With Australia ranked as one of the fattest countries in the world, the fitness and healthy living industries are likely to remain popular, and lucrative, fields to start a business.
Industry researcher IBISWorld estimates the gym and fitness industry makes $1 billion in annual revenue and is expected to grow by 4.8% a year over the next five years. IBISWorld also estimates the hairdressing and beauty services industry rakes in annual revenue of $4 billion, with the sector expected to grow by 1.3% a year for the next five years.
“Healthy living is becoming more popular but there is still a lack of knowledge surrounding clean living,” Callaughan says. “There will be opportunities within this sector to create businesses that can educated and provide healthy living services, including gyms, health food providers, consultants and pre-packaged food.”
He recommends looking to the US to see how they have approached the sector.
Callaughan says fitness, health and beauty can also tie in with the ageing population.
“There could be opportunities for gyms that cater to over 50s that have certain machines that help you work out but don’t cause injuries. You will also not have to compete with other young gym goers.”
Freelancing has become a popular buzz-word recently, as websites that link people to work on projects rise in popularity.
The successful listing of Australian-based online site Freelancer.com this year has also sparked interest in this way of working.
Freelancer’s shares surged to as high as $2.60 on the Australian Securities Exchange from their initial public offering price of 50 cents. The shares have since retreated to trade at around $1.05 at December 12.
“I just feel that with the recent success of Freelancer there will be more businesses looking to enter this area,” Callaughan says.
“There will also be more businesses that become freelancers and offer services to a larger range of businesses.
“The range of services that will be offered will also be expanded to include everything and anything that can be outsourced for not only businesses but individuals as well.”
Australians have embraced online retail and are spending billions of dollars through the internet.
And it’s a trend that’s continuing to grow, albeit at a slower pace recently than seen previously.
According to the National Australia Bank’s Online Retail Sales Index, Australians spent $14.4 billion online in the 12 months to October, equivalent to 6.4% of traditional retail spending. It says monthly online sales grew by just 0.3% in October, the same as September and only marginally better than August when sales fell 0.2%.
Callaughan says online selling has taken off and will continue in 2014.
“There will be many opportunities open up in this field with even the large department stores moving to online retail,” he says.
This article first appeared on StartupSmart.
