Skip to content

25 Most Profitable Business Ideas in Melbourne for 2024

Melbourne, the second-most populous city in the state of Victoria lies in the southeastern part of Australia. It is the center of several business and industrial activities. Melbourne is one of the best places in the country to start a new business.

Melbourne has developed immensely in the 21st century with remarkable growth in population, industry, commerce, and technology. This is a great advantage for you to start your business in Melbourne.

Melbourne is very well connected both by sea route as well as airways which makes it an ideal destination for starting your business.

Melbourne welcomes new enterprises and innovative business ideas. Therefore you have ample opportunities to start your business in this city and grow it.

Many business ideas can thrive well in Melbourne. The following list has some of the prominent ones.

25 Business Ideas in Melbourne

1. Food Processing

Melbourne is located in the state of Victoria, which produces more than 30% of the food crops of Australia. Hence, food processing is a good business idea for you in Melbourne. You can choose from wheat, barley, oats, and lentils for processing. Processed food has a good demand within the country along with export potential.

2. Medicinal Herbs

Herbal medicines, as well as cosmetics, have a great demand in Melbourne. That is why growing medicinal herbs is a good business idea for you. You need to have a good idea of medicinal herbs and their medicinal values. Have a tie-up with an agro-scientist and make arrangements for quick sales of the herbs to the medicine and cosmetic manufacturing companies.

3. Florist

Starting a florist shop is a good business idea for you in Melbourne. Flowers are much in demand in offices, functions, parties, and other festivals. Make beautiful bouquets of different types and sizes. Doorstep delivery and online booking facilities will increase your profit margin. Online and offline marketing are necessary to grow your business as a florist.

4. Waste Recycling

The industrially developed Melbourne generates a lot of waste, both industrial as well as clinical. Hence waste recycling is a good business idea for you in Melbourne. You can start a waste recycling plant wherein you will collect the waste and recycle it into useful products. For example, tire recycling, battery recycling, paper recycling, etc.

5. Open a Restaurant in Melbourne

Melbourne has a great demand for eateries. That is why the restaurant business can be a very profitable business for you in Melbourne. Find a good strategic location for your restaurant. Choose the type of cuisine according to the local demand. Get a good décor and maintain good service and hygienic standards along with good quality food. Taking orders online and doorstep delivery is a good value addition. Well-planned marketing is also necessary.

6. Bakery

Bakery is also a very profitable business in Melbourne. You can start a bakery shop in a good location in Melbourne or take a franchisee of a reputed brand. It is profitable either way. If you start your bakery store pay special attention to the quality of the baked items you are serving. Apart from the regular bread, cake, cookies, etc, you can also be a little innovative and serve some fusion items. Good publicity and marketing are essential for your bakery business.

7. Start a Café

A café is a good business idea in almost all the big cities and Melbourne is no exception. Start your café in Melbourne and earn a good profit. The location of the café is very important. Preferably it should be located near the industrial or office areas or close to the universities. The café should have a good décor and try to serve different varieties of coffee along with snacks and bakery items. Online and offline advertising is very important for the growth of the café business.

8. Salon & Spa

Salons and spas have great demand in Melbourne. Hence you can start a salon and spa business in Melbourne. A unisex salon will be more profitable for you. Focus on skilled and sophisticated service by experienced hairdressers and beauticians. Try to use herbal beauty products which are much in demand now. Online and offline advertising will play an important role in your salon and spa business.

9. Gym/Fitness Center

The people of the sports-loving city of Melbourne are great fitness freaks. That is why a gym or fitness center is a good business idea for you in Melbourne. Find a good and spacious location for your fitness center. Invest in good quality fitness equipment and skilled trainers. Make arrangements for shifts throughout the day and evening to accommodate people from different walks of life. Good publicity and a gala opening will make your fitness center more popular fetching more profits for you.

10. Boutique

The boutique is a good business idea in Melbourne. You can start your boutique at a good location or you can opt for an online boutique. For a successful boutique business, you must be trained in or have a good knowledge of fashion design. Do good research on the choices and trends in fashion and design accordingly. If you are innovative, you can design fusion dresses. Advertisements and publicity, especially online and social media publicity play a very crucial role in the success of your boutique. You will also need a website for your boutique.

11. E-Commerce

E-commerce is a very good business idea in the technologically advanced city of Melbourne. There are many things that you can sell through your e-commerce platform. For example, grocery items, apparel, electronic gadgets, handicraft items, jewelry, etc. First of all, you will need a good app for your e-commerce portal. Marketing and timely delivery of ordered items are very important for the growth of your e-commerce business.

12. Social Media Consultancy

Social media is immensely popular in Melbourne. Hence you can start your business of social media consultancy and earn a comfortable income. As a social media consultant, you can manage social media publicity and marketing of different organizations, celebrities, politicians, etc.

As a social media consultant, you can even write regular blogs and creative write-ups on social media for your clients. To become a successful social media consultant you must have a good idea of social media and be quite active in these media. Apart from that, you need good personal networking as well as your website.

13. Online Teaching

The digitally advanced city of Melbourne is a rich market for online teaching. You can start your online teaching business and teach different categories of students from school to college and higher studies. Not only academics, but you can also give online vocational training like web designing, graphic designing, grooming, beauty care, etc. Your website is a must in your online teaching business. Marketing and publicity are also important.

14. IT Services

The technically superior city of Melbourne has a good demand for IT services. If you are trained and experienced, you can start your business of IT services in Melbourne. There are different areas of IT services. These include customized software development, System and network up-gradation, data management, cloud computation, cybersecurity, protection against viruses and ransomware, etc. You need good online marketing, your website, and your contacts to succeed in the IT servicing business.

15. Financial/Accounting Services

Financial and accounting services have a great prospect in Melbourne. Hence if you are a qualified financial professional you can start your financial and accounting consultancy business in  Melbourne. A good network and online as well as offline marketing are key points for this business. You have to provide several services like financial analysis, business viability, profit and loss computation, investment consultancy, bookkeeping, preparation of account statements future projection calculations, etc.

16. Fintech

Melbourne is an important global center for fintech. Therefore you can start your fintech business in Melbourne and earn good profits. Popular fintech services include cross-border payment services, credit facilities against a purchase, digital property purchases, cardless payments, etc. Scout the market very well before starting your fintech business and find out less-exposed areas that have demand and focus on such areas.

17. App Development

App development is a thriving business in Melbourne. There are so many kinds of business enterprises in Melbourne and almost all of them need an app for the expansion of their business. You can start your app development business in Adelaide in two ways. Firstly you can focus on a few specific areas of business like e-commerce, pharmaceuticals, etc. Secondly, you can embark on any kind of assignment of app development. Online marketing is an essential element for your app development business.

18. Start a Tourism Business in Melbourne

Tourism is a profitable business area in Melbourne as every year many thousands of tourists visit the city. You can start your business as a tourism agency, local tour operator, or tour guide in the beautiful and versatile city of Melbourne. The tourism business requires certain licenses and permits from the government and you have to obtain those. Website along with online and offline marketing is very important to grow your tourism business.

19. Medical Service Center

Opening a medical service center can be a very profitable business idea for you in Melbourne. You can start a clinic with specialist doctors. Dental clinics and physiotherapy centers have good demand. Obtain the necessary licenses and permits. Good contact with doctors and a strategic location for your medical center is very important for this business. You must have the website of your medical center and make arrangements for online appointments as well as payment. Marketing is also essential to get more clients.

20. Open a Laundry in Melbourne

Laundry services are a good profit-making business idea in Melbourne. Start your laundry at a populated locality and make good door-to-door publicity along with flyers, pamphlets, and posters. Good and timely service and doorstep delivery of washed items are keys to your success in the laundry business.

21. Cleaning Services

Cleaning services is a prospective business idea in Melbourne. You can start your cleaning business and service offices, shops, schools, and colleges as well as homes. Hard-working assistants will make your work easier. Provide sanitization and disinfection service using safe and effective cleaners. Personal network along with publicity will help you get more clients.

22. Electronic & Appliance Repair

Melbournians use a lot of electronic gadgets and household appliances. Hence the repair service for these items is a good business idea for you in Melbourne. You can start the business from your home but keep some space for the repair work, in case you need to carry them for repair. Good personal contact and strategic marketing along with efficient and timely service are the key points of your success in the electronic gadgets repair business.

23. Computer Repair

The digitally advanced city of Melbourne needs the computer repair service very much. Hence it is a great business idea for you. In this business, you can provide service to big and small business organizations, shops, restaurants, schools, colleges even households. Personal contacts, company websites, and online and offline marketing are very important for your computer repairing business.

24. Organic Fertilizer and Pesticide Manufacturing

The state of Victoria is very advanced in agriculture, you can start an organic fertilizer and pesticide manufacturing company in Melbourne. Organic crops have great demand hence organic fertilizers and pesticides are also much in demand. You must have a good knowledge of the production process of organic fertilizers and pesticides. These products must be duly certified for their marketability. Have a good network with agricultural farms for quick sales of the products.

25. Event Planning

Events are very common in Melbourne and there are different kinds of events that take place around the year. Hence you can start your event planning company in Melbourne and earn good profits. You can plan corporate, social, sports, and various other kinds of events. Good and hard-working staff and effective public relations will fetch you more clients. Apart from that, you need your website and detailed social media publicity are very important for the growth of your event planning business.

Frequently Asked Questions

Is it wise to start a business in Melbourne?

It is a very wise decision to start your business in Melbourne mainly for two reasons. Firstly, Melbourne is a fast-developing city with a lot of advantages. Secondly, you can get Government assistance through the New Enterprise Incentive Scheme or NEIS in various ways to start your business in Melbourne.

Can I get funding assistance to start my business in Melbourne?

Yes, you can get funding assistance in Melbourne. There is a Government-sponsored Small Business Grants Program for the city of Melbourne. Furthermore, NEIS also offers allowance to new business enterprises for up to 39 weeks and rental support for up to 26 weeks.