Small Business Ideas For Uk – Want to start your own business in 2023? At Simply Business, we dig deep into our customer data to uncover the latest trends among small businesses and freelancers.
What are the hottest new business ideas and how has the cost of living crisis affected these trends? From DJs to new independent cafes, here’s what we predict for 2023.
Small Business Ideas For Uk
We analyzed all new Simply Business business insurance taken out in 2021 and 2022 to find the fastest growing small businesses.
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And a new wave of entrepreneurs seems to be emerging after a year marked by a cost-of-living crisis.
Many professions, from security guards to DJs, are experiencing a revival as the country returns to events, live music and travel in the wake of the Covid-19 pandemic.
While many companies have reduced the number of contractors to save costs during the pandemic, the rise of freelance project managers could mean that demand is increasing.
The motivation could also be the result of a changed attitude towards work. Many project managers are now benefiting from hybrid work and flexible working hours after the pandemic.
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With airports, nightclubs and other industries that require trained security personnel starting to operate in full force, it’s no surprise that we’ve seen a 22% increase in the number of security guards by 2022.
Read more about starting a security company to find out what skills you need and what kind of work you could do as a freelance security guard.
Thinking of parlaying your passion for music into a new business venture? One popular idea might be to become a DJ.
Nightclubs were the worst affected by the pandemic. But as the music entertainment industry recovers, more and more people are turning to DJs – our data shows that the number of DJs will increase by 18% by 2022.
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Events, parties and weddings enjoyed a year without Covid restrictions last year, which may explain this increase in popularity to some extent.
From teaching dance to running a gift shop, it looks like the trend of side hustles and following creative passions will continue.
If you are a trained dancer and are looking for a natural side hustle, why not take up dance lessons professionally?
Our data shows that the number of self-employed dance teachers increased by 12 percent between 2021 and 2022. You can join one of the many dance teachers and get paid for your hobby.
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Read more about becoming a freelance dance teacher, including practical guidance on your legal and tax obligations and marketing tips.
Entrepreneurs seem to be opening more gift shops, whether it’s selling home crafts born out of an interior hobby or those with long-term ambitions to own a retail store.
Despite the challenging economic climate, we secured 21 percent more gift shops last year than in 2021.
If you’re venturing into retail, consider how other trends like sustainable fashion and homemade candles could complement your merchandising strategy. Or why not test the waters in the online store first?
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In the midst of the cost of living crisis, we’ve seen the rise of various small businesses on the high street.
Here are popular business ideas that can help you be among the 10 fastest growing industries according to our new customer data:
Although the craft industry faces recurring challenges—from supply chain issues to tool theft—some shops are on the rise:
Alan Thomas, UK chief executive of Simply Business, said: “Small businesses and the self-employed are vital to the UK economy and make up 99 per cent of all businesses in the UK – the majority of which will be affected by the cost of living crisis.
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“Thankfully, small business owners have shown resilience, innovation and creativity at every stage since the pandemic began in 2020. And as the challenges continue – it’s incredibly encouraging to see this increase in UK entrepreneurs at the forefront of our recovery.”
“Simply put, our economies and communities need small businesses to thrive, so it’s heartening to see a new wave of entrepreneurs seize the opportunity to start a business.”
We are a nation of animal lovers and pet ownership only seems to be on the rise. If you want to capitalize on this trend with a new business, read our guide to working with animals for some ideas.
Starting a home baking business is something that has seen a huge increase during and after the pandemic – it actually increased by 230 percent between 2019 and 2021, according to research from Simply Business.
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Read our guide to starting a cake and baking business to see the main steps to follow. Check out Butterwick Bakery’s tips on how to get started:
The small profitable business ideas in this article are designed to inspire you. If you want to explore an idea, make sure you treat it like a business, do the right research and planning – writing a business plan is a great place to start.
Once you’ve decided what kind of business you want to start, it will need a name. If you’re looking for small business name ideas, why not use our free name generator?
For more general information on business confidence and optimism, read our SME Insights report and understand the challenges facing businesses.
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Methodology: Business simply analyzed 196,271 new trends in 2021 and 179,832 new trends in 2022 to find the fastest growing industries. Data obtained in January 2022.
With Simply Business, you can put together a single self-employed policy that combines the policies that matter to you. Whether it’s public liability insurance, professional liability or anything else you need, we’ll give you a quick quote online and let you decide if we’re a good fit.
This content is created for general informational purposes and should not be taken as advice. Always follow professional advice. Read our full disclaimer
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© Copyright 2023 Simply Business. All rights reserved. Simply Business is a trading name of Xbridge Limited, which is authorized and regulated by the Financial Conduct Authority (Financial Services Registration No: 313348). Xbridge Limited (No: 3967717) has its registered office at 6th Floor, 99 Gresham Street, London, EC2V 7NG. In 2020, more people started their own business than ever before. Many of these new entrepreneurs started their small business ideas at home while they were working or on vacation.
We’ve seen this trend continue since 2022, with many more people wanting to work for themselves but perhaps not sure where to start. With over 5 million people in the UK self-employed, it’s important to find your niche.
The increased time and uncertainty surrounding job security has created a new generation of small business heroes, but coming up with that winning idea can be half the battle.
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So grab a cuppa, hang in there and discover our small business ideas that will make you money in 2022 that you can adapt to your new business or side hustle.
You don’t have to give everything from the beginning. Starting a new business doesn’t put a financial burden on you while you focus on getting started. Here are some simple basics you can do:
If you have a product-based business, the typical costs you may encounter can seem overwhelming. This may include initial inventory, warehouse and retail space, and office furniture and supplies.
Using a “made to order” approach will give you time between each order to manufacture, package and ship your product. If you don’t need to buy large amounts of inventory, it could save you renting space to store it (or taking over your spare room or garage), saving you valuable time and cash flow managing your inventory.
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Some of the small business ideas we will suggest later will allow you to work on a new business model that will be cheap and risky.
Every moment is precious, so working with one of these business models allows you to focus on the important things. You will be able to invest your time in your orders, create your product, provide service and take control of the growth of your new business.
Maybe you want to monetize a skill you already have. Skills in crafts, writing, art, landscaping, web design, photography and more pay well. If you were already doing one of these as a hobby in your spare time, you could be sitting on a guaranteed income.
Create a page on a social networking site like Instagram to showcase your skills. This will start building a pool of people who enjoy what you do, and when you’re ready to turn that hobby into a new business idea, you’ll already have a pool of potential customers! Don’t forget to use hashtags to reach people outside of your circle.
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In fact, don’t push yourself too hard either. There’s a fine line between unconvincing pricing that lowers the true value of your product or service, and overpricing that can turn off potential customers.