While debate rages on regarding whether Sydney or Melbourne is the best capital city in Australia, there is no argument that Sydney is the business capital of Australia. Not only is Sydney’s CBD the largest economy in Australia, but Western Sydney also ranks as the third largest economy in the country.
With an estimated population of 5.38 million and Greater Sydney rapidly expanding to the north, west, and the south, Australia’s most populous city is a great place to start a new business and succeed with a small business. If you’re considering starting your own small business in NSW’s capital city, read on to learn about five business ideas in Sydney that can yield high profits for savvy operators.
1. Real estate agency
NSW Department of Planning forecasts that between 143,400 to 161,300 new homes could be built in Sydney between from 2021-2022 to 2025-2026. Given the anticipated widespread growth, there are many opportunities for success for new real estate agencies in Sydney. Start your own real estate agency in Sydney to make good profits.
To increase your chances of succeeding in real estate with a profitable business in Australia, aim to develop strong relationships with property owners and real-estate developers in order to keep your finger on the pulse of this fast-moving industry. If you’re starting your own real estate small business in Sydney, BizCover can help with your business insurance. Compare quotes for insurance for real estate agents.
2. IT consultancy
When considering what type of business to start in Sydney, its’ worth noting that Information Technology remains a very lucrative industry for small business owners. As an IT professional running your own IT consultancy, you will likely be providing clients with services such as system management, customised software development, data storage and management solutions, cloud computing, cyber security measures, and protection against viruses and ransomware.
If you’re starting your own IT consultancy small business in Sydney, find out how BizCover can help you secure your insurance for IT professionals online quickly and cost-effectively.
3. Launch your own accounting business
As a qualified and experienced accountant in Sydney, setting up your own accounting practice or financial consultancy in bustling Sydney can be a very good business idea, given just how many very successful business owners and high net worth individuals call Sydney home.
You can start your accounting and financial consultancy business by providing financial services to a range of business enterprises, from sole traders to SMEs to larger businesses on Sydney’s high streets.
You will need good networking as well as marketing and publicity for your financial consultancy business. And your new financial consultancy may also benefit from reducing its risk via business insurance such as insurance for accountants.
4. Pet hotel
Sydney is a pet-loving city and opening your own pet hotel or pet boarding facility can be a fantastic way to achieve small business success in Sydney – especially if you are also an animal lover. Pet hotels and pet boarding facilities are in demand across Sydney and are typically completely booked out during peak holiday periods such as Christmas/New Year and Easter.
As such, there is a real need for more pet hotel and boarding facilities in Sydney, and pet owners throughout Sydney will likely jump at the chance to use your pet boarding service and facilities the next time they travel. A love of all creatures great and small and great personal networking will help you to attract more clients for your pet hotel.
5. Start a laundry business
Laundry services are in high demand in Sydney, and the industry is craving more commercial laundry service providers. If you intend to start your own laundry small business, start by identifying areas where commercial laundry operators aren’t already trading. Timely processing of jobs and great service (including complimentary services such as doorstep delivery) will help secure more customers and grow your business.
There is no one single best start-up business idea for everyone. Across many, many industries and professions BizCover helps small business owners of all shapes and sizes to reduce the risks to their business via business insurance. At BizCover we do business insurance differently – by making it easy, fast, and drama-free. Compare competitive quotes online and purchase your business insurance in 10 minutes at Bizcover.com.au.
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