Business ideas that are not yet in existence

While this is a sector where innovation is rife, there’s still ample opportunity to contribute. If you’re not in a position to invent materials and techniques that replace plastic or solve world food shortages, you can still start a business where the environment drives your business values and offering.

From a trends perspective, there’s even more focus on moving away from fossil fuels following the recent situation with Russian oil and gas. Prioritising our renewable energy supply to meet our energy demand – while simultaneously improving our energy efficiency – is a priority. Can you start your business ideation process with this context in mind, but focus on a specific area where you could make your mark e.g. ways to improve home insulation?

As our post-pandemic shopping habits become embedded in our day-to-day lives, British consumers are thinking and buying small when it comes to our communities and local areas. Many workers have continued to work from home, helping small local businesses gather momentum. Research from Deloitte states that 59% of consumers in Britain have bought from local shops and services more regularly in lockdowns. This trend is likely to continue.

With companies such as Deliveroo and Just Eat transforming the way many local restaurants and takeaways deliver to their customers, there are still areas where these companies don’t reach. Is there an opportunity here for you to transform the way your local community – particularly the elderly and vulnerable – receive their local essentials? You could do their shopping/run their errands and deliver direct to their door, in a similar vein to how many lower-risk residents collected and delivered prescriptions to vulnerable people during the pandemic. Is this behaviour a legacy we can establish for the greater good?

The maker movement is a cultural trend that places value on an individual’s ability to be a creator of things, as well as a consumer of things. Those who create things in this culture are called ‘makers’, who have diverse skill sets and interests. While they come from all walks of life, their common ground is creativity, an interest in design, and access to tools and raw materials that make production possible. Technology plays a big part in the growth of this movement, as it’s come a long way in offering digital fabrication tools that makers can buy and use from home, or communities can offer free access to via makerspaces. Laser cutters, 3D printers, CAD software, computer numerical control (CNC) milling machines – entrepreneurs are using technology alongside online classes/tutorials to create their own product offerings and selling via popular online marketplaces such as Etsy. Throw in e-commerce platforms such as Shopify (which offers an easy way to quickly launch an online shop without the fuss over servers and development costs that you’d get with self-hosted platforms) and you’ve got the tools you need to literally make your business dream a reality.

For example, Snapmaker is a simple solution to 3D printing, laser engraving, and CNC carving by combining them into one high-quality 3-in-1 3D printer. This technology is intended for the workshopper that’s pushed for space. This is a classic example of why you should regularly revisit technology. What might not have been possible a few years ago, could very much be a viable business idea now. Can you utilise the latest maker movement technology to fill a gap in the market? There’s nothing better than discovering a niche of consumers that aren’t currently catered for on popular marketplaces such as Etsy. The competition is tough but get the right product for the right audience and you’ll be flying.

• Read more: How to start an Etsy shop

The pandemic changed many older consumers’ minds to the benefits of digital technology – as they had to switch from resistance to reliance almost overnight. Think about how you might create an easy-to-use device for this consumer group, or even simplify existing technologies for them.

A record number of employees made drastic personal changes, after the pandemic triggered a reassessment of their values, lifestyles and goals. There are business opportunities in this area from goods to services that could target this new movement. Whether it’s positioning yourself as a consultant to those looking for ideas for a side hustle business, to creating an inspirational event community designed to provide professional inspiration to those looking for a career change.

Businesses are becoming increasingly interested in the opportunity to drive ecommerce and virtual product sales in this new digital ecosystem. Is there an opportunity to specialise in this type of future metaverse marketing channel?

Innovation doesn’t always have to be about creating a brand new shiny product, service, or solution – refining existing products and ways of doing things is just as important. Just because something’s been in place for a long time, doesn’t mean it’s the best way to do it. Innovation is just as much about challenging the normal, as it is about thinking of the new.

For example, online estate agent Purple Bricks (PB) was the world’s first 24/7 estate agent. Known as a disruptor, it disrupted the established estate agent industry with a different way of doing things. PB only markets your house online, using property portals. The business charges you to sell your house on a fixed fee basis – rather than charging a commission on the actual selling price.

Another well-known disruptor to the ‘normal’ is Deliveroo. Its founder and CEO Will Shu moved to London in 2013 and was amazed that so few of the city’s great restaurants didn’t deliver – making it his personal mission to bring the best local restaurants direct to people’s doors.

Other examples include Uber, Dyson, Netflix – the list goes on and on.

Sometimes it’s looking at things from a new angle.

Why not start with a sector you’re passionate about and start capturing some insights? Find out the problems first, then consider ways to fix them! Don’t forget to look at any existing solutions for these problems (if they exist) – could they be improved, or approached differently?

Alternatively, you could just watch an episode of Star Trek to inspire your next business innovation!