What are the most popular options available when setting up a new business?
Released On 17th Feb 2022
New year, new business? Lots of people are currently considering setting up business for the first time or creating so-called 'side hustles'.
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 wroth 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.
They include:
Craft stall
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.
Market trader
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.
Online retailer
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.
Photographer
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 and 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
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.
Teaching or tutoring
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.
Home baking
People have been cooking and baking more at home during the pandemic. Unsurprisingly, 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.
Dog walking
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 wonderful way to make some cash this year.
Looking to start a new business? Or need help scaling up your current company? We have helped lots of firms to grow and flourish by providing useful insights and advice. Speak to our team today to find out more.
