Top 5 profitable small business ideas in Sydney

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 5.45 million and counting, Australia’s most populous city, Sydney is a great place to start a new business. If you’re considering starting your own small business in NSW’s capital, read on to learn about five business ideas that can yield high profits.

1. Real estate agency

The NSW Department of Planning forecasts that between 119,400 and 138,550 new homes could be built across Greater Sydney by 2027. Given the anticipated growth, there are many opportunities for success for new real estate agencies. To increase your chances of succeeding in the real estate business, aim to develop strong relationships with property owners and developers in order to keep your finger on the pulse.

2. IT consultancy

Information technology (IT) can be a very lucrative industry for small business owners. As an IT professional running your own consultancy, you will likely be providing clients with services such as system management, customised software development, data storage solutions, cloud computing, cyber security measures, and protection against viruses and ransomware.

3. Accounting business

Setting up your own accounting practice or financial consultancy can be a good business idea, given just how many very successful business owners and high net worth individuals call Sydney home. You can provide financial services to a range of business enterprises, from sole traders to SMEs to larger corporations on Sydney’s high streets. You will need good networking skills as well as marketing and publicity for your financial consultancy business.

4. Pet hotel

Sydney is a pet-loving place, so opening your own pet boarding facility can be a fantastic way to achieve small business success – especially if you are also an animal lover. If you have tried to book your dog or cat into a pet boarding facility or pet hotel, then you’ll know that the best places often have limited availability, especially during peak holiday periods. As pet ownership in Australia continues to rise, so too will the demand for professional pet sitting and boarding services.

5. Laundromat

NSW has the highest share of laundry businesses in Australia, proving the need for laundromats, commercial laundries, and other types of laundry services. If you intend to start your own laundry small business, start by identifying areas where commercial operators are required, such as near hotels and hostels in the city. Timely processing and great service (including doorstep delivery) will help secure more customers and grow your 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. © 2024 BizCover Pty Limited, all rights reserved. ABN 68 127 707 975; AFSL 501769.

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