The UK boasts one of the highest internet penetrations with almost everyone now online. Recent data shows 91% of adults in the UK have used the internet. By 2021, about 93% of UK internet users will have shopped online.
Advances in technology, including augmented and virtual reality (AR/VR), artificial intelligence (AI), 5G connectivity and blockchain have started the 4th industrial revolution in the country. If you are an aspiring entrepreneur in the country, this is a great time to ramp up your investments.
The internet offers diverse opportunities for daring investors. Some of the biggest successful startups in the country have leveraged the latest technology to thrive. They include Streetbees, Revolut, Igloo, Trouva, Soldo, Elder, Guestready and Echo to mention a few.
This guide examines some business ideas that the internet has turned into successful businesses. It is a good place to seek inspiration for your startup.
Start a Blog
Blogs are all over and while this might not look like a great way to make money, you should not ignore it. Most people approach blogging with the wrong attitude and this inevitably leads to failure. You have to blog about something you know and are passionate about. More importantly, you have to add value to the lives of your target readers. This is the only way to boost traffic levels before you start monetising. One of the most lucrative blogging niches today is eSports. There’s an upsurge of eSports in terms of viewership and revenue. In 2018, eSports industry boasted over 165 million enthusiasts. This is in addition to over 215 million viewers who tuned in occasionally. If you started a blog on eSports, you have a rich market across the globe yearning for news, tips, results, live updates and much more. People will search and find your eSports betting site whenever they need tips.
Ecommerce Store
UK residents love shopping and this is evident from the success of most online stores. From fashion, food, jewellery to book and many other items, there’s no shortage of stuff you can sell on your online platform.
An eCommerce store is one of the most common ideas and with proper market research, it can easily pick up. You should offer value to your target customers to start out in the crowded market.
Software Development
Do you have a knack for coding, programming and everything to do with computers? If so, you should think of developing software to solve everyday problems.
Modern society has turned to technology for virtually everything from wellbeing, shopping to stock trading. With a well-designed mobile app or software, you can join the league of some of the most successful startups.
Stock Trading and Forex
You have most likely come across people promoting forex trading and many applications for doing so. Before you dismiss this as another online scam, take to understand how forex works, the legality of the trade in the UK, regulations, among other things. Find someone to train you and start with free trials if you wish to use trading applications.
Affiliate Marketing
Affiliate marketing is an ideal way to make money. As an affiliate, you’ll receive a commission for enabling a sale though you won’t promote products directly. You can sign up with an affiliate company and then advertise their products on your website or blog.
If anyone uses your link to go to the company’s website and makes a purchase, you get a commission. The startup costs are negligible, and as long as you have a great platform, you can rake in good money.
Final Thoughts
Thinking of setting up an online business in the UK? The market is vast and there’s a lot of potential across industries. Do your research and always start a business in a sector you love.