5 Business Ideas for Entrepreneurs in 2020
With Prime Minister Boris Johnson announcing a £5bn ‘new deal’ for infrastructure and construction across the UK, combined with the tentative easing of lockdown restrictions, the cogs of the economy are once again starting to move. However, for many this remains an uncertain and difficult period. Whether you have been recently made redundant or remain furloughed, this has also been a time of reflection, with some reaching the conclusion it may be time for a change of career. Major shifts in consumer behaviour create opportunities as well as challenges, so we present five potential business ideas to get your dreams off the ground.
- Try your hand at gardening: with summer in full swing and many gardens having not been tidied for months over the lockdown period, demand may outstrip supply. While there are no formal qualifications required to be a gardener, for those without experience it may be useful to take courses offered by the Royal Horticultural Society. If you are intending to use chainsaws, pesticides, or carry waste you will however need to gain the relevant accreditations. The major costs for set up include a suitable vehicle, a range of tools depending on the job types you are intending to accept, and importantly: suitable insurance to cover any damage liabilities during the course of business. The cost of tools should be in the region of £1500 for basics such as strimmers, lawnmowers, wheelbarrows, and other items.
- Consider construction or scaffolding: just as with gardening, everything from small scale home improvement projects to large scale construction works have been potentially delayed by COVID-19 and its impact. As Britain is already struggling to meet the demand for new homes, coupled with potential governmental investment this may be a great time to get into building or scaffolding. The Prime Minister has outlined his recovery effort by stating he plans to ‘build, build, build’. Creating a successful construction firm will require a sound understanding of Health and Safety, the Construction Industry Scheme, and building regulations. Initial set up costs can be less than you expected, depending on the types of work you are intending to accept.
- Distribution and delivery: from global brands to local businesses, with more and more customers wanting to order online and have the products delivered to their door, delivery and distribution are now in the spotlight as never before. From food to furniture, COVID-19 has revolutionised the way consumers shop. Distinguishing your business by specialising in a certain area of delivery, for example fragile goods, temperature sensitive loads, or medical items could differentiate you from the competition. It may be an idea to start small and see if you can assist local businesses, many of whom have only recently started to offer deliveries.
- Create something artisan: from jewellery to cheese making, there has been explosion of demand for hand crafted, artisan products turned out by small businesses with limited batch runs. These enterprises can have a physical presence such as bakeries, farm shops and market stalls, or they could be entirely based in your existing premises. With the rise of sites such as Etsy and Not on the High Street, reaching potential customers has never been easier. These channels can be supplemented by integrating e-commerce into your company website, meaning customers can buy directly from you, and your fees paid on transactions will be much lower than many major platforms such as PayPal. If you need advice on how to take your business online, read our guide on it here
- Consider opening an off licence: with an increasing number of Britons choosing to drink at home, combined with the uncertain future of the hospitality industry, off licences have seen an increase in trade as people shop more locally. Many off licences have also expanded their potential catchment area by offering delivery, using platforms such as UberEATS or running sales through their own websites. Though competition from supermarkets is definitely something to factor in, off licences in prime locations can prove to be a profitable and rewarding endeavour. You can also stand out from potential competitors by focusing on a particular niche, possibly high-end wines or catering to the increasing demand for IPAs, micro brewed, and premium beers.
Whatever business you choose to pursue, 2020 presents unique challenges. For many, the barrier to starting a business is the initial set up money. For those who do have the capital the first few months of business can be make or break. At UTP we aim to offer the lowest possible transaction rates whether you are taking card payments, or utilising e-Commerce via your website. We believe that every business deserves the chance to succeed and grow, and they should not be bogged down in unnecessary expense and poor customer services. Get in touch to find out more.
