8 ideas for starting your own small business

According to an article by startups.co.uk, the UK small business landscape is still flourishing. Moreover, the research that was produced for our recent Insurance Spotlight Report showed that self-employment has increased from 3.3 million to 4.8 million over the last sixteen years. With more and more people becoming their own boss, here is some inspiration if you are thinking of starting your own small business:

1. Veganism

According to the Economist, 2019 will be the year of the vegan. It certainly started that way with Greggs vegan sausage roll campaign going viral at the beginning of the year and providing a huge boost to their sales, which was cleverly timed to coincide with Veganuary. The business of providing vegan meals is also going mainstream, with the likes of McDonald’s also cashing in on this trend. If you are thinking of starting your own business, there are plenty of opportunities for new businesses to capitalise on some less-exploited areas of this trend.

2. Alternatives to plastic

The need to reduce our reliance on single-use plastics has come to the attention of the nation in a big way in the last couple of years, largely thanks to David Attenborough’s series Blue Planet II. There are definitely business opportunities to develop alternatives – such as Ooho’s edible water bottle, Bioglitter, plastic-free chewing gum and bamboo toothbrushes and razers.

3. Online coaching and consultancy

A report from startups.co.uk shows a rise in demand in the UK for online, on-demand services. They also predict that 2019 will see an increase in consumers using the internet for traditional face-to-face services, not previously accessed online, such as doctor’s appointments, sports coaching and even divorce proceedings. There are plenty of possibilities in this area to become a freelance consultant or coach, offering an online alternative to these offline processes.

4. Luxury pet care

Pet care remains big business with 45% of UK households owning a pet and over £4.6bn spent on our pets in 2017*. We have seen the success of businesses such as BorrowMyDoggy and online, “custom-blended” pet food providers. With a driving demand for added-value products, often mirroring mainstream human healthcare and beauty trends, alternative therapies for our furry friends and luxury pet care are set to make it big in 2019, so why not cash in on this trend?

5. Lifestyle business

First it was hygge, then it was lagom and now we are getting passionate about Kintsugi! If you have no idea what these are, it’s time to research lifestyle trends which are a great place to look for inspiration for starting a small business.

6. Cake/Baking

Britain has gone bonkers for all things cakes and baking since the success of The Great British Bake Off. It is estimated that the programme has led to a 20% surge in independent UK bakeries. The trend is still going strong and providing openings for the budding entrepreneur. Perhaps vegan cakes would be an interesting area?

7. Gin and tonic

We love our gin and tonic in the UK and there has been a huge growth in craft gins of all types and flavours (including a very popular non-alcoholic version) in recent years. According to Kantar, 1.5m more UK adults are drinking gin than 4 years ago. In turn, this has sparked an uplift in demand for quality tonic water. Although there are signs that this category may now be reaching saturation point in the UK, there are still opportunities for a clever business idea, especially if you can find a niche with a more global reach.

8. Alternative fitness

Fancy a fitness class that connects mind, body and spirit or a running group that also tries to help the local community or offers speed-dating on the side?! These are some of the new exercise trends for 2019. Finding a niche in this area or offering something different to the traditional could be a great little earner for a small business.

Whichever direction you decide to take with your small business, make sure you get the right insurance advice from one of our business insurance experts. Give them a call today.

Sources: startups.co.uk, Kantar, *Mintel