Many of us dream of setting up our own business, and in the UK, thousands of people are doing just that. At the beginning of 2021, there were 5.5 million small businesses in operation. Although growth saw a dip due to the COVID pandemic, entrepreneurship is part of the UK psyche, so it is already recovering. Napoleon described Britain as a nation of shopkeepers after all, so if you are considering going at it alone, you are following a well-established tradition.
How to easily come up with innovative start-up ideas can be daunting, so let’s look up a few ways to identify your niche as an entrepreneur.
Good to great
by Jim Collins
⏱ 16 minutes reading time
🎧 Audio version available
You don’t need to be original
Many would-be entrepreneurs never get beyond the ideas stage because they mistakenly believe their business idea needs to be completely original. It doesn’t. In most cases, your idea will have been done before by countless other businesses, and competition in a particular market is always to be expected.
It is also important to remember that even if your business is 100% original, others will copy it. Google, for example, is the search engine market leader, but they were not the first company to come up with the idea. Who even remembers Alta Vista or Ask Jeeves today?
So, instead of stressing about being original and offering something truly unique and life-changing, focus on how you can make your idea stand out in a competitive field and go for it.
Always use your skill set
Choosing a business idea based on your background knowledge and experience is important because you are more likely to succeed at something you are good at.
This can cover any niche interest that you may do as a hobby or relate to your past work experience. Many people have launched successful businesses at all levels based on their hobbies and interests. You can turn your dog walking, fitness training, baking, gardening, exercise classes, whatever your passion, into a business.
Others may have had a solid foundation in a particular industry, so they can see how things could be improved. An excellent example of this is Purple Bricks Estate Agency, where the two founders, Michael and Kenny Bruce, spent years working in the property industry before coming up with the idea of a 24/7 online estate agency that saved money for customers.
Think about solutions that could improve lives
There are always ways to make people’s lives easier, so think of your business idea from other people’s perspectives, such as a mother, father, son, daughter, or student, and not just you personally, and you may come up with a killer solution.
Food ordering companies such as Gousto and Hello Fresh have made it easier for time-pressed professionals to cook for families. The 3 Rings app enables people to check on elderly family members. There are numerous businesses and services you can offer if you identify a common problem and provide an easy solution.
Get inspiration from abroad
Sometimes a great business idea is already there waiting for you. It’s just not available in your own country. Many people have gained their inspiration from foreign travel, such as finding exciting foodstuffs, health drinks, clothing, and other products that have yet to reach the UK.
Iced coffee was a craze in Australia, but unheard of in the UK until entrepreneur Jimmy Cregan decided to found Jimmy’s Ice Coffee. Other ideas can be rebranded and given a twist for the UK market. So if you see a fantastic idea or product that is successful in another country, why not bring it to the UK and let it fly!
Look at current trends and ask what’s next?
Check out market research and business analysis to determine where current trends lead. You may find an opportunity that is just ahead of the wave and fits in with existing patterns.
Health tech, pet care, making legal decisions easier -such as will writing – known as death services, financial services, and wellbeing are all predicted to be successful business niches as we advance into 2022 and beyond.
Check out businesses you like and see if you can grab a market share
Many businesses flourish in major cities, and the reason they may have not yet hit your local area is that nobody has thought of doing it yet. However, if a business works in a major city, it will probably work outside the area, too, as long as you have a customer base to support it.
Craft breweries and bespoke coffee shops that offer a new slant on style have been very successful outside the capital. And who could ever have expected the proliferation of Turkish barber shops? Once seen only in London and major cities, Turkish barbers are flourishing on every high street today. Craft beers, too, which once seemed to be the domain of hipsters, are now available across the UK and are gaining a lot of success.
Do your research and see if you can spot an area that works well in the city and could do equally well locally.
Remember, the idea stage is often the easy bit…
A good idea may be a good idea, but nothing will come of it unless you make it happen. According to Nolan Bushnell, successful businessman and founder of Atari,
“The critical ingredient is getting off your butt and doing something. It’s as simple as that. A lot of people have ideas, but there are few who decide to do something about them now. Not tomorrow. Not next week. But today. The true entrepreneur is a doer, not a dreamer.”
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