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More people are setting out on a journey to being their own bosses after the COVID-19 lockdown. Are you one of those people who have been dreaming of starting a business but don't know what would make you the most money? Here are our 6 best ideas for your next business adventure!
What you will find in this post

The world is a changed place ever since the lockdown started in March 2020. Life may have slowed down, but the business world has sped up! A new trend of ‘pronto’ home deliveries has paved the way to an entirely new way of doing business. The ones who will adapt will survive and lead the business world!

Many of us had some thinking time over this period and decided to pounce on that lifelong ambition, as it felt like the perfect opportunity. Amazingly there was a 14% jump in new businesses being created.

It seems like this trend is here to stay, as more and more businesses are registering in their droves! If you are still in two minds of whether to jump on the bandwagon, we have tried to make your life just that tad bit easier.

Below are the six best business ideas you can pounce on today and make a killer earning if executed well.

Business Idea #1 Online Physical trainers

This is my most favourite and, I believe, the most lucrative if done well. Many gym-goers had to adapt to working out at home. Over the months, they created a designated workout space and purchased necessary equipment (Bought online – That’s our next best idea) to keep themselves in tip-top condition.

With the help of YouTube and other apps, many new fast-thinking personal trainers and gym buffs pounced on this idea and started creating work along with workout videos, from which they made an absolute tonne of views and will continue to do so!

Some of my favourite apps were 10k runner, strava, and pelaton. Favourites on YouTube were, without a doubt, Funk Roberts, Joe Wicks, and fight master yoga.

Business Idea #2 Ecommerce

Online shopping has been getting more prominent since the internet began; however, we got to see it in all its glory during the pandemic. Every household was ordering online, and packages were delivered (The next best business idea) like cotton candy.

Amazon took the lead in its slick logistic operation, and people took this opportunity without much thought! It was an absolute no-brainer! However, although I’m making it sound super easy, it can get seriously complicated if you want to excel in it. For example, understanding algorithms to invest in software that tells which products are trending makes it a lot more challenging than it may seem at first.  

Other than this, drop-shipping continues to be a huge success. Many people who can’t afford or simply don’t want to take the risk of investing a huge amount in inventory chose this option. You set up a website with extensive traffic (One other business idea on our list), you will be selling products like hotcakes, all at the expense of other companies, while you make a commission on every sale.

Saying that digital marketing is most probably the most expensive activity any organisation endures. So, make sure you have done extensive research before you plunge knee-deep into this lucrative business.

Business Idea #3 Logistics

If you have a knack for being on the road and driving out and about zooming through the city, then probably this business would suit you. You don’t necessarily have to start big. You can simply register yourself as a self-employed driver and get jobs left right-center. Demand for logistic drivers is at an all high time high. Having a van would get you even more jobs. However, if you lack the cash, simply renting one or getting one on lease would do you wonders.

If you much rather want to run the show than being a one-man band, then there are quite a few franchise models available out there, including one from Amazon. If a franchise is not your thing, then starting from scratch, in the long run, will most definitely prove to be complicated. Like all things good, patience and perseverance will be critical.

Business Idea #4 Digital Marketing

With the onset of social media platforms and Google, digital marketing has left behind the traditional marketing methods by a stretch. Without ample digital marketing, a business is almost non-existent, as nearly everything is searched through google these days. Without a solid online presence, it would be a struggle to find business success.

If you’re a bit of a geek and enjoy spending time understanding algorithms and have a way with words, you would find digital marketing to be a good fit.

Digital marketing in itself is an entire universe; there is so much to it that you will find it challenging to do everything on your own. Perhaps specialising in one area would be key while progressing slowly into other areas as the business grows.

Business Idea #5 Cleaning Services

Due to Covid, we have become far more conscious of our surroundings than ever before. As a result, every organisation has set its regulations for cleanliness. This is mainly driven by consumer phycology, as people expect things to be clean at a very high standard to ensure all areas are covid secure and follow government guidelines.

This would be most suitable for urban areas with high-rise buildings, commercial buildings, apartment complexes, etc. There are requirements to continually clean and disinfect, ensuring the virus spread is kept to its minimum.

So, if you are the kind who enjoys cleaning and not afraid to get your hands dirty, then this business will prove to be lucrative.

All you would need is some commercial equipment, a vehicle, and perhaps a few trained employees to ensure the cleanliness is kept at a high standard.

Business Idea #6 Restaurants & take aways

With the likes of UberEATS, Deliveroo, and Just eat, the world of dining has forever changed. We took these concepts for granted, but during the lockdown, these apps helped us out a great deal in continuing to enjoy our favourite foods. Restaurants who weren’t on these apps before covid; set up shop and made up for what they had lost through walk-ins.

Food is delivered to you within half an hour in most cases and gets to you piping out, almost as if you were sitting at the restaurant. It is with this new technology that this business becomes a lucrative option.

There is a trend that is moving away from a high street presence to a vast online presence. As long as you can showcase your food is as delicious as it appears in pictures, your food will be flying through your kitchen and into your customers living rooms.

This concept will reduce your overhead dramatically as you won’t be needing a fancy high street shop. Expensive cutlery and dinner-plates will be switched over to cardboard takeaway boxes with plastic utensils, and delivery drivers instead of waiters.

Bonus Business Ideas 

As technology advances and the impact on the environment gets more evident, the shift from fossil fuels to clean energy is becoming more of a necessity. As a result, our government is providing more and more incentives to move towards clean energy, such as grants for electric cars, solar panels, thermal insulation, etc.

There is no doubt if you catch this trend, you won’t stop counting the pound signs. Researching this area would give you a lot of different ideas where you can niche out. This could be setting up a business for a few electric car parts, or being a solar power technician, to becoming a distributor for clean energy equipment; the list is endless.

Conclusion

Choosing the right business that’s the best fit for you is probably the most significant decision you will make, which will make or break you, so make sure you decide wisely. Due to the pandemic, most people have a nightmare scenario in mind. As businesses collapse like flies, most will stay clear of this coast. But what people fail to realise is that the news is always filled with negativity. Behind the scenes, many people are taking advantage of the current times and are pushing through in making businesses turn over millions through new opportunities created by the pandemic.

When there is adversity, there is a solution, and if you present that solution in a business, the sky is the limit.

If you are not afraid of taking up a new challenge post-COVID, then get in touch with us. We will be happy to guide you through your business ideas and have your business running in no time.

 

How EvoTax can help you start up

We can help you with the following:

  • Chose a business structure that suits your requirements
  • Register you with HMRC & Companies house
  • Create a business plan for you
  • Apply for business funding
  • Do your bookkeeping
  • Submit your Self-assessment Tax Returns
  • Submit your Final Accounts and Corporation Tax if registered as a company
  • Conduct regular checks on your company’s performance so that you are moving in the right direction
  • Provide helpful insights into which software and application would help make your business become cost-efficient and organised
  • Help direct you to the right people for your other business needs, such as legal, IT, marketing, etc.

Get in touch for a free consultation

About the Author

Bilal Khalid

CEO, Accountant

Bilal Khalid EvoTax accountant

Successfully running my own small business for years has taught me a great deal about the complexities of taxation and I understand all the pain points that every entrepreneur has to go through. I often found myself paralysed with fear of making a mistake and getting fined and eventually decided to take up accounting and finances myself. Today, I help other small businesses suffering through similar mistakes and I am happy to share my knowledge, jargon free!

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