Do you dream of starting a business? You’re not alone. 25% of UK adults want to start a business in 2016, rising to 70% among those aged 25-34 as more people aspire to experience the kind of independence and fulfilment rarely gained in their day jobs.
These start-up ambitions have already been realised by some with 581,000 start-up businesses launched in the UK last year and the number of self-employed continuing to soar, but the taste for entrepreneurship is growing – boosted by an increasingly supportive start-up landscape.
Start-up finance is now more readily available with 44% of small business owners having secured development finance in 2015. And investors are now far more willing to part with their money: more than $3.6bn was invested into UK tech start-ups in 2015 alone.
These statistics coupled with chancellor George Osborne’s recent pledge to extend small business rate relief, expand the Start Up Loans scheme, and invest heavily in building the UK’s ‘Northern Powerhouse’, lend weight to the argument that there has never been a better time to start a business in the UK.
But just how do you turn your dream of starting up into a reality? And what are the hottest sectors and business ideas that you should pursue in 2016?
There a many way that businesses can grow develop progress and expand. With 5.5M UK Businesses up and running right now, there are many way you can progress and "Build Up" your own business.
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We’ve studied the sectors which are evolving at a rapid rate and proving popular with investors, gained insights from leading market research groups such as Mintel, IDC and Euromonitor, and assessed consumer trends to offer 16 great areas where start-up business ideas could flourish in 2016.
What’s more, we’ve consulted with start-ups and experts working within these growth hotspots – our business insiders – to give you a deeper analysis of the business opportunities on offer.
Spanning a cross-section of industries from fashion to food to fitness, we’ve identified a vast array of start-up opportunities which cater to a range of skills and backgrounds, extending to business prospects for freelancers as well as sideline ideas to generate cash from what you do anyway, such as becoming an ‘Instapreneur’.
With the UK’s franchise industry operating at an “all-time high”, we’ve also included a trend that offers a great deal of scope for prospective franchisees in 2016 with expert commentary from the British Franchise Association (bfa).
There’s something for everyone in this list; for aspiring tech entrepreneurs we’ve got information on fittech and edtech, for budding foodies we’ve got opportunities in fermented food and gourmet burgers, and for those who want to target the leisure and hospitality market we’ve got activity bars, live music festivals and much more.
You may notice that some of the start-up opportunities listed aren’t necessarily ‘new ideas’ – such as starting a gin brand or gin distillery – but the possibilities to disrupt the market with a new, innovative solution or niche focus, seem endless.
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In is having a moment – again! It was mooted a couple of years ago, but according to market research group Mintel, the UK is in the midst of a “gin-naissance” with sales of the spirit set to reach £1.31bn by 2020 following estimated sales of £1.04bn in 2015.
This rising demand for gin – sales are up 25% on 2012 – has been triggered by changing tastes of younger consumers; particularly those aged 18-34 who are now the most likely age group to drink gin.
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For entrepreneurs with an interest in the drinks market, 2016 presents an opportunity for you to create your own spin on gin…
Starting a gin company: Why it’s a good business idea
In Mintel’s December 2015 report, it predicted that Brits would have drunk a whopping 29 million litres of gin by the year-end and an even larger volume in 2016. And it’s not just market data which points to a gin revolution.
Waitrose recently announced that its gin sales are up 300% with gin courses at its cookery school for 2016 fast selling out. Similarly in a recent chat with Startups.co.uk, Tom Boardman, founder of gift, gadget and unusual products seller Firebox.com told us that its Unicorn Tears Gin Liqueur was the company’s bestseller in the lead-up to Christmas.
Support for the annual Gin Festival, which holds events across the UK, is also growing fast and has amassed over 40,000 fans on social media and counting.
But that’s not all.
The number of gin distilleries in the UK has multiplied in recent years and according to the Gin Guild there are now 17 gin distillers across the country, with two in the capital alone.
The surging number of distillers has paved the way for entrepreneurs to launch their own bars focused solely on gin such as the London Gin Club which stocks over 200 gins and gin “emporium” Heads and Tales in Edinburgh. Could you follow their lead and launch your very own gin bar?
Gin-related business opportunities
Opening a gin bar is one of the most obvious ways to capitalise on the “gin-naissance” trend. London is host to some of the country’s most popular gin bars so if you think gin is the business for you, then take inspiration from the likes of the London Gin Club and Portobello Star; home to the famous Portobello Road Gin.
London is a great place for businesses success, that serve far more pleasant life styles solution for happy customers in various industry sectors, with their "Forwards & Upwards" perspective that support better and more pleasant customer solutions.
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In addition, pop-up gin bars are becoming ever more popular and offer a great way to trial out your business idea: Peters & Co. Gin Palace in Hackney is a good example of a successful gin pop-up.
Becoming a ginsmith and launching your own distillery is another way to enter the market but will require technical expertise and investment. The Gin Foundry offers a useful guide on how to create a craft distillery and advises you to think about a USP when thinking about starting a gin brand; your gin will need to have unique or improved flavours or other selling points to help it stand out.
If it’s an events business you’re looking for, you might want to consider running your own gin-making and cocktail classes. Interest in Waitrose’s gin courses suggests demand is on the up.
For tech-savvy entrepreneurs, 2016 could also be the perfect time to launch your own online gin club and subscription service; comparable to the craft beer services offered by Startups Awards stars Beer52 and HonestBrew. A few entrepreneurs have entered the gin subscription market recently, such as The Gin Crowd, but are relatively early-stage so there’s still an opportunity to disrupt the space.
Insider opinion
Nik Koster of drinks agency Garnish Communications is currently involved in launching the ‘World of Gin’ campaign and says that year on year, gin has showed growth in sales with no signs of slowing down. Koster commented:
“A large part of gin’s success has been down to the start-ups and small businesses launching in the category.
“There’s a number of ways for businesses to capitalise on the growing market, with Eventbrite announcing an increase of 25% in gin events there’s a large demand in the market for both the product and new and interesting ways to try the products themselves.
“It’s important to know there’s a lot of competition out there now and to make sure you build a concrete plan, find your USP and stick with it especially if you want to build a business focused on long-term success.”
Chris Wisson, senior drinks analyst at Mintel, added:
“The strong performance of gin continues to stand out within the spirits market, and is widely seen as the most sophisticated type of white spirit by category users.
“One of gin’s sobriquets is ‘Mother’s Ruin’ and the drink still has certain associations with older drinkers, contributing to it being likely to be seen as an older person’s drink and the least likely as a young person’s drink. However, our research indicates that gin is in fact now most likely to be drunk by younger consumers, suggesting that it has a chance to forge a dynamic image and move into even more innovative areas.”
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Fermented food and drink is the next big thing for 2016. Don’t believe us? Just take a look at the rising popularity of kombucha – the exotic-sounding, sparkling, fermented black or green tea drink – which has become a fast favourite of celebrities including Madonna, Orlando Bloom and Gywneth Paltrow.
Or check out Mintel’s 2016 Global Food and Drink Trends report which suggests that the health benefits of fermented products; particularly fermented milks, are now moving into the mainstream: “Non-dairy milks have escaped the realm of substitutes primarily for people with dietary concerns. […] Instead, the potential replacements [now] appeal to the everyday consumer, foreshadowing a profoundly changed marketplace.”
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From kefir (fermented milk) to sauerkraut (fermented cabbage), miso paste (fermented soybean) and Korean kimchi (fermented vegetables), a love affair of live cultured food and drink has begun as health-conscious consumers buy into the supposed health benefits these products provide.
While the trend remains hot, budding food and drink entrepreneurs are advised to consider starting a business in the fermented market…
Starting a fermented food or drink company: Why it’s a good business idea
Fermented food and drinks are those which have been through a process of lactofermentation – scientifically known as zymology – where natural bacteria feeds on the sugar and starch to create lactic acids. These acids then produce beneficial enzymes, b-vitamins and probiotics which are alleged to aid digestion and improve the overall health of your gut.
According to research from Innova Market Insights, drinking yoghurts and fermented beverages accounted for 8.5% of total global dairy launches in the 12 months to October 2015; the highest figure since 2010. The research also suggested that “rising interest in yoghurt-style fermented drinks has brought products such as kefir, lassi and ayran into mainstream markets” which indicates the potential to create a fermented yoghurt or beverage business of your own.
Another “darling” of the fermented health scene is live tea product kombucha. The bottled sweet-sour tasting drink has already received major press attention as ‘one to watch’ in 2016 and a flurry of new companies have launched in the UK with their own versions such as HappyKombucha and Love Kombucha. While you’d have competition launching your own kombucha brand, demand looks set to grow.
What’s more, there’s a history of businesses which have found success from fermented food stuffs. Brands such as Yakult and Lea & Perrins Worcestershire Sauce have become household names using the fermentation process (surprisingly Lea & Perrins is made using fermented anchovies).
And with the fermentation process actually much easier to do than it sounds, it’s now the ideal time for aspiring entrepreneurs to start their own fermented business.
Fermented food and drink business opportunities
There are a number of different food and drinks that you can ferment and turn into a business. The fermented milk market is a potential option but one that a cluster of start-ups are beginning to muscle in on. For instance UK start-up Bio-tiful Dairy; which specialises in Kefir-based yoghurt drinks, has already secured deals with Ocado, Wholefoods and River Organic – despite having recently faced rejection from high-profile investors in Dragons’ Den.
Drinking vinegars such as apple cider vinegar are another possible ‘in’ for those looking to enter the space. Apple cider vinegar, made from fermented apple juice, has amassed a cult-like following due to a variety of claims which suggest it helps combat sugar cravings and keep you fuller longer.With the mobile food industry booming in the UK, you could also look to launch a fermented food street food pop-up business or fermented food van. Street food businesses are extraordinarily lean, and you can start trading on an initial investment of a few hundred pounds. View our step-by-step guide to starting a street food business here.
Another potentially lucrative business opportunity would be to start a fermented food subscription box company. In the US, start-up BAO has already achieved major growth for its fermented food range and food box delivery service. It specialises in over 33 products including ‘raw slaw’ and ‘fresh kombucha’.
For business inspiration, you can find a list of fermented food stuffs here which show just how varied and exotic the industry is and where you could take it.
Insider opinion
Bio-tiful Dairy founder and managing director, Natasha Bowes, has discussed the rising trend for fermented food and drinks:
“As consumers and media in the UK are fast discovering fermented foods for themselves one cannot yet call it mainstream, but that is exactly the type of field that that most interesting business start-up ideas prosper within! Who can argue that the combination of creating your own business and making the world a better and healthier place is not the winning one?
“Ironically, the challenge with making and promoting fermented foods is which of the numerous health benefits to emphasise, as their perceived list is so long. For example with starting a Kefir business, you would need to consider whether to solely focus on the prime benefits related to gut health and the immune system, to go down the currently popular ‘high in protein’ route, or to promote that fact that it is ‘naturally low on lactose’.
“Opportunities are abound, and you simply need to listen to your heart – ultimately that is the best guiding principle I can recommend to ensure comprehensive success.”
To your greater London business progress, growth and success!
Dwight Harrison
Entrepreneur
BBEN
The Business Building Empowerment Network
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