4 ideas for starting a new business

There are two ways one can view Australia’s current unemployment rates and recession data: as demoralising or as an opportunity. We choose to do the latter.

Here are 4 key economic trends that could inspire new growth spurts in business.

Warning: you’re about to be inspired.

1. The change: Virtual services

When COVID-19 hit, there was a heavy shift to online shopping. But we’re not just buying things online – services are going digital, too. More people are paying without cash and doing everything, from Zumba to cocktail-making classes, virtually.

You could: Go online

This shift provides a great opportunity for all kinds of industries. Not only can it save you set-up costs and overheads, but where businesses were once dependent on a local audience, entrepreneurs can now reach a much wider audience.

For example, as a fitness instructor, you may not even need an entire studio anymore, chefs can teach from their home kitchen. This could also lead to a boom in the consulting sector with professionals offering up their expertise online.

2. The change: Going green

Lockdown allowed people all over the world to see previously polluted places in a clearer light (no pun intended).

There were goats taking over a town centre in Wales, sea lions on the sidewalk south of Buenos Aires, and wild boar feasting near apartment buildings in Corsica. We saw clean water in the Venice canals and unpolluted skies in China, Italy and Los Angeles.

For many, this has resulted in a refreshed perspective and a desire to preserve the beauty of nature, particularly on a local level.

You could: Serve the planet

Harness the power of the natural world – particularly in your local environment. What could you do to support your immediate and extended community? Could you host virtual tours of local beautiful places? Do you have an idea to improve recycling? Could you create ‘wildlife-friendly’ areas in your city?

If you’re passionate about the environment and sustainability, care about the health of the earth and its beings, now might be a good time to join up with others and create businesses that benefit the planet.

3. The change: Public tolerance for mental ill-health

Mental health has been an enormous factor these past few months, with many people experiencing a drop in mental wellbeing while being asked to isolate themselves.

However, since everyone has found themselves in the same boat, the conversation has become louder and more widely accepted. It also helps that the Federal Government pledged another $20 million to go toward mental health and suicide prevention research in Australia.

You could: Help others help themselves

Although the world has managed to start a conversation, there is still much work to be done. Whether you’re a medical professional, a counsellor, business advisor or a coach – or you’d like to become one – you can use your expertise to help others cope with mental health.

You could do this either by providing advice or setting up your business to help people solve a problem and ease stress, for example.

How can we help?

My Business has a range of free resources for your new business. Get support accessing funding for your start-up costs, marketing your new business and managing your legal responsibilities.

Find out more

4. The change: Doing things ourselves

During lockdown, people spent more on gardening and hardware equipment. They also became more interested in some nearly forgotten arts. From baking bread to brewing beer and growing vegetables, it encouraged people to do things for themselves and get more involved in food and trades.

You could: Get your hands dirty

Whether you are a baker, a brewer, or someone with green fingers your expertise could be the start of a new business.

Maybe you could bake and sell home-based produce? Perhaps you could start a vegetable-growing collective? Or maybe you want to teach others how to do this? The DIY movement offers a plethora of angles and opportunities.

In times of change, it can pay to re-examine your skills and the opportunities that may lie ahead. You may be surprised by what you find when you do.

Business innovation