- The instability from Brexit and COVID-19 has changed the market and affected business strategies significantly
- The number of financial advisors grew by 8% between 2016 and 2019 to 27,557, and firms from 5218 to 5236
- According to AgeUK, there are currently 12 million people, or 18% of the population, aged 65+ in the UK. This is expected to grow to 25% by 2030
- Recent economic shifts is placing never seen before demands on the warehousing industry
The United Kingdom is witnessing an unprecedented time for entrepreneurs. The instability from Brexit and COVID-19 has changed the market and affected business strategies significantly. If you are someone looking to start a new business, you need to consider various new factors. Here are some top business ideas that you can start in the UK for 2021.
1. BREXIT consultancy
The UK’s exit from the EU has caused significant uncertainty across industries in both the UK and Europe. People will have to adapt to the business and regulatory changes that Brexit will bring. If you have good business sense and know how policy shifts will affect the market, helping companies transition through these changes could be the best idea. Government policy shifts will affect local and international business operations in the UK. You can make a fortune while helping people adapt to these changes.
2. Personal finance management service
Personal financing and budget management is a rapidly growing business in the UK. There is a growing demand for companies offering financing solutions as well as independent advisors. The number of financial advisors grew by 8% between 2016 and 2019 to 27,557, and firms from 5218 to 5236. This is just one aspect of the industry, but there are also finance traders, investors, asset managers, analysts, and managers. If you have the relevant finance and accounting skills, you can profit as an independent advisor.
3. Senior living services
The United Kingdom is dealing with the issue of a rapidly growing senior citizen population. According to AgeUK, there are currently 12 million people, or 18% of the population, aged 65+ in the UK. This is expected to grow to 25% by 2030. As more and more people live longer and grow old, they will need products and services. Offering affordable old-age services will be a very profitable business to start. Why not be an early adopter of this trend.
4. International trade consultancy services
Brexit has affected import and export trade policies in the UK. It has brought significant problems for traders in the country. Many people involved in the trading industry find it challenging to comprehend the effects of Brexit changes. Providing easy and affordable trade solutions amidst this transition can be a brilliant business idea.
5. Storage and warehouse company
According to the UK Warehousing Association report, recent economic shifts towards omnichannel retailing, growth in manufacturing especially the automotive sector, and grocers focusing on convenience food retail in urban areas is placing never seen before demands on the warehousing industry. It’s increasing order volumes, patterns, delivery speeds and narrowing margins meaning that warehouse and storage space is being used faster and more efficiently. That is why the industry has grown massively by 7.6% annually between 2015 to 2020 and will continue growing. Providing affordable warehouse services to these business owners can be a perfect opportunity for people looking to get into the storage business.
6. Multi-language transcription service
Europe is full of people speaking different languages. Even after Brexit, there will be a lot of interaction between the UK and the rest of Europe. For businesses, it can become difficult to interact with clients across borders. You can start an online company providing translation and transcription services. This is relatively cheap to set up and run. There are also many avenues to offer these services, including to private students, universities, companies, government, courts, events, and online marketers or content providers.
7. Travelling consulting service
The Brexit deal will also see many changes in the way people travel in and out of the UK. Especially because of the complexities associated with the issue of the Ireland backstop, travelling across borders will become a problem. Providing solutions to travellers will be a profitable business. Partnering with flight and hotel agencies to offer better deals will also help to attract more customers.
8. Legal consultation service
Another huge problem that businesses and individuals will face post-Brexit will be dealing with legal intricacies. Even the smallest of changes in legal policies can sometimes have pivotal consequences on economic activities. Brexit will bring in many changes in UK legal policies. Acritas UK Legal Market report shows that industry revenues have been growing since 2018. So too has competition from US law firms and alternative legal service providers. Offering legal help is a business destined to boom in the post-Brexit era.
9. Employment ad recruitment specialist
Changing laws and technological advancements in robotic machinery, IT, and Artificial Intelligence (AI), is altering jobs. Both employers and job seekers will look for new possibilities. Once workers return to offices and businesses open without a lockdown, there will be a boom in new jobs and demand for workers. This provides a great business opportunity for people interested in employment and recruitment services to take advantage of the pandemic and startup now.
10. Relocation solutions
Many companies are looking to relocate their offices outside the UK due to Brexit. EY Financial Services Brexit Tracker says that since 2016, 40% (88 out of 222) firms monitored by the tracker, have confirmed at least one location in Europe where they are considering moving operations or staff. This is opening new opportunities for entrepreneurs in Human Resources relocation industry. Providing relocation services to these companies is a business worth investing within.