In this day and age, everyone’s looking for genius inspiration that’s the beginning of the next PayPal or Uber. This is because we live in an age where the opportunities are there for anyone with the right idea and who can guide it in the right direction. Of course, we can’t all be Elon Musk, but that isn’t to say we can’t each find success in our own ventures, whatever they may be. Those willing to put in the time and effort, learn from their mistakes, and seek the right advice and assistance are unlikely to fail.
For UK based startups and SMEs, IT consultancy services in London can be an essential asset that will help find the right IT solutions and drive growth. If you’re still looking for startup inspiration, here are some fields that you might consider.
Many entrepreneurs are taking advantage of the ease of online shopping which can lead to a high-profit margin while avoiding the costly overheads of traditional shopping. With dropshipping, you don’t need to sell your own products, make large investments or deal with inventory. You simply need to source your products and the manufacturer or wholesaler, then work on marketing the product through an e-commerce platform, such as Shopify or Magento. Fulfillment By Amazon (FBA) is the term used for dropshipping through Amazon. In recent years dropshipping has become more competitive, so entrepreneurs need to follow the market carefully and hone their marketing skills.
You may not have the technical ability to code your own application, but you can always pay someone to do it for you, through an online forum such as Upwork or Freelancer. It’s known to many that Steve Jobs was a great entrepreneur but without expertise in his field. Provided that you begin with a concept that works, find a talented developer and then market your app to the right audience with the best strategies, your project could potentially be highly profitable with low maintenance.
With global delivery services being more and more privatised, opportunities are there for business. Whether this is using bike couriers or aeroplane cargo, enterprising startups are finding new ways to deliver packages faster and more reliably, which is something that customers will pay good money for. Roadie is a startup that economises by offering drivers the chance to receive extra money for transporting packages to destinations that they are already headed to, so that the delivery cost will be lower for the customer. There are other niches like this that can be found in an environment where the cheapest and fastest will always win.
In the 21st century, anyone is able to publicly broadcast their own material on websites that are easy to create through a content management system, such as WordPress or Wix. The next question for the entrepreneur is how to generate traffic to the site, as this can be monetised. This can be achieved firstly by providing value, and also by marketing in the best way, for example through various social media platforms. Once you have a large enough following, revenue can be made through online advertising, such as Google Ads, or through affiliate marketing.
Social businesses are those that work for a worthy cause, or a widely recognised issue, such as climate change. If startups are able to help to lessen the impact of a negative environmental issue, then they will appeal to the public for the good work they are doing, and those working for the startup will also be motivated by the change they are making. An example of a social business is 4ocean, a company that was started in 2017 with the objective of removing plastic waste from beaches and seas. The company now has global operations, 200 employees and a number of awards.
It doesn’t need to be your own field of expertise, but if you can accrue a database of individuals with a particular skill, then you will be able to provide their services to those who need them. In this way, you are offering to provide services in administration, management and client relations to skilled professionals who prefer to avoid these tasks and concentrate on their vocation. Examples of areas to specialise in could be translation and interpretation, web development or music production.
In the modern world people just don’t have time for food shopping, as well as the drive to and from the supermarket. This is a service of value that is an opportunity for business, as many are happy to pay for the hours of time they can be saved. The big supermarkets have realised this and are providing delivery services, but so too have smaller startups, some of which are offering organic food produce, such as Abel & Cole or Farmdrop. Restaurant food delivery is another market that there is a greater awareness of, and big companies like Uber Eats could be challenged by startups with more to offer.
There are few that could have failed to notice the enormous expansion of social media over the past few decades, and most of us are aware that the various outlets are much more than just staying in touch with friends, but actually represent considerable business opportunities. Facebook, Twitter, and Instagram have become essential tools for reaching and retaining customers, so consultants with the best strategies in social media management are in demand by a growing number of businesses.
For those looking for growing industries of promise, recent decades have seen a rise in the number of cyclists who are cycling as a hobby or a commute. This may be for fitness, economy, environmental concerns or to reduce congestion, but it’s clear that cycling is on the rise. With more bikes on the streets, more bike services are needed in terms of sales, repairs, maintenance, and accessories, so opportunities for startups are abundant. The Swedish startup, Hövding, developed an ‘invisible’ helmet that offers protection without affecting your look.
With more homeowners downsizing and workforces that are more transient, space is becoming a bit of an issue in many locations. For those who don’t own property, or are planning a trip away, self-storage is something of a necessity. Security and access may be key issues, so startups like Clutter can solve the problem by providing a service that collects and delivers boxes and items from your door, storing them in a confidential location at a low cost.
These are a number of areas of opportunity that can be used by enterprising business people, who will need to find the right business plan, model and strategy to begin with their project. The world is quickly changing in terms of technology and communications so chances may be here one minute and gone the next. The 21st-century business person needs to find inspiration, make a commitment, and act quickly to find the path to success.