If you are looking for a new business opportunity in Australia, you might be wondering what are the best industries to invest in for 2024. Australia has a thriving startup ecosystem, with many innovative and successful companies emerging in recent years. However, not all sectors are equally promising or profitable, and some might face more challenges or competition than others.
To help you make an informed decision, we have compiled a list of some of the best business ideas to start in Australia in 2024, based on the latest statistics and trends from various sources. These are the industries that investors are most excited about, that have high growth potential, and that offer low barriers to entry or unique value propositions.
Here are some of the best business ideas to start in Australia in 2024:
- Online education: The COVID-19 pandemic has accelerated the demand for online learning, as more people seek to upskill, reskill, or pursue their passions from home. Online education is a booming industry, with global revenues expected to reach $350 billion by 2025. If you have expertise or knowledge in a specific field, you can create and sell online courses, tutorials, webinars, podcasts, or ebooks to a global audience. You can also offer coaching or consulting services, or create a membership site or community platform for your niche.
- E-commerce: E-commerce is another industry that has benefited from the pandemic, as more consumers shop online for convenience, safety, and variety. E-commerce sales in Australia reached $50.46 billion in 2020, up 57% from 2019. There are many opportunities to start an e-commerce business in Australia, whether you want to sell your own products, dropship from third-party suppliers, or create a marketplace for other sellers. You can also leverage platforms like Shopify, Amazon, or eBay to launch your online store quickly and easily.
- Fintech: Fintech is the term for financial technology, which refers to any innovation that improves or disrupts the delivery of financial services. Fintech is one of the fastest-growing sectors in Australia, with over 730 fintech companies operating in the country as of 2020. Fintech covers a wide range of services, such as payments, lending, investing, insurance, budgeting, accounting, and more. If you have a background or interest in finance and technology, you can start a fintech business that offers a better solution or experience for consumers or businesses.
- Health and wellness: Health and wellness is a perennially popular industry, as more people seek to improve their physical and mental well-being. The health and wellness market in Australia was valued at $26.6 billion in 2019, and is expected to grow at a compound annual growth rate (CAGR) of 4.3% from 2020 to 2027. There are many niches within this industry that you can explore, such as fitness, nutrition, beauty, meditation, yoga, personal care, supplements, and more. You can start a health and wellness business that offers products or services online or offline.
- Green energy: Green energy is the term for renewable energy sources that have minimal environmental impact, such as solar, wind, hydro, biomass, and geothermal. Green energy is a growing industry in Australia, as the country aims to reduce its greenhouse gas emissions and dependence on fossil fuels. According to the Australian Bureau of Statistics (ABS), renewable energy accounted for 21% of Australia's electricity generation in 2019-20, up from 19% in 2018-19. If you are passionate about sustainability and innovation, you can start a green energy business that provides solutions for households or businesses.
These are just some of the best business ideas to start in Australia in 2024.