The world of business has changed greatly over the last decade, especially in the last four years. It’s estimated that there are over five and a half million independent business in the UK, a leap of over two million in just two decades. There’s never been a better time to start your own business.
1. Dropshipping
Dropshipping involves selling products without keeping them in stock. You act as a middleman, forwarding customer orders to a supplier who then ships the product directly to the customer. Since you won’t have any overhead costs for storage or stocking up on inventory, it’s can be an easy and cost-effective business venture to launch.
- Risks: High competition, reliance on third-party suppliers, potential for shipping delays or quality issues, and thin profit margins.
- Tips: Choose a niche, research suppliers, and focus on marketing to reach your target audience.
2. Print on demand
Got a merch idea you want to sell but don’t want to keep inventory or printing machines? Print on Demand (POD) allows you to create custom merchandise without dealing with inventory or manufacturing. That means you can outsource the hard part to another company whilst retaining the creative side.
- Risks: Quality control challenges, dependency on a third-party for printing and shipping, and potential copyright or design infringement issues.
- Tips: Create unique and appealing designs, and choose a reliable POD provider.
3. Website flipping
The art of “flipping” is the practice of purchasing an existing product (in this example a website), improving it, and then selling it on for a profit. If you’ve got the skills, this can become an incredibly successful business, and one you can do from anywhere in the world.
- Risks: Requires significant skills in website development, market volatility, potential legal issues with content ownership, and unpredictable market demand.
- Tips: Identify undervalued websites, enhance their design and content, and sell them on platforms like Flippa.
4. Dog walking
It’s estimated that in the UK alone, over 33% of households own dogs. Starting a dog walking business means you’re able to make your own hours, stay fit and make money without the need for traditional expenses such as property overheads.
- Risks: Seasonal demand, potential liability for pet injuries or incidents, and reliance on a local customer base.
- Tips: Build a good rapport with clients, set competitive prices, and consider offering additional pet services.
5. Pet sitting
Likewise, pet sitting can be a fantastic business as plenty of pet owners need someone to take care of their furry friends whilst they’re at work, school or even travelling. It can include feeding, walking, and providing companionship.
- Risks: Reliance on the trustworthiness of pet owners, potential for unforeseen pet health issues, and the need for flexible schedules.
- Tips: Establish trust with pet owners, offer personalised services, and consider additional services like house sitting.
6. Virtual assistant
A virtual assistant is someone who offers assistance, help and guidance to a person or business remotely. This can come in handy for offices that need help being run, managers that need somebody to do simple tasks for them or simply busy people that need an extra hand (or two).
- Risks: Intense competition, dependence on technology, potential for miscommunication, and the need to continually upgrade skills.
- Tips: Develop organisational and communication skills, market yourself effectively, and specialise in a niche.
7. Personal shopper
Got a sense for fashion? Not everyone does. Offering your services as a personal shopper helps busy people, those with events coming up that require a special outfit, or simply those people who aren’t sure what they should be buying.
- Risks: Subject to fashion trends, dependency on discretionary spending, and the need for strong networking to build a client base.
- Tips: Stay updated on fashion trends, build a strong network, and provide personalised shopping experiences.
8. Online tutor
Got a skill you’d love to teach? Whether it’s languages, coding, piano, or acting, everyone can better themselves by learning a new skill or improving one they already have. Take advantage of this and help people by becoming an online tutor from the comfort of your own home.
- Risks: Intense competition, potential for unreliable internet connections, and varying demand based on subject and location.
- Tips: Choose a subject you’re passionate about, create engaging lessons, and use online platforms to connect with students.
9. Web design and development
In the modern world, everyone needs websites, but not everyone knows how to build them. Offering web design services for small businesses and freelancers is a great way to get started.
- Risks: High competition, rapid technological changes, client satisfaction challenges, and potential legal issues.
- Tips: Stay updated on design trends, showcase a strong portfolio, and market your services effectively.
10. Rent a room
Got a spare room you’re not using? In the lead-up to major events, if you’re close to an arena, stadium, or festival grounds, you can make serious money renting out spare rooms. This can be done all year round regardless of events and become a real source of income if you have additional space to rent out.
- Risks: Seasonal demand, property damage risks, and the need to comply with local regulations and taxes.
- Tips: Advertise on platforms like Airbnb, provide a comfortable space, and offer competitive pricing.
11. Event planner
Got a sense for managing people and tasks? Event planning is a lot more complex than it looks, but if you’ve got the skills, you can turn your hand to parties, weddings, conferences, and more.
- Risks: High stress levels, dependency on client budgets and preferences, and potential for unforeseen issues during events.
- Tips: Develop strong organizational and communication skills, network with vendors, and stay updated on event trends.
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12. Social media manager
Social Media is essential in the 21st century, but not everyone understands it. As a social media manager, you help businesses grow their online presence by creating and managing content on social media platforms. It also means you can work from anywhere in the world, whilst helping businesses grow in the digital age.
- Risks: Rapid platform changes, managing client expectations, and potential for negative online feedback.
- Tips: Stay informed about social media trends, develop a content strategy, and engage with the target audience.
13. Personal trainer
Into fitness? Think you could be an inspiration to others? Many gyms now allow freelance personal trainers to pick and choose their hours, meaning you can work as many or as few hours as you want. You could also create and program workouts/meal plans digitally, meaning you can grow your client base globally as well as locally.
- Risks: Intense competition, dependency on clients’ commitment, and potential liability for client injuries.
- Tips: Obtain relevant certifications, specialise in a niche, and market your services through online and local channels.
14. Subscription box service
Subscription Boxes are booming in the digital age. It’s become simple for people to pay a monthly fee and have a company send them everything they need. Figure out your niche, come up with a variety of products that work together and get marketing.
- Risks: Sourcing challenges, subscription fatigue among customers, and high initial marketing costs.
- Tips: Choose a niche, source high-quality products, and focus on creating a memorable unboxing experience.
15. Food delivery services
Got a car, moped or even a bicycle? Food delivery services are one of the fastest-growing gig industries in the 21st century. All you need is a smartphone and a mode of transport and you can create your own schedule.
- Risks: Wear and tear on personal vehicles, reliance on app-based platforms, and potential for unpredictable income.
- Tips: Partner with local restaurants, provide excellent customer service, and optimise your delivery routes.
16. AI services
AI is developing at a breakneck speed, and it’s worth getting ahead of the curve. Explore the field of AI services, offering solutions like AI-generated art, writing, coding, or other applications.
- Risks: Rapid technological changes, ethical considerations, and potential for market saturation.
- Tips: Stay informed about AI advancements, specialise in a specific area, and showcase your expertise.
17. Affiliate marketing
Affiliate marketing is the act of advertising another business goods, usually with a code or link. Every time the code or link is used, you receive a small payment. If you put the time in, affiliate marketing can become a serious method of passive income.
- Risks: Dependency on third-party policies, fluctuating commission rates, and the need for ethical and transparent promotion.
- Tips: Choose products relevant to your audience, disclose affiliate relationships transparently, and focus on building trust with your audience.
18. Become a Cleaner
Enjoy cleaning and love to stay fit? Everyone needs cleaners. Whether it’s homes or business premises, you can run your business from wherever you like.
- Risks: Physical demands, potential for chemical exposure, and the need for reliable transportation.
- Tips: Advertise locally, provide reliable and thorough cleaning services, and build a positive reputation.
19. Babysitting
Busy parents need their children looking after. Get yourself a DBS check and start advertising locally.
- Risks: Reliance on trust, potential for emergencies, and the need for background checks.
- Tips: Build trust with parents, obtain necessary certifications, and create a safe and engaging environment for children.
20. Become an influencer
A dab hand at social media? Grow your audience and companies will pay you to advertise their products.
- Risks: Dependence on platform algorithms, potential for burnout, and the need to balance authenticity with brand partnerships.
- Tips: Choose a niche, engage with your audience authentically, and focus on creating quality content.
21. Create a newsletter
Well versed in a topic or industry niche? Launching a newsletter allows you to offer premium tiers or even add affiliate links to monetise it.
- Risks: Building a subscriber base can be challenging, maintaining consistent content quality, and potential for low open rates.
- Tips: Identify a niche, consistently provide valuable content, engage with your subscribers, and consider offering exclusive content for premium subscribers.
22. Launch your own book
Got a story or lesson to tell? Write a book and you can even publish it independently, meaning you receive every penny from its sales.
- Risks: Requires significant time and effort, uncertain market reception, and challenges in book marketing and distribution.
- Tips: Research your target audience, invest in professional editing and cover design, leverage social media for promotion, and consider self-publishing platforms.
23. Data entry
Data entry is a must for most businesses, but a lot of smaller companies don’t have the time to do the admin side of it. If you’re handy with programs like Excel, offer your services to companies who need them.
- Risks: Monotonous work, potential for errors, and competition from automated data entry tools.
- Tips: Develop expertise in data entry software, ensure accuracy and attention to detail, market your services on freelancing platforms, and consider specialising in a specific industry.
24. Sell digital products
Software, e-books, 1-1 lessons, website templates or custom fonts. Find out what people need and sell it digitally.
Risks: Intellectual property concerns, competition, and the need for effective digital marketing.
Tips: Understand your target market, create high-quality products, invest in effective digital marketing, and explore multiple sales channels.
