3 Most In Demand Businesses To Start In 2023
If you could start a business – what would you do?
You have to think about the demand, current supply, and your personal interests/aptitude.
Why start your own business?
Setting up and running your own business allows you to spend time doing something you enjoy, whilst also making good money. All on your terms.
In the UK, an increasing number of people are seeing the benefits of working for themselves on projects that they’re passionate about, with 1 in 5 Brits starting a side hustle since 2020, according to the Office For National Statistics.
Reasons given for doing so include financial gains such as meeting rising costs of living, being able to pay off debts or save for the future as well as increasing confidence, improving mental health, and practicing new skills.
In this post, we’ll cover some of the most highly in-demand business ideas that are also easy and cheap to set up.
1. Social media/ influencer marketing agency
With the rise of TikTok and influencer marketing, there is currently a huge demand for people who know how to work with talent.
If you are a digitally savvy Millennial or Gen Z, you know the influence social media have on your life. This, and your entrepreneurial spirit, makes you a great social media agency owner.
You could come up with your own methods of advertising and working with talent and sell these services to bigger companies.
You could develop social media advertising strategies and/or assist with day-to-day community management.
With influencer marketing becoming increasingly popular, you could also offer your services to many big-name influencers to help them run their social channels.
2. Construction and renovation services
This may come as a surprise, but there is currently a shortage of builders in the UK.
This means that you will not have to chase work if you set a construction/renovation business today.
If you have work experience in the construction and renovation field, and you don’t want to set up your own business immediately, you can begin working under someone else with as little equipment as a Milwaukee tool box and the required resources for each job.
Best builders are always working, because of positive word of mouth. To grow this type of business, you need satisfied clients, who will pass on your contact to their friends and family.
You should also take care of your online presence and make sure you have great online reviews.
Once you find you have more work than you can complete on your own, it’s time to scale up, register as a business, and take on employees.
3. IT development agency
IT is highly in demand, and therefore, very well-paid industry.
If you have a background in or passion for computer science, maths, or IT, software development is a potentially very lucrative field, and running your own software development business means you can choose the projects and areas you’re interested in.
Technology is evolving rapidly; there is an increase in the amount of data taken every second.
A data scientist is someone who knows how to extract meaning from and interpret data, which requires both tools and methods from statistics and machine learning, as well as being human.
They spend a lot of time in the process of collecting and interpreting data.