If you are inspired to indulge your entrepreneurial spirit and start your own business, several trends are emerging for small business start-ups, from a growing interest in all things environmental to opportunities to service remote workers.
The Covid-19 pandemic has changed the way that people live, work, and shop, and new businesses are springing up to take advantage of the new norm.
If you’re thinking about starting your own business opens in new window, then you’re not alone.
Despite the recent challenging economic climate, the number of new businesses increased in 2022 opens in new window.
Whatever potential gap in the market opens in new window you’ve spotted, it’s important to remember that turning your business idea into a commercial reality can be a long journey.
It starts with researching your market opens in new window, drawing up a realistic business plan opens in new window and, if necessary, securing funding opens in new window – to get yourself up and running.
Need a bit of inspiration for your New Year resolution to launch your own business in 2024?
We’ve rounded up 24 ideas to help get you started.
Starting a business doesn’t come with a set of instructions.
We know that understanding the many different types of financial product in the marketplace can be difficult.
Our Making business finance work for you guide is designed to help you make an informed choice about accessing the right type of finance for you and your business.
24 business ideas for 2024
Vegan food
With around 3% of the UK population now opting for a vegan lifestyle opens in new window, a specialised vegan-only food company or a dedicated vegan produce store could attract customers trying to follow a plant-based lifestyle.
Sustainable café
With 32% of consumers highly engaged in adopting sustainable lifestyles opens in new window, opening a sustainable cafe opens in new window could be an option.
Potential customers may be keen to support greener businesses and do their bit for sustainability.
Learn more about setting up a coffee shop.
Eco-friendly products
You could consider starting a business producing eco-friendly products for the planet-conscious public.
Turning items such as plastics opens in new window that are destined to end up in landfill into sellable items, such as sustainable activewear opens in new window, could tick all the boxes for greener-minded folk.
You’ll need to package your products too, so learn more about eco packaging with our guide.
Clothes recycling business
Statistics from Clothes Aid opens in new window show that £40 million worth of wearable clothes end up in landfill, equating to 30% of the UK’s unwanted clothing.
Combining the current trends of saving money in the current cost of living crisis with interest in sustainability, there could be a market for recycling and selling pre-loved and vintage clothes.
Recycling business waste
Recycling opens up opportunities for new businesses to take on the recycling of other businesses’ waste and recycle it.
Commercial recycling can open the door for the effective reuse of old equipment and manufacturing waste opens in new window, turning it into profitable goods while avoiding landfill.
Discover more about business recycling.
Mobile hairdressing
According to the Office of National Statistics opens in new window, in spring 2022, 38% of working adults had worked at home in the previous seven days.
Working at home opens in new window cuts out travelling time in the day, giving workers time for an appointment, such as hairdressing opens in new window, which could see a mobile hairdresser fitting in more appointments in a working day than previously.
Learn how about how start a hairstyling business.
Dog walking service
PDSA opens in new window found that more than half (52%) of UK adults own a pet, with 27% of UK adults owning a dog – equating to 10.2 million pet dogs in the UK in 2022.
With more workers returning to the office, the nation’s canines still need their daily walk, and this could be an excellent opportunity for a dog walking business opens in new window.
Learn how to start a dog walking business.
Online financial advice
If your experience is in the financial sector, it could be an idea to set up your own online business offering financial advice to customers on their business needs.
Whether you can offer mortgage advice or help with self-assessment tax returns opens in new window, you may need to be regulated as an Independent Financial Advisor opens in new window to put your financial skills and knowledge to work.
Furniture restoration
Rather than buy new, many people are looking to get the most from their existing furniture and home accessories.
Starting a business that repairs and restores furniture can be a win-win, as it saves customers from buying new and reduces landfill through upcycling and repair.
Highly skilled craftspeople restoring antiques can make significant amounts of money.
Learn about how to start a trade business.
Supporting wellbeing
Following Covid-19’s impact on the nation’s mental and physical health, there is a bigger emphasis on people’s wellbeing opens in new window and a growing opportunity for businesses offering support in the area.
Ideas include offering detox breaks and outdoor activities, helping people relax while away from their desks, or health and nutrition products to boost wellness.
Learn about the different types of wellbeing businesses you could start with our guide.
Storage company
Large e-Commerce companies opens in new window such as Amazon store products in massive warehouses around the country and deliver goods from there, but smaller companies may not be able to afford such facilities and need smaller-scale storage opportunities.
This could be a new business venture worth looking into if you have access to safe storage space and could rent out the space to local companies on a monthly or annual basis.
Dropshipping
Dropshipping opens in new window is a business idea where you can sell items without having to worry about inventory or shipping issues as you pass the order on to a third party who will ship the product to the buyer.
The Office of National Statistics opens in new window shows that online spending values rose by 1.2% in September 2022, highlighting the continual growth in people buying online opens in new window.
Learn more about dropshipping.
Bicycle repairs
From money-saving and minimising your carbon footprint opens in new window to general wellbeing, many people are choosing cycling as their choice of leisure activity opens in new window.
Repairing a bike can be cheaper and more attractive than buying new, meaning launching a cycle repair service could prove a good move for 2024.
Data protection and cyber security support
With government statistics opens in new window revealing that 39% of UK businesses identified a cyber attack in 2021, companies may need to invest in cyber security opens in new window leading to a potential business opportunity to support small businesses with their online security or offer training in the field to businesses.
Learn more about data protection.
Renewable energy
There has been a growth in renewable electricity generation, with government statistics (PDF – 10MB) opens in new window showing it was up 12 per cent on the same quarter last year.
Renewable energy business ideas range from advice and support for businesses to switch to renewables to sales and installation of renewable generators such as solar or wind turbines.
Find out more about switching your energy provider.
Become an affiliate marketer
If you have the expertise to market and sell products and services, consider earning a commission by promoting a product or service made by another retailer or advertiser.
Businesses may look to experts in the field to help them capitalise on marketing and selling their products and services, with the affiliate earning a percentage of the revenue from each sale made on their recommendation.
Learn more about affiliate marketing with our guide.
Drone photography
The use of drones is a growing phenomenon today, allowing you to capture aerial images and video footage that would not be otherwise possible.
Specialising in drone photography opens in new window could be a business venture worth exploring with industries investing in drone photography opens in new window for reasons such as unobstructed access to hard-to-reach areas, event security, as well as many other commercial applications.
Discover how to set up your own photography business.
Mobile DJ
With UK weddings a £14.7 billion a year industry opens in new window, budding DJs with enough equipment may want to consider setting up a business as a mobile DJ.
Weddings are not the only occasions that need a DJ, with birthday parties, christenings, Bar and Bat Mitzvahs, and other occasions potentially needing someone to spin the decks.
Discover more ideas about starting a business in the hospitality industry.
Translator
For businesses trading across the world, the need for a translator could be turned into a business venture if you have the right skills.
If you can speak more than one language, consider setting yourself up as a translator.
As your services grow opens in new window, you could hire the services of fellow bilinguals to help you reach more customers.
Virtual personal assistant
Virtual assistants can save a business up to 78% in operating costs opens in new window, so if you want to put your organisational skills to the test, consider setting up a new business as a virtual personal assistant, offering admin services to firms, including responding to emails, setting up meetings, and other administrative duties.
Online tutoring
With 45% of parents of 10-16 year olds opens in new window in the UK believing that extra tuition is crucial to guarantee their child’s success in exams, becoming a private tutor could be a potential business idea.
Following home schooling during the pandemic, there has been an increase in online tutoring sessions with tools such as Zoom and Skype.
With hourly charges of £20 upwards, online tutoring removes travel costs and allows you to cater to more customers across the country.
Discover how to start a tutoring business with our handy guide.
Career coaching
Becoming a career coach may be an option if you have the relevant corporate and soft skills.
Advising others on how to advance their career across various levels, from CV writing to interview tips opens in new window to changing job roles and climbing the corporate ladder.
Coaching can be done in person or online, and you could consider coaching multiple clients in one group session to increase profitability.
Learn about what coaching could do for your business.
Digital event planning
With businesses choosing to run not only meetings but also events virtually in a post-Covid world, you could think about becoming a digital event planner where other companies can hire you to plan, organise, and report on digital events such as webinars and online summits they are running.
The nation’s focus on sustainability and money-saving has opened the door to potential business ventures worth exploring for a start-up business idea in 2024.
Contract cleaning
If you’re considering a low-cost, profitable business venture, you might want to think about starting a contract cleaning business.
This type of business is particularly suitable for those who may not have the time or expertise to handle their cleaning needs themselves.
A contract cleaning business can encompass a range of services, from residential cleaning to corporate office maintenance.
The scope for expansion is substantial, as your customer base grows, so does the opportunity for business growth and profitability.
Learn more about how to set up a cleaning business.
Thinking of starting a business? Check out our free online courses in partnership with the Open University on being an entrepreneur.
Our free Learn with Start Up Loans courses opens in new window include:
- Entrepreneurship – from ideas to reality
- First steps in innovation and entrepreneurship opens in new window
- Entrepreneurial behaviour opens in new window
Plus free courses on finance and accounting, project management, and leadership.
Reference to any organisation, business and event on this page does not constitute an endorsement or recommendation from the British Business Bank or the UK Government. Whilst we make reasonable efforts to keep the information on this page up to date, we do not guarantee or warrant (implied or otherwise) that it is current, accurate or complete. The information is intended for general information purposes only and does not take into account your personal situation, nor does it constitute legal, financial, tax or other professional advice. You should always consider whether the information is applicable to your particular circumstances and, where appropriate, seek professional or specialist advice or support.
