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Future business ideas for UK entrepreneurs

Future business ideas UK

Aspiring entrepreneurs are always on the lookout for new business ideas that will withstand the test of time. In a crowded and very competitive market place with over 6 million existing businesses in the UK, coming up with future-proof concepts that capitalise on emerging trends and demand is key.

Here are some ideas to consider:

  • Brexit Specialist
  • Senior Services (nursing homes, in-home care)
  • Personal Money Management
  • Import and Export Consulting
  • Applications (app development services)
  • Recruitment Specialist
  • Storage Services
  • Renewable Energy (solar, wind, water turbines, etc.)
  • Relocation Services
  • Upcycling
  • Security Services
  • Vertical Farming
  • Electric Car Repair and Charging Stations

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.

Some future business ideas UK

With the last few years being so turbulent in the world of business thanks to the COVID-19 pandemic disrupting and changing the way we work, how are entrepreneurs meant to know what type of businesses could be worthwhile investing in and getting off the ground?

We saw so many businesses fold under the extreme pressure of the pandemic, and whilst this is an unprecedented event that is hard to plan for, there are much less drastic external factors that can also impact your business.

Coming up with a business idea and running strategy that stands the test of time and can withstand tough periods is key for business survival.

Brexit Specialist

Whilst Brexit feels like a long time ago now, there are still plenty of leftover and unfolding business queries arising from Great Britain leaving the European Union. Many people are still uncertain on how their business will be impacted and what changes they need to make if any. Setting up a service around this knowledge could be valuable for many businesses, particularly those dealing in import/exports internationally.

Senior Services

The UK has an ageing population. We are living longer and longer but economic stresses are squeezing our ability to save for the future cost of the care we will need in our older years. Offering quality and affordable nursing home and in-home care services is surely a winning formula for businesses. The cost of care has sky-rocketed in recent years with people’s life savings being wiped out in a matter of months and not many adults have the time to provide full time care to their parents as well as children. The potential to disrupt this market with new ideas is huge.

Personal Money Management

Lots of people find it tough to manage their money and finances. This is something that is rarely taught in schools, meaning that when people leave the confines of education, they can be lacking in valuable life skills.

Whilst figureheads like Martin Lewis are making huge waves in this area, there are plenty of people still in need of help. Being able to support the average person to learn how to manage their money and stay out of debt is such a valuable service that could be snapped up in no time.

Whilst there are plenty of apps available, not everyone wants to use this approach. Perhaps good ol’ face to face support is the way to go.

Applications

Apps are everywhere, in fact, we’re pretty sure there isn’t an idea in the world where an app doesn’t already exist to try and solve it. The good news is that the quality of apps varies enormously. If you have a genuine business idea that solves a problem for people, creating an all singing / all dancing app that makes your solution easily accessible is a great way to stay relevant with a population consumed by technology.

Recruitment Specialist

Recruitment is a role that will always be around. Not many businesses have the time to sift through hundreds of applications for every role that needs filling. Coming up with smart ways to ease this burden and match talent to opportunities will always be a service in demand.

Storage Services

Despite money worries, as a population, we’re consuming more and more things and gathering a huge amount of stuff. The problem with this is that stuff needs somewhere to be stored. Storage units are in high demand but they’re expensive and competition can be high. As such, there could be an opportunity to shake up this market with more customisable and flexible solutions.

Renewable Energy

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.

Relocation Services

There is a huge amount of work involved in relocation. From sourcing and approving new property to live in, finding job or business opportunities and all the logistics surrounding the move itself – people will pay good money to have someone take care of this for them!

Around 4% of the UK population will move house every year, and that number is ever increasing. Whether you find a packing, transport or planning niche, the demand for this service has the potential to be huge.

Upcycling

Recycling and repurposing is a huge trend right now. With money being squeezed by the cost of living, it makes more sense to repair and reuse older items to give them a new lease of life. The saying ‘One man’s junk is another man’s treasure’ has never been more apt, with swelling sites and online marketplaces booming.

By sourcing cheap second-hand items and upcycling them into something practical, modern, and tasteful, you could have the potential to sell things on for a profit. Many people like the idea of recycling in this way but don’t have the time or skills to do it themselves. They may however be up for buying items that support this eco-friendly way of furnishing their homes.

Security Services

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.

Vertical Farming

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

The eclectic vehicle movement is well and truly upon us. We’re seeing charging stations popping up in all sorts of locations and many people now have them at home too. Electric car repair will be big business so getting ahead of the curve and positioning yourself as a market leader in the space now is likely to pay dividends down the line. From repairs, maintenance and installations – there is plenty to do here.

What to think about when starting a business in the UK

When starting a business, it’s important to consider the wider things that will impact your ability to trade well. This includes laws and regulations, market research, customer demographics and more.

  • The law is very clear when it comes to new business owners. You must ensure that you’re registered with HMRC, have an appropriate legal structure set up, and understand your reporting obligations and deadlines. If you are employing staff, you need to be up to speed on employment law too.
  • Market research is very important. Understanding how big your potential market size is, who your customers are and what appeals to them is the foundation of your entire marketing strategy. Get this right, and you won’t waste money on meaningful ventures further down the line by trying to reach the wrong people with the wrong tactics.
  • Make use of your own skill set and get help in other areas. It’s impossible to do everything yourself as a business owner. Being able to recognise the areas that you excel and other areas where you could use some support is key. If you’re great with people, you might find the hiring process a dream, but if you hate numbers and aren’t detail oriented, you might want to bring in an external accountant to handle your books.

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 in 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 to 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.

Final Thoughts,

When starting any new business, it’s important to think ahead and plan for the future if you can. Staying on top of industry trends is helpful, as is getting to grips with customer behaviour and market dynamics. These things all add up to helping you make informed decisions about business.

Traditional industries may face challenges as people move to a more technology focused way of living but innovative ideas that solve real world problems and help us to live more sustainability, will always have a place in the business landscape.

Research, seek expert advice and embrace a forward thinking mindset to join the bank of successful UK entrepreneurs.

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