Are you cogitating about starting a business but unsure of your idea’s chance of success? Maybe you’re looking for something full time or you just want to launch a side hustle to pursue in your spare time?
Let’s look at some of 2021’s strongest small business ideas that are suited to new and emerging markets, plus we’ll break down ways of conducting business.
1) Home improvement services
The last decade has seen the strongest growth in property prices Australia has ever seen. This last year alone has seen incredible boosts to property value across the country, particularly in our eight capital cities.
According to ra eport by Core Logic, national property prices are rising at 6.2% per annum, with cities like Sydney and Melbourne steaming ahead of this baseline.
To compliment this surge in value, there’s a growing demand for a range of home improvement services. With more equity, reselling opportunities, and access to healthy redraw facilities on re-valued property, there’s a huge opportunity to tap into this trend and capitalise on the increase in home improvement demands.
What kinds of service have strong chances of financial success?
- gardening, lawn care and landscaping
- interior design
- plumbing and electricity
- house cleaning
If you have (or can gain) skills in these areas, the time to strike is now.
2) Pet industry
Australia’s persistent love of pets represents a market that will seemingly never run out of customers.
With increasing mindfulness around pet care and health (especially food), there’s ample opportunity for the canny business-person to carve out a slice of this ripe customer base.
According to the RSPCA,
“There are over 29 million pets in Australia and we have one of the highest pet ownership rates in the world. Approximately 61% of households in Australia own pets, with dogs being the most common (40%), followed by cats (27%)”
That’s more pets than people! To add to this mammoth opportunity, there have been advancements in software and technology which lend themselves well to new toys, apps, and services.
Some key small business opportunities:
- new toys and app-based devices
- healthy pet food
- pet grooming
- dog walking
- bedding and clothing
- drop shipping pet supplies
3) Subscription boxes
With the increasing rise of online selling and home delivery, multiple variants of subscription boxes are surging in popularity.
The global pandemic has had the effect of driving eCommerce and home delivery further into acceptance. As a nation, we’re increasingly comfortable in ordering boxes of supplies to our doors instead of seeking them out in traditional retail settings.
By creating a subscription business model (instead of individual sales) you also benefit from automated repeat business. Look at successful examples like HelloFresh and local organic vegetable delivery services.
The trick is to supply something that has repeat sales opportunities such as perishables and other consumables. Some ideas for subscription box businesses:
- meal prep and fresh food
- craft beer and quality wine
- international snacks
- self-care and wellness products
- coffee and tea
- pet food
4) Graphic design and web development
With the surge in businesses relying on high quality websites, online ads and social media content, the market for graphic design and web development has ballooned alongside this demand.
- If you have graphic design skills, many businesses will be seeking services to create branded imagery, webpages, and social content.
- With the absolute modern necessity of a business webpage, there’s a big opportunity for web developers to earn some coin. Even existing websites and pages need upkeep and retooling to keep up with speed requirements and the increase in mobile viewing.
5) SEO blogging and copywriting
While blogging and copywriting have been around forever, the value of such services to other businesses is stronger than ever. Why? Search engine optimisation (SEO).
Google’s search algorithms are increasingly valuing original content over any technique which attempts to ‘game’ the system.
Original and keyword-based copy, blogs and articles are a major weapon in a business’s arsenal to keep their domains at the top of search results. If you have writing skills, it’s a wise idea to brush up on SEO techniques and look at SEO writing tools like Yoast or SEMrush to hone your copy and create more value.
6) Personal training and fitness
It doesn’t take too much searching to witness the rise of fitness classes and personal trainers. With a little training and some certification, the opportunity to tap in this market and provide a fitness service is ripe for exploration.
According to an IBISworld report:
“Nearly two-thirds of Australians exercise at least 100 minutes per fortnight, which indicates a relatively high level of health consciousness. This trend had increased industry activity over the three years through 2018-19, as consumers pursued fitness regimes to improve their health and quality of life.”
It must be noted however, that due to social restrictions brought about by COVID-19 this industry can be a touch volatile. Yet when restrictions are lifted, there’s ample opportunity for the aspiring small business owner. Especially if you dream up a unique hook or service style that peaks over the heads of your competition.
With low overheads and repeat selling opportunities, if you have the chops, this is an excellent side business, even with lockdown inhibitors.