Before the referendum, all predictors seemed to have the same opinion that, thanks to Brexit, Britain was headed for an economic apocalypse. The uncertainties and scaremongering seemed to skyrocket and businesses and entrepreneurs were even more hesitant to explore opportunities. In the months after, however, even with the potential future uncertainty, the start-up community is booming and many Brits are seizing the opportunity to create new businesses, abandon their daily jobs and explore entrepreneurship.
People have come to the realization that the basic steps involved in creating a business has not really changed and even with the predicted impact of Brexit on funding small businesses, Banks will continue to back propositions that seem solid. Here are a few business ideas that changed the market scene after Brexit.
Brexit Consultancy Services
The impact of the UK leaving the EU is likely to stretch out over years. While UK businesses were still unsure of what measures to put in place to appropriately cater to Brexit, the management consultancy sector came up with Brexit consultancy services to bridge this gap. Both the sectors providing financial services and the public sector need consultants to navigate Brexit successfully. A survey of companies that use consultants revealed that 24% already had to increase their use of consultancy services as a result of Brexit.
While businesses can only hope to respond to situations as they unfold, having the services of an expert on Brexit to help them deal with incoming legislation and bureaucracy will give them the upper hand against revenue loss and any arising legal issues.
Insurance technology is one of the latest technology branches which is related to insurance as you can easily guess from its name. Insurtech creates insurance as an in on-demand mobile services that enable customers to easily buy their insurance from their mobile phone with the push of a button.
Insurtech has developed rapidly in the post Brexit economy and recent skyrocketing of investments in insurtech has caused such a disruption that only insurers and brokers that embrace the new technologies are expected to evolve and thrive.
Property technology is an emerging trend in the property market, using technology to upgrade and reform or completely redefine the services involved in the buying and selling of property. Despite the slump in the UK national housing market, which could be blamed on the uncertainties and increase in stamp-duty post Brexit, proptech start-ups are making waves in the business community.
Two proptech start-ups were named in WIRED’s top 10 hottest start-ups in London this 2017. Proptech has been defined as some as “a silver lining” of Brexit, due to its ability to make the processes involved in the traditional property market more efficient, less costly and redundant. Proptech startups help speed up mortgage applications, as well as sale of property. Owners also get a fair price for their property due to their increased efficiency in the sales process with the use of technology.
The Brexit impact on businesses has only made investors more cautious. More and more start-ups are taking advantage of a post Brexit UK to create their niche or improve upon existing services.