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11 highly profitable small business ideas in Melbourne

Melbourne is a vibrant, multicultural city that combines modern architecture with heritage-listed buildings that reflect Australia’s unique past and provide a glimpse into its exciting future.

The Victorian capital’s true heart and soul lies beneath its impressive façade. Laneways featuring an intoxicating array of bustling small businesses, from bars and cafes to boutiques, fashion houses, dining spots, galleries and theatres, and a multitude of uniquely Melbourne retail outlets. Indeed, Melbourne is a fantastic city in which to start a small business.

Are you considering business opportunities in Melbourne? Perhaps you are looking to buy a small business in Melbourne or start your very own small business from scratch but aren’t quite sure what type of small business you may pursue.

Well, the good news is that there are many small business investment opportunities across Melbourne. With that in mind, here are a handful of business ideas that may inspire you to jump into business ownership in Melbourne with  both feet and never look back.

1. Food processing

Victoria produces much of Australia’s food crops, meaning food processing could be a great industry for your new small business in Melbourne. Whether you process wheat or barley, the product will always be in high demand.

2. Medicinal herbs

With Melbourne being a hotbed for herbal medicines and cosmetics, there are great business opportunities in the medicinal herbs space. It is important to be knowledgeable about medicinal herbs and their therapeutic values, so you may benefit from partnering with an agro-scientist.

3. Florist

There will always be a market for flowers for special occasions business can be a great small business idea in Melbourne. Create beautiful bouquets in a variety of sizes and types and increase your profit margin with door-to-door delivery and online bookings.

4. Waste recycling

Melbourne is a highly industrialised city that produces a lot of industrial and clinical waste. Opening a waste recycling plant is a way to collect and recycle waste materials into useful products. You can recycle tires, batteries, and paper, among other things.

5. Open a restaurant

Melbourne is a hot spot for restaurants offering a bevy of imaginative cuisine thanks to the multicultural nature of the city. Choose a strategic location to open your restaurant and choose a type of food that is most popular with residents in your local area. Don’t forget that attractive decor and great customer service are essential for succeeding in the hospitality industry.

6. Open a café

Melbourne is renowned for its fantastic coffee, so opening your own café can be lucrative choice. However, it is critical that you choose the right location for your café – ideally somewhere close to industrial areas, offices, or universities. Your cafe should be well-designed and offer a variety of hot and cold beverages as well as food options.

7. Gym

Melbourne is a sport-loving metropolis and boasts many keen fitness enthusiasts. A gym is an excellent business idea in Melbourne. You will need a large and well-located premises for your gym, and you will need to invest in quality equipment and skilled personal trainers. To accommodate people from all walks of life, consider extended trading hours for your gym.

8. E-Commerce

An e-commerce business can be a great small business idea in Melbourne, a modern metropolis that boasts Australia’s largest shipping port. You can sell a variety of items online through an e-commerce business, while also eliminating many of the overheads typically associated with the traditional retail trade. For example, grocery items, apparel, electronic gadgets, handicraft items, jewellery, and much more. An intuitive app is essential for a successful e-commerce business, so partner with a web developer to create a seamless experience for your customers.

9. Social media agency

With social media a key aspect of digital marketing for all businesses, starting a social media agency that offers social media management and social media marketing to other businesses in Melbourne can be a great idea.

10. Online teaching

Being a digitally-savvy city, Melbourne is a great city in which to offer education as an online service. You may start with an online tutoring business to teach or tutor students from elementary school through middle school, high school, and even university students. In time you may also consider adding online vocational training such as web design, graphic design, and beauty care.

11. Start a transportation business

While Melbourne is a city with numerous bus lanes, waterways, and tramways, due to its more than 5 million bustling residents the city can benefit from having more transportation options. Starting your very own transportation service business in the city of Melbourne can be a great way to make a living. Whether it’s a small bus, a van, or something more exotic, you can offer a motor pool service that would help Melbournians reduce their dependence on busy public transport.

Small business insurance made easy with BizCover

A big part of succeeding as the owner of your own small business in Melbourne is ensuring that the small business you are launching is designed to endure long-term, and a key part of that involves reducing your risk via business insurance.

At BizCover we make securing business insurance in Victoria faster and easier than ever – and without the drama that can come with purchasing business insurance.

We provide a quick and easy way for small business owners in Melbourne to compare competitive business insurance quotes online and purchase their business insurance in less than 10 minutes – and with zero paperwork.

Common types of business insurance that you may consider for your new business include:

Professional Indemnity insurance protects your business from losses arising out of acts, errors and omissions from a wide variety of services.

Business Insurance: An insurance package designed to provide cover for your business contents, stock, tools and commercial premises when an insured event occurs.

Public Liability insurance: Business insurance that protects you from claims and supports your profitability in the event of a cyber breach or attack.

Visit our dedicated online destination for small business insurance to compare competitive business insurance in Victoria, get covered in just 10 minutes, and get back to business. If you prefer to speak with us, you’ll reach our friendly team on 1300 920 867.

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.
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ABN 68 127 707 975; AFSL 501769

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