Top 4 Profitable Small Business Ideas in Adelaide

The city of Adelaide is known for more than just its beautiful churches.

The thriving economic and cultural centre of South Australia has become a hub for small business owners across multiple industries. In fact, as of 2021, there are more than 11,000 small businesses (under 19 employees) registered in the city.

With plans to grow the city to more than two million people by 2030, there is ample opportunity for new small businesses to grow and establish themselves.

But with so much choice across so many industries, it can be hard to decide what business venture to undertake.

So, if you are looking for some inspiration for opening a small business in Adelaide, South Australia, you have come to the right place.

From becoming a tradie to opening a hair salon, Adelaide has a variety of small business opportunities to choose from. Start a business that fits your needs and is profitable. Read on to find out more about these opportunities.

1. Open a salon

There are many business opportunities for hair and beauty salons in Adelaide. Whether you’re looking for an extra income stream or a new niche to tap into, this business model can be very profitable.

This industry is near-always in demand and will likely increase with Adelaide’s growing population. Furthermore, there is a lot of space to grow in Adelaide, with only around 1000 hair and beauty salons servicing the 1.3 million Adelaideans.

The beauty of being a salon owner is that how much you could make generally depends on how much you put into the business.

Having a good location and good hairdressers are critical to success. You also need to invest in marketing, both offline and online.

You may also need to hire a few employees at first. However, you can increase your team as your business grows. As long as you keep the customer service level high, you can expand and hire additional staff.

2. Become a tradie

If you are looking for a small business opportunity that will provide high-profit margins and allow you to quickly expand your customer base, being a tradie can be a profitable choice.

Whether you’re looking to be an electrical contractor or a handyperson, working as a tradie can be a rewarding way to earn a living.

Tradies can perform various tasks vital to a community’s general health and well-being. They are also more likely to be involved in high-risk jobs, such as construction sites, which means they are often paid well.

Many people who work as tradies are self-employed and can establish their own small businesses. This type of work requires some initial capital but is incredibly flexible. Tradies spend most of their time on the jobsite, using tools and manual labour. This makes them very active and keeps them healthy.

While it varies by what trade you are in, you can expect to earn between $58.5k per year for entry-level positions up to close to $100k for experienced tradies.

Here is a comprehensive guide to building a tradie business.

3. Start a personal training business

If you are passionate about fitness, you could start a small business specialising in personal fitness training.

There are many benefits to this type of business. Not only will it give you a new business opportunity, but it can also be profitable. PTs can earn as much as $81k per year or $67 per hour, depending on experience and qualifications.

This is especially true if you know how to market your services. You can create promotional videos, blog posts, and social media accounts. You can even get past clients to leave reviews for you on your website.

The growing focus on health in Adelaide and Australia generally has created a higher demand for fitness professionals. These professionals can help guide the growing Adelaide population toward a healthier lifestyle and reduce their risk of several serious diseases, including heart disease, diabetes, and certain types of cancer.

Building a solid client base is essential to ensure a consistent income stream. Clients who believe in you will continue to seek your services and be more likely to commit to more sessions with you. So how can you develop a strong client base? By understanding the needs and desires of your clients, you can better cater to their needs and create an enduring client base.

Being a personal trainer can be a risky business, so be sure to consider personal trainer insurance.

4. Consider a consultancy business

There are many reasons to consider starting up a consultancy business in Adelaide.

Firstly, consultants take out the top spot on this list in terms of profitability, making on average $92k per year, with experienced workers taking in close to $130k.

Secondly, you can provide a wide variety of services to consult on. From helping a business identify and implement new marketing and technology initiatives to management consulting, there is plenty you can do – especially if you have expertise in a particular area.

The costs of such services will vary depending on factors like the type of service provided, the company’s location, and whether you need to maintain a consistent relationship with your client.

Learn more about insurance for a consultancy firm.

Final considerations

Before jumping in with your business idea, it’s important to consider seeking legal and financial advice. This can help you limit your liability, obtain the right accreditations, and put you on the right path.

Writing a business plan that combines strategy and finance is also important. This is especially important if you want to attract investors and banks. The plan should include the start-up costs and operating expenses. It also helps you determine the amount of funding you will need.

Another important consideration is sorting out your business insurance. Whether you run a hair salon, do general maintenance, or consult for big businesses, you are likely to encounter risks when running a small business.

Public Liability insurance* is an essential type of insurance for sole traders. It is designed to protect you and your business if a third party brings a claim against you due to injury or sustaining property damage due to your negligent business activities.

Sorting out your Public Liability insurance in South Australia is easy. Just jump online to compare quotes; you’ll be covered in no time.

What are you waiting for?

Hopefully, now you may have landed on your next business idea, and you’re looking for the next step. Well, this is just the start of your business journey, so read on to find out how to start your small business.

*This information is general only and does not take into account your objectives, financial situation or needs. It should not be relied upon as advice. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. © 2022 BizCover Pty Limited, all rights reserved. ABN 68 127 707 975; AFSL 501769

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