Who can resist you for planning to be your own boss, choosing the place to work, choosing the work type, and how to do that? The numbers of people prepare for their own business. You too might be planning to become master of your own destiny? All seems romantic, but many people don’t dare to do it. Have you ever thought ‘why’? Funds availability comes up as the top concern but the unsecured business loans being provided by direct lenders in the UK solve this problem. The standard barrier stopping the people from starting their own business is having no idea about the new business with high growth potential. Also, the risk possibility also prevents people from becoming an entrepreneur.

Risk Management in Small Business Start-Up:

If you don’t have a risk management plan while starting a new business, then, follow the basics before exploring the brilliant small business ideas in the UK:

  • Identify the Potential Risks: Some risks tend to be are universal while some may appear because of particular demographics.
  • Cover all the stakeholders: Every person connected to your business should be protected from the possible risk.
  • Do Risk Analysis: After identifying the risk, you need to analyse the potential impact and likelihood of happening.
  • Identify Warning Sign: The perfect business plan guides you to stop the particular activity inviting risk. You must know the warning sign that often appears ahead of time.
  • Plan for Preventative Measures: risk management is part of business planning. You must be ready with preventative measures to reduce the impact of a particular risk.
  • Acknowledge Accountability: When you start a small business, you are the only one who makes most of the decisions. Therefore, the complete responsibility rests upon you for sailing the business ship safe for profit generation.

Now you are mentally stronger to take on the new business challenges. What kind of small business is right for you?

Ten Small Business Ideas in the UK with High Earning Potential:

Best Small Business Ideas

  1. Bookkeeping Services:

Outsourcing bookkeeping service is a growing trend in the UK. If you fancy a small business from your home and you are comfortable with numbers, providing bookkeeping services is a decent idea that doesn’t need any investment but just the canvassing and contacting to advertise for your bookkeeping service. Free to use online accountancy packages are of great help to start your new risk-free business without investment.

  1. Virtual Assistant:

Although it is not the most glamorous business because of being full of assignments it is quite lucrative. Getting new clients is more accessible through numbers of websites. You have the freedom to choose the clients, rates, workload, working hours etc. No investment is the beauty of this business idea, but the labour is always at risk because you work virtually for distant clients.

  1. Social Media Consultant:

The power of social media is increasing day by day as the majority of online purchasing decisions are influenced by reviews and comments posted on social media platforms. The mobile shoppers explore the ratings and the comments about the particular product or brand before making purchases. Social media consultancy has become a must for the business for branding; and, here comes your role as a social media consultant. Growth and earning opportunities are unlimited.

  1. Marketing Affiliate:

Promoting somebody else’s products and services is a good idea to start a risk-free business that doesn’t need any investment.  As an affiliate marketer, you get the commission on a sale made by you and your team members. You just need to have a blog or website with high visitor statistics; and, it is a tricky part of this business idea.

  1. App Developer:

Most the brands have launched their Apps to facilitate the buyers to make quick purchases.  As a trend of mobile shopping is on the rise, the growth opportunities are also limitless. The tricky part of this business idea is that you need to have little technical knowledge, but this is business for the future. New apps are coming out each day. The best part is that you need to invest much to get a start. Create your app with a marketing strategy; and, you are ready to coin in it.

  1. Blogger:

It is a job to empower the words of your client selling a product or service by writing the message in an informative, convincing and encouraging manner. Hiring blogger has become the necessity of businesses as the owners don’t have time to blog on time under a specific schedule. It is an excellent paying business that doesn’t need any investment. You can create the posts for your blog as well as for other’s blog. The tricky part is that you need to have command over the language.

  1. CV Writer:

CV plays a vital role in the job getting. A CV is the statement of your professionalism; therefore, it needs to have a professional touch to highlight the specialities like experience, individual achievements, capabilities, specialisation etc. The top-notch recruiters have very little time to explore the information; here comes the role of CV writer. Numbers of youngsters searching their first job outsource CV writing service. Get started with a self-created website and promote yourself through social media.

  1. Translation:

Have completed a course in a foreign language? It is a short-term course available for different level students. If you have command over a foreign language, you can start providing translation services to the businesses of two nations. Virtually, it is no start-up cost business, but you can make up to £50,000 or more per year. The tricky part is to establish yourself, understanding the language and deliver on time.

  1. E-commerce Store:

Creating an e-commerce store has become more accessible and affordable because of the availability of open source web designing and development platforms. Just by setting your e-commerce store without investment, you can enjoy endless earning opportunities by marketing the products sourced from originating sources.    Your e-commerce store becomes a 24/7 earning machine. The tricky part is to create an e-commerce storefront and to promote it intensively.

  1. Travel Planner:

Travelling has become an inseparable part of life. Majority of people travel to never before destinations; and, they need a dependable help to guide them from the start until the end of the tour. As a travel planner, you will oversee the tourists for cheap flights, cheap hotels, reliable car rentals, preferred activities and more facilities as per requirements. Making a living as a travel planner is easier. Here, you deal with the cash-rich but time-poor people.

There are endless opportunities to earning without any significant investment; all the business mentioned above ideas are risk-free. The success solely depends upon your business sense, strategy and dedicated efforts. Combining two or more business ideas is also possible if you have adequate time to spend.