Are you looking to start a new business in the UK but feeling stumped on where to start? The UK economy is going through some changes right now; however, on the whole, the UK economy grew by 4% in the UK in 2022, which followed an increase of 7.6% growth in 2021. What this means for new businesses is an opportunity for growth and success if you focus on the best-growing industries to invest in right now. You can start with these 4 ideas.
By Team Savant
Image: Oli Woodman
Opening a Laundrette
The average laundrette owner in the UK can earn anything from £100,00 to £249,000 on average. From offering different services, you can create thriving businesses from this simple household task.
You will need to make some initial investments, such as finding the right location and getting a commercial washing machine coin operated for ease of use and reducing the need for employees to take over, thus reducing expenses further. However, by and large, these operations can be run with little to no intervention aside from daily cleaning and maintenance, as well as opening and closing the business for customers.
Construction Companies
Construction will always be required regardless of the state of the economy. New homes will need to be built; homeowners will always need repairs and adjustments to their houses; commercial buildings will need to be erected, and so on. While many builders are reporting homeowners are delaying getting work done due to the rise in inflation, the construction industry as a whole is expected to make a 1% growth between now and 2026. This will primarily be in the home repairs and maintenance area than construction extensions or undertaking massive renovations; however, as the economy changes, you can expect this construction to bounce back.
Street Food Stalls
Street food is taking the UK by storm, and thanks to social media, small and up-and-coming food creators can share their goods and bring new and exciting foods onto the market. The advantage of having a food stall over a fixed location is that you can go where the customers are. From attending food markets, festivals, pop-up events and more, travelling your local area or the country to book in at popular events can help you to make a success of your food venture over opening a restaurant or premises that limits what you can do, and who you can serve on any given day.
Computer Repairs
As the world becomes more digital and more and more people rely on technology to get their work done and live their lives, so will the reliance on expert computer repair services. From upgrading software, fixing accidental damage or providing cleaning and maintenance tasks, computer repair services will always be in demand as people won't attempt this work themselves. You need a good amount of experience, knowledge, and ability to identify and diagnose common issues for both PC and gaming systems. However, for those with a talent for electronics, this is an excellent industry to get into.
The UK is a great place to start a business, and plenty of innovative ideas exist. From opening a laundrette to setting up a computer repair business, these ideas can help entrepreneurs make their business dreams a reality. With the proper research and planning, entrepreneurs can make the UK their business playground and unlock the profits and success of their own companies.