Are you an enthusiastic individual looking to express your passion, make something for yourself, and exceed expectations? Then you’re probably interested in starting a business. How do you find about the most lucrative start-up ideas?
If starting a business wasn’t hard enough, developing a solid idea of what to create is even more challenging. To help you identify the possible, lucrative, and highly-demanded sectors that you can begin in 2022 and 2023 in the United Kingdom, we suggest becoming knowledgeable on the below.
Best Start-up opportunities in 2022 to 2023 (United Kingdom)
In the UK alone, there were roughly 1,823 start-ups that got registered with the government from 2019 to 2020 every day. Undoubtedly, it’s a significant amount, meaning people across the nation are eager to create innovative businesses.
Beginning a start-up can seem worrying for many because of the insecurity. However, 42% of these businesses fail as there isn’t any market need. To eliminate this from your future, below we detail five incredible ideas that are marketable, future-friendly, and desired by the public.
Worldwide, the gambling industry is enormous. The most popular option in the UK is betting, both online and in retail. In this sector, it involves a user placing a wager on an outcome of an event. If their stake is correct, they’ll receive extra money.
With betting, there are various sub-sectors. For instance, it’s possible to create a betting platform targeting games, Esports, casinos, sports, etc., or combine them all under one comprehensive online website or mobile application.
You should consider a start-up within this industry because it’s forever growing and demanded. In 2020, the British betting market was £2.4 billion and will thrive between 2021 and 2026 at a CAGR of 5.25%.
However, to succeed in this crowded industry, you must get creative and become unique. You’ll want to consider distinctive selling points, an easy-to-bet interface, and an overall user-friendly experience.
One sports betting website called DraftFuel performed this tremendously. With their “Gambling Without the Guilt” campaign, they re-engaged and welcomed many users by creating a financially responsible way to make bets.
By considering a prominent and well-known problem in the industry, DraftFuel has managed to fix this. Doing this improves DraftFuel’s image and allows more people to feel comfortable with placing bets.
But that isn’t all. With our digitalized world becoming more technologically advanced, many new industry opportunities are available. For instance, crypto-based, VR, and even AI betting is becoming available. You can offer something new and exciting that people want to try by considering these.
If you want to get involved in this lucrative industry, contact one of our helpful representatives at Digitain. We’re a global leader in online betting technology and can develop unique platforms tailored to your needs.
Information Technology (IT)
Let’s be honest here, anything related to STEM (science, technology, engineering, and mathematics) professions can become remarkably lucrative and worthwhile with start-ups.
However, because of how the world is evolving, we must admit that we believe that start-ups should focus on information technology (IT) as it’s something always required.
The industry itself got estimated at £2.57 billion in 2020, and there aren’t any signs it’ll be slowing down. That’s because it has a CAGR forecasted annual growth rate of 6.84%, which is far more impressive than most industries.
With IT, there are many different start-up ideas you can select. However, you’ll want to choose something already in demand and is heavily required in the future. To gain better visualization of this, here are the top 3 recommendations:
- Cybersecurity – With 4.9 billion people actively using the internet worldwide, it’s clear why cybersecurity is getting mentioned on this list. The usage of online activity will only increase, making this a top recommendation for those looking to develop a start-up in the IT industry.
- AI technology – From 2020 to 2040, the AI industry in the UK is expected to increase in value by £66.8 billion. Undoubtedly, it’s a considerable amount, showing that it’s here to stay. With AI advertising, betting, healthcare, and more, AI holds a strong future in humanity.
- VR-related – The Metaverse, Web 2.0, and virtual tours have recently increased popularity. Whether you want to create an IT company focusing on the technology or the device, both could become remarkably lucrative.
All the options above have excellent annual growth patterns and relevancy within our world. Therefore, by combining these pieces of data, we can strongly recommend that the mentioned IT ideas get considered when creating a start-up in this industry.
Since the release of the first decentralized and digital currency, Bitcoin, the cryptocurrency market has exploded with endless opportunities. Its popularity increase varies, but many love the fact that there’s a limited supply – unlike traditional fiat currencies.
In the crypto market, there are endless opportunities that present themselves. Depending on your pre-existing expertise, you could consider the following start-up ideas:
- Exchanges – The largest exchange, CoinBase, started in 2012 and is now worth $21.3 billion. With only two founders, the exchange has come a long way. Additionally, it still follows a proper start-up format as all employees work remotely, not at a physical headquarters.
- Payment gateways – Another feature that Coinbase offers is its payment gateway option. This alone is excellent and something many start-ups might want to consider. Typically, this pricing model works from a per-transaction fee basis, which can be highly rewarding.
- Asset management – If you or your team share valuable information and expertise within the crypto market, creating an asset management start-up might be possible. The way you could create this varies, but creating a website, mobile application, or even perhaps a metaverse consulting business could be excellent.
Crypto usage isn’t slowing down any time soon. The limited supply, blockchain, and decentralized nature are too appealing for most. Therefore, creating a business centered around this could show some excellent profits.
Ghost fast food franchise
The ghost kitchen market often referred to as the virtual food sector, is an industry that doesn’t get spoken about much. It doesn’t because it’s only been established since the release of global food ordering applications like UberEATS.
The most famous and undoubtedly successful example of this is from MrBeast Burger. The MrBeast brand started from a famous YouTuber that goes by the name of MrBeast. While already having millions of followers on YouTube, the creator had the perfect target audience to make a virtual restaurant successful.
For those unaware, a virtual restaurant is precisely what you think – it doesn’t have a physical location. Instead, MrBeast Burgers created various recipes for burgers, French fries, desserts, and canned beverages, then provided contracted restaurants recipes to make them.
Therefore, customers can order from a food ordering application like UberEATS from the brand MrBeast Burgers. The order gets transferred to the contracted restaurant. Then it gets delivered to the consumer.
The concept behind this is excellent and beneficial for all parties. Struggling restaurants can make extra revenue, Mr. Beast can sell burgers, and consumers get to eat food from their favorite YouTuber.
Since they started this business venture in 2020, they’ve contracted over 1,000 restaurants across the US and Europe to create their burgers. Without question, this is unheard of for any business in the restaurant industry.
Although this brand had a massive boost in popularity because of the YouTube channel, it doesn’t stop you from establishing a start-up in the booming virtual restaurant industry.
The last honorable mention of these top start-up ideas to consider in 2022 and 2023 is e-learning courses. Unsurprisingly, these have taken off massively in recent years. Because of inadequate travel and forced remote learning, people have adapted to this, with many finding it more rewarding.
Because of this, the e-learning market is looking to reach trillions and has a forecasted CAGR of 26% between 2021 and 2027. Without question, it’s an extraordinary amount and something that should spring your entrepreneurial mind into action.
The excellent thing about e-learning courses is that there’s very minimal start-up cost required in most instances. If you want to physically create the courses, it doesn’t cost anything. The only factor you’ll need to consider is time.
However, if you look at this opportunity differently, like Skillshare, you can create an e-learning marketplace for creators; They take a percentage of every sale with this business structure and offer an annual subscription-based membership for dedicated users.
There are unlimited options in this type of industry if you’re creative enough – Creating the courses, making a marketplace, or designing a platform for creators to develop courses are all excellent options.
After reading the above, you should have a comprehensive understanding of the top start-up ideas in 2022 and 2023. Undoubtedly, all of the mentioned are more than worth considering because they’re in demand now and will continue like this into the future.
If you’re considering the betting route, consider contacting us. We’ve helped many popular platforms create well-rounded applications that consumers love.
Featured Image by StartupStockPhotos from Pixabay