In demand markets to consider when starting your business
Despite the Brexit uncertainty that looms like a dark cloud over the UK economy, it’s still a fantastic time to launch a new business.
Provided that you do your research and think long and hard about your entrepreneurial venture, you could start a business that brings in significant revenue and potential for growth.
This step is essential when you’re starting out and could prevent you from crashing and burning before your business has got off the ground.
”It might feel tempting to rush in with ideas you can start and try to sell it straight away,” agrees small business website Informi, “but this won’t have longevity; what we’re looking for here is to get something off the ground that offers sustainability and long-term growth potential. You need frequent reality checks.”
To help give you a push in the right direction, we’ve gathered together a selection of the best Brexit-proof markets that are likely to provide the right conditions for starting a new business.
We’ll be looking at which markets are set to grow in 2020, which continue to thrive and where you might be best investing your time and effort.
Self-Development
If you’re just launching yourself into the world of business and you don’t have a great deal of experience, creating a self-development business can be a smart move.
With an annual growth rate of around 5.6%, this industry can allow you to spend your time doing what you love whilst growing a sustainable business. Thanks to the various online platforms that are around these days, it can also provide an excellent source of income and allow you to work remotely if required.
As it involves working closely with others and helping them to improve their lives, it can offer a huge amount of job satisfaction and allow you to break away from the grind of your regular 9-5.
Self-development is also a varied niche with several sub-niches that allow you to share what you know and make a difference without needing to fork out tens of thousands of pounds to get started.
Digital advertising and marketing
According to Recruiting Times, “The advertising industry goes from strength to strength, having adapted to the digital revolution. Eight successive years of growth have occurred, with audio-visual content creation set for big things.”
This means that many businesses (especially small businesses) feel lost in the digital world and need strategic services such as blogging, email marketing, SEO and digital marketing services to help them get in front of the right audience and grow their businesses.
It’s also very easy to learn, you can get established in the industry relatively quickly and you can work weekends and evenings as a side hustle until your business is bringing in enough revenue to allow you to quit your day job.
Beauty
Surprisingly, the beauty industry can also offer some fantastic business opportunities for the coming decade.
According to Inc, “It's a huge opportunity: The overall beauty market is expected to jump to $27.8 billion in 2022 from $22.1 billion last year,”
That means there’s never been a better time to launch a business, especially if you use sustainable, ethical, green or organic ingredients or operate from a holistic philosophy.
It’s also easier than ever to sell your products online or create an online store which showcases the best in independent brands.
Business and Finance
Consumers are becoming savvier about finance and investing and aren’t willing to pay bankers huge sums in commissions and fees.
Teamed with the advances in technology, we’re seeing huge growth in Fintech companies. The London Stock Exchange estimate this could be as much as 88% between 2018 and 2020.
Because of the sudden high demand, there’s a great need for independent businesses and freelancers to fill the slots and provide consumers with what they need.
Digital currencies
Although cryptocurrencies like Bitcoin, Ethereum and Ripple got off to a shaky start, people are starting to accept and use these currencies more widely.
There are also a variety of new payment processors that allow these currencies to be used more easily. This means there’s a huge potential in the industry for the future, with a variety of new business models and industry norms expected to emerge.
Real estate
With a forecasted growth of 106% between 2016-2026 and a stock market 10-year gain of 56%, real estate businesses continue to be on the up.
Opportunities are there for those looking to invest and grow a business through a portfolio of properties, ‘flip’ properties for profit, launch as an independent estate agent or to provide holiday lettings through online platforms such as Airbnb.
What makes this industry so exciting is that there is something that can suit most people’s starting budgets, level of risk they feel comfortable with and even time they have available.
Home maintenance
Perhaps the biggest surprise on this list is the home maintenance business.
This is a more traditional industry that has been largely forgotten by school leavers and university graduates in favour of more service-based or digital jobs.
At least for the next few decades, people will continue to need plumbers, electricians, painters and decorators and so on.
This means there’s a huge gap in the market that you could potentially fill by starting a business. These trades and professions are also paid very handsomely for their skills and time, making this a business very much worth considering.
Audio & visual services
If you haven’t noticed by now, the world is awash with YouTube videos, podcasts and other forms of audio and visual media that have been created as part of a digital marketing strategy.
Most of the individuals and businesses who create these types of media aren’t keen on what goes on behind the scenes. They love shooting the video or recording the podcast but that’s where it ends. When it comes to editing, publishing, distribution and sponsorship, they start falling asleep.
This leaves a fabulous opportunity for the digitally minded to create a strong business that can grow as the demand increases and bring in more than just a small income on the side.
According to New Forecasts from AVIXA, the global Pro-AV industry is predicted to reach $325 Billion in 2024, making it a strong, recession-proof industry for the future.
To quickly wrap things up here, remember that in-depth research plays a huge part in creating a sustainable business with huge potential for growth.
Consider whether one of the industries we’ve suggested here could be the right fit for you, or do your own research to find out which markets are desperate for the unique skills and experience you have to offer.
This article was originally published in our January 2020 Print Magazine Issue.
