9 Simple Business Ideas you can start now!
According to theย Office of National Statistics, self-employment is in high demand and increased to 4.93 million self-employed individuals in the first quarter of 2019. The demand is there due to a large pool of business ideas out there that are waiting to be implemented,ย the flexibility and freedom of working as your own boss, and the sense of working towards a brighter future. Therefore, more and more people are becoming self-employed, and many businesses are emerging in the market every year.ย
How do I come up with a Business Idea?
Before you even start looking at business ideas, you should look at strategies to find a good business idea; we have summarised quick steps as a starting point:
- Identify day-to-day problems for which there is no solution.
- Find niches which are picking momentum.
- Identify products which can be made better or cheaper.
- Find a better way of providing a service.
- Focus on innovations that seem too good to be true.
- Look at trends in the market using tools like Google Trends.
If you are thinking about starting a business and do not know what to do, these simple 9 business ideas that can be started immediately will get your juices flowing:
1. Bookkeeping Services
This business idea is good if you are from an accounting background, you should try working as a freelance bookkeeper and provide bookkeeping services to accountants, accounting firms or businesses directly.
Typical bookkeeping services require the recording of all the financial transactions incurred within a company, organizing and storing these, which are then used to prepare accounts and submit other compliance documents.
The unprecedented increase in the number of startups in the UK has increased the competition and as a result, small businesses find it very hard to keep up with their bookkeeping, due to lack of time. By taking on this opportunity, you can make a good sum of money by providing high-quality bookkeeping services to a number of businesses.
We have curated a guide to help users understand the role of an accountant, how to find one, how to become one, and many other important questions answered.
2. Software and Mobile App Development
Tech giants like Amazon, Facebook and Twitter began their journey by developing a simple application which evolved over time with more features and functionalities, leading them to become market leaders.
Keeping such success stories in mind, more companies are now increasingly shifting their attention towards developing mobile apps as a business model, as more and more users are moving from desktops to their smartphones. It is projected that by 2020, there will be around 2.87 billion smartphone users around the world. Business ideas around a similar model would be worth pursuing.
With such a huge increase in the number of mobile users, it would be wise to pay more attention to developing mobile applications that best serve the needs of a user or an organisation. There are a number of companies which will help you create mobile apps with a simple drag and drop methodology, without any development experience as such.
3. Social Media Consultancy
The internet landscape is changing. Businesses are gradually realizing the importance and impact of social media in the business world. This has resulted in companies hiring specialists who can help them establish their brand in the digital market through effective use of social media, which makes this a very in-demand business idea to pursue.
Companies are looking for extremely creative and tech-savvy individuals who also have the capability to easily engage their target audience.
Not only businesses such as retailers, lawyers or accountants but even politicians these days are on the lookout for good social media consultants to improve their presence online.
It is advisable that you go for niche social media consulting, that is if you have expertise in handling a certain social media platform or a specific industry.
As 2019 approaches an end, social media consulting has increasingly improved its popularity among young self-employed individuals, and it is expected that by 2020, social media consultancy will definitely be one of the hottest business options to pursue.
4. Declutterer
The concept of minimalism is becoming increasingly popular and a number of people have already started embracing and implementing this concept in their lives. They want to downsize and get rid of all their extra possessions to improve control over their lives.
If you are someone who loves order, you can capitalize on this opportunity by providing services to those individuals who are desperately trying to get rid of their possessions in a structured and planned way to help them create more space and reduce the clutter in their lives, to become more productive and relaxed. You can make good money by helping your clients develop a method through which they can practice minimalism and help them create order from their chaos.
5. Content Marketing for Small Businesses
The dynamics of marketing have changed over the last decade with content marketing as the key component of digital marketing strategy. Businesses use expertly written content to showcase their expertise and skills within the industry.
This brings about the opportunity to earn money by helping businesses generate leads and improve brand image through expert content in the form of articles, images, videos etc.ย
Every business, big or small, has some kind of online presence which has resulted in a high amount of competition within digital marketing. If you do decide to pursue this idea, make sure to hire an expert digital marketing accountant, due to the nature of the industry and the requirements you might have.
6. Online Store
One of the leading online business ideas that has taken the market by storm. Every day a new internet business opens shop, some of which are e-commerce sellers. This is due to the ease with which one can start an online shop. All you need are products to sell and an online shop which can be built using ready-made tools like Shopify or using platforms such as Amazon or eBay.
If you have products to sell and are hesitating to sell online because you cannot decide between selling online or on the high street, you need to understand that online businesses are performing far better than struggling high street retailers. Just make sure you decide if you should sell as a self-employed individual or as a limited company based on business risk and liability.
7. Cryptocurrencies and Coin Mining
Cryptocurrency is one of the many products of the blockchain system that has become a popular phenomenon across the globe. Bitcoin is one example of such a cryptocurrency since bitcoin came into the market in 2009, a number of crypto traders have earned millions.
Cryptocurrency trading is a booming business and might be a good option to consider if you have the basic know-how. Read more about crypto basics.
8. Affiliate Marketing
Affiliate marketing is one of the simple business ideas and quite straightforward to implement if you have the skills and patience. The idea is simple: you get a commission for marketing another person’s business. The way the process works is by spreading the responsibility of marketing a product to individuals who are better suited to doing this while offering them a piece of the profit share for every sale they are able to make successfully. The way affiliates get paid can depend on a number of factors, such as:
- Getting paid per sale
- Getting paid per lead
- Getting paid per click
In short, affiliate marketing is a good way to build a passive income, increase revenue channels or have a flexible way of making money.
9. Fintech
The idea of using technology in the financial industry is referred to as the Fintech industry. Businesses have grown rapidly by introducing new Fintech products such as Stripe, PayPal, Coinbase, Xero, etc. Fintech companies leverage the use of technology such as Artificial intelligence, blockchain, et,c to make the traditional financial process faster and even more efficient.
If you are an individual who understands technology and the financial industry, it might be an idea for you to dip your feet in the world of Fintech.
Whatever business you start, make sure you understand the process and do it properly, our guide to starting a business can help you understand the basics of starting a business and where you need begin.
Clear House Accountants are specialist Accountants providing services in London who have trained their specialist tax accountants to be able to help our clients to save tax and improve profit.ย
