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Hottest Businesses to Buy Right Now in Melbourne
Melbourne’s star is on the rise. It’s been at or near the top of the list of the most liveable cities in the world for years and is set to be the biggest city in Australia by 2030. Victoria is worth 24 percent of Australia’s GDP and the population is growing, which is why Melbourne is such a great place to get into business. Some industries, such as technology and fitness, are hot business trends. Others, such as home and pet services, you might not have thought of, but they have the potential to bring you great success.
Food and Beverages
Melbourne is known for its laneway culture. There may be people in neighbouring states wondering if it’s possible to fit another café in Melbourne, but the truth is that coffee can be a great money maker. A cup of coffee can net you 300-400 percent profit, and if it’s a good cup of coffee, word-of-mouth brings in new customers.
Many successful cafés and restaurants have beautiful and interesting menu items, such as deconstructed vegemite on toast or a rainbow latte, that attract attention on social media and bring in people who want an Instagram-worthy picture of their own. If it brings in the punters, then you can have a successful business.
For those in the artisanal food business, the state government wants to help. Grants are available for artisanal food producers to invest in education or equipment that lead to growth in sales or productivity.
Growing obesity levels and a rising health consciousness have led to the fitness industry being worth around $2.2 billion in Australia. For people looking to enter the market, plenty of franchises, especially in the 24/7 market, are increasingly popular with customers.
Boutique and functional fitness products are also popular. Consumers are looking for something different that they will stick to and enjoy. This has led to a rise in CrossFit gyms, yoga studios and other niche services. More affluent customers looking for one-on-one attention look to personal training or group personal training. Purchasing a business from a successful trainer with a deep client list can cut the time to success significantly.
Melbourne is known as a start-up city, and getting involved with a business designing new technology can be very rewarding. The City of Melbourne supports businesses in advanced manufacturing, clean technology, biotech and information technology through research and grants. The start-up culture and numerous co-working spaces also help people new to business get the mentoring they need and can lead to new innovations when people from different industries work together.
Although it’s not the most glamorous industry to enter, cleaning services are worth around $4 billion to the Australian economy each year. A large portion of this is commercial cleaning, but industry insiders say demand for residential cleaning is continuing to grow. Many households have two incomes but are time-poor, and a cleaner allows them to eke out some more free time to spend with family or on hobbies. Additionally, Australia’s aging population means more people need help around the house.
There are niches you can slip into, such as laundry services, cloth nappy delivery or home organisation if cleaning toilets isn't your thing. Any business that does a job the customer doesn’t want to do is likely to find growth.
Around 65 percent of Victoria's households own a pet, and Australians spend $12.2 billion each year on their furry friends. Businesses that cater to our love of dogs, cats and other friendly critters are a smart investment. Our fast-paced lifestyle can limit the time we have to spend on pets, so dog-walking and pet-grooming services continue to grow. Obedience training is a necessity for many dog owners, and services that help with behavioural problems such as barking have become increasingly important as homes are built closer together. People also like spending money on gifts for their pets; toys, treats, collars and clothes can all be successful niches in the pet industry.
If you're looking to buy or sell a business in Melbourne, don't wait until it's time to take action. Contact LINK Melbourne to get advice about how to start the process and see how we can put things in motion to assist you.