2014 has been a great year for entrepreneurs and has seen a plethora of new businesses come out of the woodwork. There have been more new business launches than in any other year to date in the UK, prompting the theory that the economy may well have turned a corner.
The government has been a driving force behind this growth with Chancellor George Osborne increasing start-up funding and capping business rates. There have also been other financial aides for businesses, for example the Start-up Loans Scheme has committed more than £62m to over 12,000 new businesses. Vince Cable also launched the £300m Business Bank and the Growth Vouchers scheme will go live this month.
There’s also the opportunity to apply for funding from organisations such as Smarta.com, an organisation that offers independent, entrepreneur-led advice and resources for anyone starting or running a new business. They’re supported by some of the UK’s top entrepreneurs and offer a government backed start-up loan of up to £10,000, as well as the opportunity to receive mentoring from an expert within your chosen industry.
With this entrepreneurial trend set to continue, and as a start-up ourselves, we decided to keep our finger on the pulse and look at five of the industries that are widely believed to produce a wave of new businesses in the coming year. Budding entrepreneurs take note!
1. Microbreweries
Independent breweries have really started to flourish over the past year or so and this is a phenomenon which does not seem to want to hold up. Gone are the days when multinational powerhouses like Anheuser Busch and Diageo produce all of the drinks at your local boozer, craft beers have given consumers their choice back.
In 2013, the Campaign for Real Ale (CAMRA) reported the number of independent UK breweries had reached a 70 year high, totalling nearly 1,500 distilleries, a figure that is only expected to increase over the coming years. Proof that this is an industry very much on the up!
2. Rasberry Pi accessories
For those of you that are unawares (including myself until very recently), the Rasberry Pi is a tiny pocket computer aimed at school children. The computer was pioneered with the aim of getting more children into computer skills like programming, as its creators thought there was a severe decline in the amount of kids coming out of education without the necessary computing skill. Since its launch over 2.5 million of the customisable computers have been sold and experts believe that accessories for the device will be a big business in the near future.
3. Health and speciality foods
Kale smoothies, quinoa and coconut water are all products that have graced our supermarkets in recent months. Like them or loath them, health and speciality foods are big business and shops like Planet Organic are a testament to the fact that this industry will only go from strength to strength. I recently attended the Love Natural Love Organic Show / Allergy and Free From Show and was amazed at the amount of businesses there were promoting their latest products. From vegan cheese to gluten free crackers, there’s a real demand with people happy to spend that little bit extra to get a premium product which is a healthy alternative to traditional supermarket fare.
4. Business Apps
More and more developers are moving away from creating consumer facing apps in favour of their business counterparts. In 2013 Appcelerator and IDC surveyed 6,046 mobile developers for their Q2 Mobile Developer Report, with 43 percent of respondents said they'll be working on business apps (up from 29 percent at the end of 2010). The fact is that smart phones have come a long way and most business professionals have one. Not surprising, then, that they actually use them for work.
5. Data analytics tools
Ever since the birth of Google Analytics, “Big Data” has become an industry in demand. Companies are always looking at ways to streamline the way they run their business, whether it’s tracking customer activity or looking at ways to revamp processes within service or logistics departments. According to IBM, the data analytics market is set to grow by around 30% each year, with the future set to be focused on “predictive analytics” (i.e. analytics that not only analyses data, but can predict future trends).
So…now that you’ve seen some of the industries to get involved in. All that’s left is for you to pick one and come up with that bright idea. Easier said than done.
Good luck!
Alan Gurney
We are Filtered, an Online education provider of outstanding tailored training in Microsoft's main applications.
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