Are you thinking about launching a new business? If so, it’s essential to take the necessary steps like learning how to register a company. Business registration can provide various benefits related to tax liability, raising funds, and company legitimacy. However, you’ll also need to select a type of startup business. There are several options to consider, so it’s important to choose wisely.
Here are some possible options for a small and medium-sized business (SMB):
1. Construction
Construction has several niches, including:
- Air conditioning/heating services
- Carpentry
- Concreting
- Decorating
- Landscaping
- Painting
- Scaffolding
- Tiling/Carpeting
- Waterproofing
Small businesses are critical for the construction industry’s gross domestic product (GDP) and make-up over 55% of construction services within the residential and commercial sectors.
2. Transport and Warehousing
This includes options like cold storage, courier pickup/delivery, freight transport, general warehousing, and taxi/limo service.
3. Real Estate
This is one of the top industries in the country. There are several signs that the country’s property market has been recovering from the COVID-19 pandemic in recent months.
Many experts predict that the market will continue its recovery during 2021. It is also often told that the Australian housing market will continue to expand during the next decade. It can create many business opportunities for people looking for startup ideas.
4. Information Media/Telecommunications
The internet and social media have become game-changers in this sector. Some options include book publishing, data processing, internet publishing, music recording/publishing, video production, and web hosting.
Nearly 90% of Australians have internet access. This explains why the IM and telecommunications sector is a good idea for small businesses.
5. Retail Trade
Some of the most popular options include:
- Bakeshops
- Book retailers
- Convenience stores
- Furniture
- Grocery stores
- Motor vehicle dealers
- Motor vehicle parts
- Pharmacies
- Supermarkets
- Tire retailing
One of the main reasons this industry continues to thrive in the high demand for such services. Groceries, medicines, and baked goods are among consumers’ everyday needs. In addition, almost 30% of this industry is composed of SMBs.
6. Food and Accommodation
If you’ve ever considered opening a bar or bed & breakfast, then this is the sector you should consider. In fact, there are several options besides the most well-known ones like restaurants and hotels:
- Bars
- Catering
- Fast Food
- Holiday houses
- Motels
- Nightclubs
- Pubs
- Restaurant/Takeaway
This industry can be quite competitive, so it’s important to select a niche within the industry. It can boost your startup’s opportunities and profitability. During the past several years this industry has been expanding and only somewhat shrunk in 2020 due to the coronavirus pandemic.
7. Professional Services
This includes several SMB opportunities, including industries like accounting, advertising, engineering, legal services, management consulting, market research, photography, and statistical.
This provides several business opportunities for SMBs. In fact, small businesses make up over 45% of the industry’s total GDP.
8. Health Care (Private)/Social Services
Some options for small businesses include:
- Aged care
- Ambulance
- Dental
- General practice
- Medical services
- Personal welfare
- Physiotherapy
Small businesses make up about 40% of the total industry, so this is another sector that is ideal for new companies.
One important factor is the ongoing retirement of the baby boomer generation. This has resulted in a spike in demand for various private healthcare services.
These are some of the many options you have if you need some small business ideas. They include ones like food, retail trade, and real estate. Afterwards, you’ll need to register a company to secure your assets and for business security. So maybe it’s time to give your new business a fresh start.