As the UK’s most cosmopolitan metropolis, London is a city with immense and yet still untapped potential. As part of an evolving global society, London’s growth is constantly bringing new trends and industries into the spotlight, many of which are prime real-estate to savvy new small business developers. With that in mind, we want to examine how to uncover these new openings, and what might be done to leverage them into ongoing career opportunities.
Finding the Right Industry
When looking at starting a small business, there are far more elements to keep in mind than simply tracking which industries have the most recent sudden growth. In reality, the best business ideas come from balancing recent growth and current sector activity, as well as your personal knowledge and passion.
No matter how promising or rapidly developing an industry is, if you have no knowledge of its components, nor any passion towards its details, then your chances of creating a successful small business are minimal at best. On the other hand, starting a business about an idea you are highly passionate and informed about which has no market demand is a similarly dangerous idea.
If you understand these aspects before you begin, it can be possible to study to shore up your weaknesses and prime a business plan. This will also aid in the next step, that of being able to find enough funding to get your ideas off of the ground.
By looking online, it’s possible to find a great many successful large and small businesses from where you might draw ideas. Note that even if you’re starting a small business, it can be possible to find a place by acting as an important element to a larger one. Becoming an indispensable early link in a chain can be just as viable as becoming an endpoint, so your options shouldn’t be limited by traditional small-business ideas.
Turning Ideas into Reality
Starting a business is never going to be cheap, and as such few will be able to afford everything they need off their own dollar. Instead, it can be a good idea to secure business loans to cover that which your personal means cannot. There are many lenders which specialise in small business loans, over the short and long term, even with poor credit. Don’t rush this step, however, as going in with a fully prepared plan, and knowledge of particulars and recent relevant industry statistics will be fundamental in being accepted.
Direct Examples
If you’re looking for a more direct route, there are some small businesses that perfectly illustrate the points made above. These are also in high demand, and highly scalable, making them perfect no matter where you want to start. Personal trainers are a great example, whether you want to work alone or involve a small number of staff. Fitness is an area that has been gaining significant steam in social consciousness in recent years, and as such, it can be a reliable small business pursuit.
The same can be said about digital device repair. This is an area with high and growing demand, with a great degree of flexibility, and with the additional benefit of self-teaching being a very real option. Working on mobile phones is a rapidly expanding subset of this work, and online tutorials can help those considering the option brush up on some skills, or learn new ones.
“iFixit Mitarbeiter zeigt einem Jungen wi” (CC BY 2.0) by Ivan Radic
Whatever your idea for starting a small business is, or what it becomes, the most fundamental step is that of preparedness. In dealing with customers, getting a loan, or the direct work itself, the best advice we could ever give is not to rush. Plan ahead, understand the smaller industry and its place in the larger world, and you could carve out your own place within London’s small business sphere.
