With the regular cycle of economic growth coming up on the horizon, there has never been a better time to start up a business in the UK. With that in mind, remember that the most important factor of a successful business is the idea.
As prospective entrepreneurs and enterprising investors, your first priority is to select the best premise possible. There are a few ways to do this.
- Examine recent trends to figure out what ideas or start-ups have been performing well.
- Study current events to see what goods or services might be needed in the near future.
- Check if there is demand for a particular good or service that nobody else is fulfilling.
Even with all that in mind, there are so many different opportunities! Here are some ideas for a burgeoning entrepreneur to get started with:
An Online Retail Store
Currently, there is great demand for online goods and services. Apparel, tools and essentials are all being sold online in great volumes. Nearly 40% of all retail sales in the UK are made online – the highest of any country in the world. Despite that, there are many parts of the country where online services are not fully realized.
An Online Betting Platform
For about 47% of the UK’s adult population, betting or gambling is a regular thing. The gambling industry in the UK is currently worth more than £14 Billion. An online betting platform has a great deal of potential. Using a platform like NuxGame for betting products is an excellent, safe and reliable way of making returns on your investment, as it is one of the fastest-growing markets in the country.
A Construction Company
Building construction is one of the most profitable industries in the UK. According to statistics, various forms of construction and contracting brought in more than £50 Billion in profits in the last year. While the financial costs of investment are quite high, the rewards are suitably high. Thus, construction and contracting may be suitable for investors looking for high-risk-high-reward opportunities.
A Computer or IT Consultancy
Many other businesses and services are shifting online. In order to ensure that this transition is smooth, a multitude of IT consultants is necessary. At the moment, the demand for network administrators, specialists and other consultants is at an all-time high. In such an environment, investing in an IT consultancy could be an extremely smart move financially, as it can easily become a reliable source of long-term returns.
A Courier Delivery Service
Even when businesses and shops shift their operations online, goods still have to be physically transported. In fact, increasing digitalization has led to increased demand in services for delivering parcels and goods timely. With some wise financial investments, a courier service could easily become extremely widespread and profitable. There is a lot of potential for such a business to expand and gain major local and multinational corporations as clients.
A Tutoring or Coaching Service
Students of all ages feel the pressure of exams around the year. In order to supplement their learning at school, many students will look for tutoring or coaching services. If one invests carefully by deciding on a good location and tutor for a tutoring business, it can draw a large crowd. Word of mouth is particularly strong among this demographic, so the business could make a tidy profit even with minimal investment in marketing.
A Mobile Game Developer
More than a third of the global population plays mobile games. It accounts for about 50% of the video gaming market. The mobile gaming market in the UK recently passed £1 Billion in revenue. A well-designed mobile game can bring in massive amounts of revenue for a modest investment.
While developing a high-quality game can be expensive, there are many ways for mobile games to maximize profit, such as by using subscription models and micro transactions.
Right now would be a great time for an entrepreneur to invest in an up-and-coming business or start-up. Whether you decide to invest in an online betting platform using a provider like NuxGame, or build your own mobile gaming company from the ground up, or invest somewhere else, there is plenty of potential for profit!