melbourne
Furthermore, Ven also helps you refine your business plan. We will use data to plan your marketing strategy. Additionally, we also have a clear picture about audience needs. So, we can help you create personalised offers. Then, business will have a chance to position your brand.
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