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Most popular options available when setting up a new business
It’s a new year and many people who may have lost their jobs during the pandemic or have decided to take their life in a new direction, will be looking to start up a business.
It could be a full-time endeavour or a part-time business looking to make a bit of extra income to cope with the current cost of living crisis.
The upside is that we appear to be over the worst of the pandemic, and it is in the Government’s interests to get the economy on the move again, so help will be available.
There are so many ideas for business start-ups, but insurance broker Simply Business has researched some of the most popular small business ideas that might be worth exploring for 2022.
After analysing new business insurance policies taken out, a number of key areas came up as the most popular for starting up this year.
According to Simply Business, craft stalls were the fastest-growing small business trade in 2021, experiencing a 237 per cent growth.
If you have a hobby like candle making, pottery or needlework, opening a craft stall to sell your wares could be a venture worth pursuing this year.
COVID restrictions, as well as people feeling less comfortable in indoor spaces, have seen outdoor businesses thrive since 2020.
It’s no surprise, then, that market trading was the second-fastest-growing small business idea in 2021, with a 113 per cent increase.
According to Simply Business, the number of new online retailers increased by 62 per cent in 2021.
When it comes to selling goods online, the key is to do your research and select the right type of product.
Some of the products that have traditionally sold well online include homeware, tech gadgets and accessories, exercise gear and clothing.
The number of freelance photographers in the UK increased by 56 per cent in 2021, making it the fourth-fastest-growing small business.
This could be the ideal year to launch a freelance photography business, especially if you specialise in wedding photography.
The number of weddings is expected to increase significantly this year because of all the postponements.
Handyman or handywoman
One of the impacts of the pandemic is that many people have been spending more time at home.
Not surprisingly, many have been finding issues with the current state of their properties and have been looking to make improvements or upgrades.
The result has been an increase in demand for repair people, with a 44 per cent rise in this type of business in 2021.
Catering businesses witnessed a 39 per cent rise in 2021.
If you have a passion for cooking, throwing parties or event planning, catering could be a great small business to consider starting this year.
Research by Simply Business shows that the number of businesses in this sector was up 21 per cent in 2021 and teaching or tutoring (in person or online) could be a great small business idea for people who have teaching experience.
People have been cooking and baking more at home during the pandemic.
Not surprisingly, some have looked to use their cooking and baking skills to provide income.
As a result, the number of UK home baking businesses saw an increase of 24 per cent between 2020 and 2021.
Millions of Brits have bought pets since the start of the pandemic.
This means that the demand for pet walkers is now higher than ever. New dog walking businesses have increased by 22 per cent year on year.
If you love dogs, starting a dog walking business could be a great way to make some cash this year.