Best Type Of Small Business To Start - Do you want to start your own business in 2023? At Simply Business, we've dug into our customer data to discover the latest trends among small businesses and the self-employed.
What are the most popular new business ideas and how has the cost of living crisis affected these trends? From DJs to new independent coffee shops, here are our predictions for 2023.
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We've analyzed all the new Simply Business insurance policies introduced in 2021 and 2022 to find the fastest growing small business sectors.
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And a new wave of entrepreneurs appears to be emerging from a year dominated by the cost of living crisis.
Many professions, from security guards to DJs, are resurging as the country returns to events, live music and travel in the wake of the Covid-19 pandemic.
While many businesses are cutting contractors to save costs during the pandemic, the rise of self-employed project managers may be an indication of increased demand.
The increase may also be due to the change in attitudes towards work. Many project managers are now taking advantage of post-pandemic hybrid work and flexible working hours.
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As airports, nightclubs, and other industries that need trained security personnel are just starting to operate at full capacity, it's no wonder we'll see a 22 percent increase in security guards by 2022.
Learn more about starting a security company to learn the skills you'll need as a freelance security guard and the types of jobs you can do.
Thinking of turning your passion for music into a new business venture? A popular idea might be to become a disc jockey.
Nightclubs were among the hardest hit during the pandemic. But as the music entertainment industry recovers, more people are turning to DJing—in fact, our data shows that the number of DJs is up 18 percent in 2022.
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Events, parties and weddings last year had an uninterrupted time due to Covid restrictions, and this may go some way to explaining this surge in popularity.
From teaching dance to running a gift shop, the trend is likely to continue to pursue side jobs and creative passions.
If you are a trained dancer and looking for a natural hustle, why not start out as a professional dance teacher?
Our data shows that between 2021 and 2022, the number of self-employed dance instructors increased by 12 percent. You can join one of the many dance instructors and earn money from your hobby.
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Learn more about becoming a self-employed dance teacher, including practical guidance and marketing advice on your legal and tax responsibilities.
Entrepreneurs are clearly opening more gift shops, whether it's selling home crafts born out of a quarantine hobby or those looking for a long-term ambition to own a retail store.
Despite the challenging economic environment, we secured 21 percent more gift shops last year compared to 2021.
If you're entering retail, consider how other trends like sustainable fashion and homemade candles can complement your sales strategy. Or why not test the waters at an online store first?
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In the wake of the cost of living crisis, we have seen the rise of several small businesses on the high street.
Popular business ideas ranking in the top 10 fastest growing industries based on our new customer data include:
While the business sector faces repeated challenges, from supply chain issues to tool theft, some trades are on the rise:
Alan Thomas, CEO of Simply Business UK, commented: “Small businesses and the self-employed are vital to the UK economy and make up 99 per cent of all businesses in the UK - many of which have been hit by the cost of living crisis.
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"Thankfully, small business owners have shown resilience, innovation and creativity at every stage since the start of the 2020 pandemic.
"Simply put, our economy and communities need small businesses to recover, so it's encouraging to see a new wave of entrepreneurs seizing the opportunity to get started."
We're an animal-loving nation, and pet ownership only seems to be on the rise. If you want to capitalize on this trend with a new business, read our guide to working with animals for some ideas.
Starting a home bakery business was something that skyrocketed during and after the pandemic — in fact, it increased by 230 percent between 2019 and 2021, according to Simply Business research.
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Read our guide to starting a cakes and pastries business for the basic steps to follow. And follow the tips on how to get started from Butterwick Bakery:
The small profitable business ideas in this article are designed to inspire you. If you want to explore an idea, make sure you treat it like a business and do proper research and planning - writing a business plan is a great place to start.
Once you have decided on the type of business you want to start, it will need a name. If you're looking for small business name ideas, why not use our free Business Name Generator?
For more general data on business confidence and optimism, read our SME Insights Report and understand the challenges facing businesses.
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Methodology: Simply analyzed 196,271 new policies in 2021 and 179,832 new policies in 2022 to find the fastest growing industries. Data extracted in January 2022.
With Simply Business, you can create a unique self-employment insurance policy by combining the covers relevant to you. Whether it's public liability insurance, professional indemnity or anything else you need, we'll give you a quick quote online and let you decide if we're eligible.
We create this content for general informational purposes and should not be considered advice. Always seek professional advice. Read our full disclaimer
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