One of the keys to success in business is identifying an opportunity for growth in an industry that is yet to evolve to its full potential.
Being an established player in a booming sector can set you up financially for the rest of your life, but getting in at ground level to build your customer base can be extremely challenging.
Naturally, the impact of coronavirus has stymied growth across practically every industry, although several new niche businesses have succeeded in seizing the opportunities created by recent national lockdowns to achieve unlikely growth.
The restrictions on travel have forced millions of Brits to change their habits, and whilst this has made trade extremely difficult for many businesses, others have been able to capitalise on trends such as staff working from home and the closure of schools.
The latest data released shows that home baking businesses are experiencing major growth, rising 157% year on year between 2019 and 2020, while roofers, gardeners and online retailers are also set to continue their rise.
Among others in the SME sector expected to see growth during the next 12 months are couriers, mobile hairdressers and property maintenance companies.
Sadly, Yorkshire and the north of England have not been earmarked as areas for growth, with Wales (31% increase), North West England (29% increase) and Scotland (28% increase) instead predicted to be at the forefront.
Top ten fastest-growing small business sectors:
Industry (% Increase year on year)
- Home baking (157%)
- Courier (80%)
- Property maintenance/handyman (30%)
- Roofers (29%)
- Mobile hairdressers (25%)
- Landscape gardeners/garden maintenance (25%)
- Electricians (24%)
- Cake maker and decorator (24%)
- Online retailers (18%)
- Builders (11%)