Each year, there will also be a new set of local business trends which will rise and fall. Of course, 2020 has been a very different year to any other we have experience, therefore it’s threw a few spanners in the works for business areas.
For example, weddings, events, occasions – anything centered around those industries have slowly declined. Saying that, any business based around working from home, remote life, staying indoors and online/video related have soared.
So where does this leave us for business inspiration for 2021? In a more positive light, it looks like the UK small business landscape is thriving, despite the strange year we’ve had. It’s just thriving in a different way. Every year, more people become their own boss than ever before, but it’s key to invest in the right type of business which has legs to grow in the next upcoming year.
Once you have decided upon your new business adventure, you need to think about how you are going to plan everything out and what that will mean in the coming years. The use of effective strategy execution management software will be highly beneficial in this regard as you navigate this next chapter.
For those who have been toying with launching their own business, joining up with friends or a business partner has also been a more common move, as it’s not as scary in a team than alone. For those starting a business with friends, its worth properly documenting the shareholding relationship with a shareholders agreement.
Alongside legal agreements, setting up a clean financial system from day one prevents major headaches later. Many new founders start with messy spreadsheets that quickly become hard to manage as transactions pile up. Investing in professional cleanup bookkeeping services helps establish a clear system for tracking income and expenses. This organization makes it much easier to monitor cash flow and prepare for tax season without stress. Having these records in order also gives partners a clear view of the business’s financial health.
Of course, none of the legal and financial side will mean anything unless you’re able to drive interest for your brand and generate sales. This requires the use of a business website and online shopfront which can be easily setup using resources like createwpsite.com, allowing you to have a professional looking site and store that highlights the quality of your business. Furthermore, having a dedicated storefront for your business allows people to research and purchase your products at any time, rather than just when you’re working. This can help you to tap into a wider market of people who might be looking for products or services like yours.
If you are currently running your own business aren’t too sure about it’s strength for 2021, or you’ve been considering setting up your own company for the following year, have a read on as we explore 6 key business areas due to grow in demand for 2021.
1. Plant-based and healthy eating delivery services
2021 has lead to an increase in people working from home, which has meant lunch sat at the kitchen table with a laptop in one hand, a homemade sandwich in the other.
However, before COVID hit, we saw a huge spike in veganism (and other plant-based diets) which truly went mainstream for 2020. Now that we’re all away from vegan cafes and healthy eating places on our commutes to work, it’s led us to try and bring that trend to our homes. But when juggling the WFH life, it’s not always that easy. If our partner wants to offer up a cheese and ham sandwich they happen to be making, it’s easier to just say yes.
This opens up scope for plant based, vegan and general healthy eating subscription services that deliver our dietary requirements to our homes. It could be a box of ingredients or simple to cook meals, or even ready made meals.
2. Plastic alternative businesses
The UK is finally making some waves when it comes to the war we are up against with single-use plastic. It’s took a while, but more people are conscious than ever before, and this leaves more scope for businesses that cater towards developing recyclable alternatives to plastic products.
It could be a range of reusable products, or a more app-based, tech-savvy approach. Either way, make sure your new business idea covers reducing plastic and considering the planet if you want to be a step ahead.
3. Holiday home and rental services
It’s just over 10 years since Airbnb was founded, and no one can deny the global success it holds. The holiday rental sharing economy has continued to grow and evolve, where people can choose a staycation that goes further than traditional hotels and holiday parks. Customers now have the freedom to explore a room in someone’s home, rent out their entire cottage, or use an apartment for the weekend.
Perhaps you always thought about buying a second property as a business purpose? Could you rent out your own home to become a holiday let, or, is it worth buying a new place and using it mainly for rentals and hosting guests? Could you do this in an area that would be popular to then have a tour business too, where you provide tours of an interesting location?
Whichever area you focus on, you’ll need to consider making online bookings super easy for your tours, activities, and rentals. It may be that finding software that allows you to manage your reservations, waivers, rental agreements, and renter insurance seamlessly is a sensible idea, especially if your business becomes a busy one.
We’re going to be turning into a nation who favour staycations over travelling abroad for at least the next year, so you’ll certainly be doing this at the right time. Of course, the first hurdle is affording a place which will become your holiday rental, so if funds are limited you will have to research into how to get a loan for your vacation rental first. Once the financial side has been worked out, it looks to be a very lucrative business venture.
Just ensure you do your research fully first. You’ll need to be in the right location, close to ammenties, have a purpose for people to choose your property, and of course make it worthwhile if you are buying. Making sure you have the right solicitors in place who know your area and act as experts always helps too, so for example, look for Manchester conveyancing solicitors who can help you with the whole process if buying in the Manchester area.
4. Bespoke beauty
During this tough year, one area that boomed was online beauty, due to the decline in people attending salons and clinics.
The investment in at-home beauty has seen a trend rise within bespoke beauty, where people need much more carefully thought out products that are suited to their exact skin type and tone. This opens up business opportunities for brands who can become more tailored and customisable for each individual.
The options are endless: custom shampoo and conditioner for your particular hair type, prescription skin deliveries on a monthly/ 6 monthly basis, at-home salon services which incorporates a treatment you can carry out yourself, etc etc. They say that the UK’s health and beauty industry could be set to be worth £27bn by 2022, so it’s a market well worth start-ups tapping into, especially with the current climate.
5. Macramé and houseplants
Interiors are also booming, with more of us staying in and people becoming prouder of their homes. If you’re looking for an interior or craft-based business idea, look no further than what you would be able to see around you in the home, and this includes houseplant services and macrame design.
Looking after houseplants has recently become a bigger trend than it’s ever been, as more and more people, particularly millennials, live without gardens. Plus, with the social media savvy world we live in, people are loving sharing photos and videos of their homes online, which is where having beautiful macramé plant hangers has become the perfect insta-worthy solution.
Could you potentially set up a houseplant delivery service? Explore how this could work in more depth to provide something unique for the nation…
6. Online coaching and consultancy
UK consumers are using online and demand services more than ever before, but there will a rise in those services that cater for our own wellbeing and mental health.
This also stretches to business goals, online business planning and our own career paths, which has lead for the need of online coaches, mentors and consultants.
Such businesses can also integrate an ad network for publishers to strategically place targeted ads on relevant websites, and by combining this with programmatic traffic solutions, they can increase exposure to potential clients who are actively searching for coaching or consultancy services.
For 2021, more people will be turning to the internet for zoom based coaching, whether it’s a life goals mentor, or someone to guide you through your business plans who has experience and knowledge of your industry. It could even be those skilled in mental health, who can act as online counsellors.
Remember that overall, 2021 will become more reliable on online opportunities, remote working and video technology, so do have a think if these aspects can come in line with your business ideas.
There are ample opportunities for entrepreneurs everywhere, it’s just about tapping into the right niche and making it work!
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