In the UK alone, there are currently over 6 million businesses! While this number can be inspiring, it may also be daunting to the new business owner who may wonder how their business will survive with so much competition. Taking the COVID-19 pandemic into account, which had a massive impact on so many UK businesses, it is safe to say that when coming up with a business idea in the UK, it is essential that it is future-proof and is designed to remain relevant for many years to come.
In this article, we’ll discuss some of the business ideas that may prove to be successful in the UK in the future, the importance of future planning, and what types of businesses may become irrelevant in the near future.
What to think about when starting a business in the UK
The UK provides many opportunities for new business owners, and becoming an entrepreneur and working for yourself is fast becoming a growing trend. When starting a business in the UK, here are a few things that you should into consideration:
- Laws and regulations- the UK are very strict when it comes to laws and regulations surrounding businesses. Ensure that you are registered with the HMRC and have all of your paperwork in place.
- Do market research- As we have already mentioned, there are currently over 6 million businesses in the UK alone. By doing market research, you can assess whether your business idea is feasible.
- Decide whether you want to sell to an international audience- Who is your target market? Is it purely those living in your local area, or do you want to broaden your horizons by providing your products and services to an international audience?
- Make use of your personal skills- Which areas do you have the most experience and knowledge in? Making use of your own personal skills within your business model will definitely enhance your business.
Some future business ideas UK
With the last few years being so turbulent in the world of business, how are entrepreneurs meant to know what type of businesses could be worthwhile investing in and getting off the ground? There are many things to consider, such as trends, practicality, and the current economic crisis. As business professionals in the UK, we believe that some of the below business ideas could prove to be worthwhile.
The Brexit vote has definitely left many business owners in a state of uncertainty as to how they will conduct their business in the future. Many business owners would greatly benefit from the services that a Brexit specialist may have to offer them. Providing Brexit-related business consulting, and assisting businesses in keeping in line with new policies, is a service that is definitely going to be in demand for many years to come.
The UK’s population is getting older and older, and there are more elderly and retired people than ever before. Quality and affordable nursing homes and in-house nursing services are hard to come by. Not many working adults have the time to look after their older parents and are in need of services that they can truly trust.
Personal Money Management
Many individuals in the UK lack the skills to manage their money and make poor financial decisions effectively. There is definitely a lack of affordable money management services available in the UK, and there is a glaring gap in the market for this type of business model, which would be accessible to the average person that is trying to stay out of debt and manage their money wisely.
Import and Export Consulting
Because of the new Brexit vote, as well as other new import and export policies, many entrepreneurs that are looking to get into the import-export trade have no idea where to start. But an import-export consulting service would be just the place. There are many policies and regulations surrounding import and export, and there is a great need for quality consulting services in this industry.
Online applications are still on the rise. Whether you can create a great dating app, translation app, or identification app, if you have the right team, you could create a very successful business by creating an application. Providing application development services to other businesses is also another good business idea that will definitely remain relevant for many years to come.
There was once a time when most businesses had their own recruitment team, but now recruitment and hiring services are being outsourced more and more often. No business owner has the time to sit through dozens of interviews, hoping to find the ideal candidate. Recruitment services are in demand and will continue to be for the foreseeable future!
Living in an age of consumerism means that people collect more and more stuff and often need storage units to keep it all in. Storage units can be used for a diverse range of purposes, and with property becoming more and more expensive, affordable storage options are hard to come by.
Businesses as well as individuals are becoming more and more conscious of our effect on the earth and are moving away from unsustainable energy sources and are looking towards renewable energy. There are so many different types of business models that you could adopt within this industry, such as solar panel installation, wind power generation, water turbines, and so much more.
In 2019, around 25% of the UK population considered themselves as vegans. Because of this, we have seen hundreds of vegan companies, including clothing, food, restaurants, and more, popping up around the UK. While this market may seem saturated, there is still a lot of room for growth as the vegan population appears to be steadily increasing.
Translation and Transcription
With the world becoming more intricately connected, translation and transcription services are more in demand than ever before. Every popular TV show, podcast, and even Youtube video would gain value from translation and transcription services.
Around 4% of the UK population will move house every year, and that number is ever increasing. Very few people have the means to move home entirely on their own and will need to make use of relocation services such as organisers, packers and movers to make their move as smooth as possible.
One man’s junk is another man’s treasure. By sourcing cheap secondhand items and upcycling them into something practical, modern, and tasteful, you could have a great business model on your hand. Upcycling is also a sustainable type of business that would gain interest from the growing number of conscious consumers that we see in the UK.
Smart homes filled with smart appliances are a thing of both the present and the future. More and more homeowners want to modernise their homes through these exclusive products completely, and there are definitely not as many smart appliances businesses in the UK as they should be. Selling and installing smart appliances is definitely a business model that could bring you success.
As the world descends into further unrest, we see a massive increase in the need for dependable security services. By obtaining just a few quality clients, your security company could start turning a profit. Safety and security is a basic human need, and many people do not feel secure without having professional security services available to them. Whether it’s private security or security for a business, this is an industry that needs more companies.
There is not much space to grow fruit and veg in cities in the UK, and inner-city restaurants and cafes are always in need of fresh produce. The solution to this is vertical farming which requires very little space and can be incredibly successful with the right planning and production skills.
Electric Car Repair
Electric cars are becoming more and more popular as consumers become more conscious, but there is definitely a lack of quality, affordable electric car repair services in the UK. Providing electric car repair, as well as electric car charging stations and installations, would fulfil a growing gap in the market and future-proof your business.
Social Media Services
We live in a digital age that is only set to become more and more digital. Businesses need to be active on various social media platforms if they want to remain relevant, but many business owners do not know the first thing about social media, and that is why social media specialists are so high in demand.
Why is it so important to think about the future when it comes to business?
Starting a business is a long term investment, so it is very important to plan for the future. As a business owner, you should always be thinking ahead and looking far beyond the present moment. This means keeping up with business-related news and watching the trends come and go.
This way, you’ll be able to get a feel for if your business model will still be relevant in the near future, and you can make tweaks and adjustments (such as bringing in new products etc.) as needed and remain ahead of the curve.
Another reason why it is so important to plan and think about the future is that 1 in 5 new businesses in the UK fails each year. Many of them failed because their business offerings were not relevant and did not take the current and future business climate into account. Don’t become part of this statistic!
Business ideas to avoid
Now that we have spoken about why planning for the future is so important and what type of businesses may be successful way into the next decade, it is time to discuss what sort of business ideas that entrepreneurs should be avoiding.
- Businesses that do not solve a problem- Good businesses need to solve a problem and provide a solution for consumers. Don’t try and fix a problem that does not exist. Novelty ‘useless’ items are quickly going out of fashion as minimalism becomes a growing trend. Practicality is a necessity if you want your business model to be successful.
- Immoral or unethical businesses- Your business can be legal and abide by all regulations while being unethical. Consumers are becoming more and more conscious of what they purchase, and if your business is unethical, consumers will soon find out. You may also battle to find investors for a company that is not deemed ethical. For example, although betting and gambling companies are completely legal because some people see them as unethical, they often battle to gain interest and raise finance.
- Overambitious projects- Business ideas that need a combination of miracles and luck to become successful are very risky. When coming up with a business idea, ensure that you are realistic with what you are able to pull off. For example, if you have zero capital and a bad credit score, it would be highly unrealistic to start something like a space travel business that would require millions of pounds to even get off the ground.
Considering the current situation regarding COVID-19 and the uncertainty surrounding it, the following business ideas could prove to be very difficult to execute efficiently:
- Travel agencies
- Hair salons
- Brick-and-mortar clothing shops
- Event planning
The world of events, tourism, and hospitality has definitely taken a backseat in the last couple of years. And it may take a while for these industries to be revived. Because these industries are currently battling, it doesn’t make sense to bring in new businesses unless there is truly a gap in the market and you’re providing something innovative, forward-thinking, and aligned with the times.
If you’re unsure whether the business idea that you have is a good idea or not, and if it will be relevant in the future, you may want to look into speaking to a business expert or advisor who will be able to help hone your idea into something that will remain sustainable for many years to come!