Three Profitable Industries for UK Startups

Whether you’re looking start a new career path or just for something on the side that’ll help you clear some of your debt, there are a multitude of options available to you. The trick to finding success is to enter a market that is capable of handling expansion. Here are three industries where a startup can set up quickly, cheaply, and start earning money fast.

E-Commerce

As more and more people become comfortable with technology, online spending continues to rise. This year, UK shoppers are estimated to spend almost £1,200 each on online shopping, representing an almost 10% increase on the previous year. One of the tricks to being successful in this market is finding your niche. E-commerce isn’t new anymore so it’s likely you’ll face competition in whatever field you target. You should try out each individual platforms to see which one has the audience that resonates best with your product. You might be surprised that it isn’t one of the larger sites, like eBay or Amazon, but actually a smaller, more targeted alternative like Etsy or eCRATER.

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Food and Catering

The food and catering industry is another popular trade for any entrepreneur looking to get started. While you might not be able to open a five-star restaurant over night, there are still plenty of options available to you. The UK’s street food market has seen a dramatic upturn over the past several years, and it’s a great way to showcase your creative side as well as make money. You also have the option of specialising in catering events like weddings or parties. This is appealing to many people because it’s something they can do as well as their normal job. What started off as a weekend side project could soon turn into a full-time operation though.

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Contracting

The recession brought with it a drought of work for contractors of all kinds, whether it be in construction, plumbing, or roofing. However, we’re now seeing a high demand for specialist contractors. You’ll need ensure that you are fully licensed and that you’ve taken out the right kind of insurance policies before you start taking on any projects though. Resources from Catlin offer more information on what you’ll need to know. Once everything’s up to code, you can expect a steady supply of work to be available to you.

All of these industries benefit from the fact they give those involved the opportunity to be creative. You can bring your own specific ideas and skill sets without the risk of alienating a small potential market.

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