UK Small Business Ideas
If you’re thinking about setting up your own small business (UK Small Business Ideas), the first critical decision you’ll have to make is what type of business it will be. Choosing the right business idea can be a challenging prospect. You will undoubtedly want to do something that interests you, that maximises your knowledge and skills, and of course, it will need to fit in with your budget and lifestyle. Finding a small business idea that meets these criteria can be a tall order, and many people struggle to get past this first hurdle.
Don’t feel discouraged! We offer a helping hand and a few ideas to get you started.
Top business ideas
London is an ideal place to start a business. With a population of over 8 million, it’s the largest city in the United Kingdom and is filled with potential opportunities. Several popular business ideas have been successful in the past, such as tech start-ups, retail stores, and food and drink establishments. However, plenty of other viable ideas could allow entrepreneurs to make their mark and become successful.
When brainstorming ideas for your small business, an excellent place to start is to look at the hotties startups in 2016. By checking out what the most popular new companies are currently, you can get a great idea of what types of small businesses are booming at the moment. Below are some of the important small business trends in the UK this year.
Online shopping has revolutionized how people buy products, from groceries to clothing. In recent years, it has become more popular than ever before, as customers can now compare prices and find specialized items from the comfort of their own homes. Not only does this save them time and money, but it also allows them to shop for items that may not be available in their local stores. Furthermore, online stores often provide discounts and free shipping, making them even more attractive to customers.
With the start-apart-up costs and flexibility of working from home, online shops have grown massively popular over the last few years. Several companies out there provide an excellent platform for online selling.
Hair and beauty
Britons are spending more than ever on hair and beauty. Whether manicures, make-overs, massages or more, now is the perfect time to find your niche in the beauty market.
Food and drink
The rise of ‘the foodie’ has seen new small businesses in the food and drink industry pop up everywhere. Craft gin, subscription veg boxes and the like are hugely popular, and so are the opportunities for any foodie entrepreneur in the making.
Box subscription services
Home-delivered boxes are limited to the food and drink industry. However, these days you can have subscriptions to beauty boxes, stationery boxes and even children’s toys. The choice is endless, and the demand is growing.
Working from home business ideas
Working from home is no longer the distant dream it used to be for most people. These days, more and more are looking for careers that have the flexibility to fit in with their increasingly hectic lifestyles. Often, that means being able to set up your office from home – or in fact, from anywhere you feel like. If that sounds good, look at the home business ideas below.
Whether writing, web design, marketing or make-up artistry, freelancing allows you to do whatever your particular passions and skills are – and from the comfort of your own home.
Setting up a childcare business can be a desirable option for parents of young children. Once the necessary training and certification (link to https://www.gov.uk/register-childminder-childcare-provider/overview) is complete, a childcare business will allow you to work from home to save the cost of childcare and getting to spend more time with your children.
Like freelancing, the options are almost limitless for a coaching business. Whatever your area of expertise is, perhaps a language, a musical instrument or a particular business skill, the chances are that people are looking to learn. You may set up coaching sessions from home or earn your income from online coaching and courses.
Selling homemade crafts
It is another excellent way to earn a living by doing something you love. For example, suppose you have a talent for creating, whether greeting cards, chutneys or knitted babywear; there is a huge market for high-quality, homemade crafts. You can sell online, at craft fairs or through third-party sellers.
Business ideas for students
With undergraduate tuition fees reaching as much as £9000 per year, more and more students are looking for ways to start earning before they graduate. So if you’re an entrepreneurial student, why not try one of these business ideas?
Organising student events
The ideal opportunity to benefit from the student’s hard work, and play demanding lifestyle. Think club nights, film screenings, speed dating nights and more.
Essay and thesis proofreading
If you have language skills and great attention to detail, then proofreading could be your ideal student business.
Pop-up supper club
If you’re a keen and competent cook, why not whip up some delicious, cheap meals for your fellow students and make a profit while you’re at it? All you need is a kitchen and enough space to seat people.
Helping other people save time can be a precious service, especially for students with essay deadlines! So whether you deliver someone’s groceries, emergency stationery supplies, late-night beer run or breakfast MacDonalds, this is a great business idea for someone who likes variety and doesn’t mind unsociable hours.
Low-cost business ideas
Setting up your own small business can be risky. Often, it means leaving the security of being an employee where you benefit from paid holidays, company pension and bonus schemes etc. Taking start-apart-up loans can often be a risk too far, so if you’re looking for ideas that won’t cost the earth, here’s some inspiration.
A cleaning business is easy to set up. However, it would be best to have your cleaning equipment and essential marketing, such as printed flyers or posters in shop windows.
There will be an initial outlay for your camera, lenses, tripod, etc. If you’re not already an experienced photographer, you’ll need to take some courses. However, there are many opportunities to make good money with this business once you’re set up. Some options available are wedding photography, creating and selling stock photos, doing freelance work for magazines or setting up your studio to do portrait work.
A gardening business is an excellent choice for people who want to work outdoors. Again, there is an initial outlay for equipment, but after that, running costs should remain relatively low business.
Consultancy is big business these days. While the setup costs are small (especially if you’re working from a home office), it relies on your expertise and networking abilities for success. So if you’re an expert in your particular business field and love to meet new people, this could be for you.
How to evaluate your business idea
Your small business’s eventual success (or failure) relies on many things. Your planning, passion, skill and, of course, the amount of work you’re prepared to put in. However, the most critical factor is the initial business idea itself. If your idea is fundamentally flawed, then all the planning, passion, skill and work in the world probably won’t save it. So how can you be sure that your idea is solid and likely to set you up for success?
Here are some key questions that you should ask yourself before you commit to any business idea;
Is this something I want to do?
Any new business requires a lot of work and commitment to succeed, so you’re probably setting yourself up to fail if it isn’t something you’ll enjoy.
Is this something I’m capable of doing?
This question is important on two levels. Firstly, you must know how to do a manicure when setting up a manicuring business. But secondly, even if you can do something, you’ll struggle to convince prospective customers if you don’t have enough belief or confidence in yourself.
Can I do an elevator pitch for my business idea?
You should have a clear vision of what your business is for and be able to describe it to someone in a sentence or two. It probably needs more thought and focuses if you struggle to do this.
Who will my ideal customers be?
Whatever your business is, you’ll need customers. Make sure you clearly know who these people will be, as this should influence your marketing, branding, and product or service. If you don’t have a clear vision of your customers, spend some time on this before committing to your business idea.
Can my business idea be profitable?
It is, of course, key. You may have a great idea, and it may be something that people want, but if you can’t make a profit, it won’t be a successful business idea. So work out your costs before you commit. When evaluating your business idea, a great place to start is to write a business plan. Then, you will answer many of the above questions and spot any potential problems.