Published : 6 June 2018
So you want to buy a business? You're not alone; more and more Australians are giving up the 9 to 5, working for the man, to run their own show.
Of course, running your own business can be stressful; you could even work harder than you ever have in your life! But it also gives you the freedom and flexibility to decide your own hours and location, work around family commitments and secure a solid financial future.
Which Industries are Booming?
The big question is, what sort of business should you buy? Ideally, you'd choose a business opportunity that matches your skill set, but that doesn't necessarily mean a particular trade or qualification. It could be that you're a real people-person and love providing great customer service; in which case you may be attracted to retail or hospitality.
Before you decide, however, it's a good idea to check out which industries are booming in 2018, and which are not.
Let's start with some good news; the Organisation for Economic Co-operation and Development says economic growth in Australia is starting to bounce back from the downturn caused by the decline in mining and mainstream agriculture. The OECD believes projected growth will reach 3% this year.
That means that 2018 is a very good time to consider buying your own business.
Rapid Growth in IT Related Services
It probably wouldn't surprise you to learn that businesses involving IT, particularly technological sustainability, are set to grow at a rapid rate. In fact, computer system design and related services are expected to grow by more than 24% in the five years to 2022.
Of course, IT related services are a specialised field so that opportunity is not available to all business buyers. However, there are several other areas that look set to do well and are more accessible. These include childcare services, community services, hospitality and, one of the biggest, logistics.
Logistics Industry Worth Investigating
The massive growth in online shopping is driving very positive changes in Australia's logistics industry, opening up lucrative opportunities for courier and delivery services. An added bonus here is that it's often possible to run a courier business from home, thus saving on rent and other overheads. Whether you're a driver yourself, or you intend to employ delivery drivers, this industry is well worth investigating further.
Quality child care services are in big demand as more Australians gain employment, especially women. In fact, 46% of the 12 million Australians in full-time employment are now female. There are opportunities to buy independent child care centres or franchises.
Hospitality Industry Growth
With more Australians eating out or travelling for work, and healthy tourism numbers, the hospitality industry is both stable and growing. This area offers a huge choice of business opportunities, including cafes and restaurants, takeaway businesses, B&Bs, hotels, motels and more.
These are just some of the industries set to grow in 2018 and beyond and you'll find some excellent investment opportunities right here.