{"id":1700,"date":"2020-04-23T09:00:49","date_gmt":"2020-04-23T09:00:49","guid":{"rendered":"https:\/\/www.mintformations.co.uk\/blog\/?p=1700"},"modified":"2025-07-31T15:47:35","modified_gmt":"2025-07-31T15:47:35","slug":"most-successful-types-of-small-business","status":"publish","type":"post","link":"https:\/\/www.mintformations.co.uk\/blog\/most-successful-types-of-small-business\/","title":{"rendered":"The most successful types of small business"},"content":{"rendered":"

Thinking about starting a small business<\/a>? You aren’t alone. Nearly 6 million<\/a> SMEs are operating in the UK right now \u2014 with just over 600,000<\/a> joining this number every year.<\/p>\n

However, there is also a more alarming figure to consider.<\/p>\n

60% of small businesses will fail within the first three years, with 20% going under within just 12 months. Given that millions of businesses successfully operate within the UK, it cannot be said success is unachievable, so why do so many crumble?<\/p>\n

There are many reasons that businesses fail, from poor management to misunderstanding the market or product. But in modern Britain, much of it comes down to consumer needs. Budgets are stretched tight, which puts a strain on the average family, stopping them from spending money elsewhere.<\/p>\n

This has a knock-on effect, which can see many businesses struggle<\/a>. The best way to secure success then is to consider the type of small business you are opening and invest in a company with the ability to withstand Britain\u2019s years of austerity.<\/p>\n

With that in mind, what are the most successful types of small business to consider starting right now?<\/p>\n

Health and wellness<\/h3>\n

Personal well-being is more important than ever. People are starting to take much better care of their physical and mental health, placing a special significance on this need above many others. The industry of health and wellness has seen meteoric expansion at a time when many others flounder. On average, health and wellness see economic growth of around 12% each year<\/a> and has become a $4.2 trillion industry across the world.<\/p>\n

<\/object><\/p>\n

Businesses within the health and wellness sector continue to see intense activity and interest from consumers. The market is steadily becoming saturated \u2014 but there is still room to carve out your niche. It\u2019s particularly important to establish your difference over other businesses, as this is still considered more of a luxury spend.<\/p>\n

However, if you can find a gap in the market, success is all-but-guaranteed.<\/p>\n

Home and property services<\/h3>\n

One in five UK small businesses are in the construction sector, according to the Federation of Small Businesses (FSB)<\/a>. Many more fill other property services, such as plumbing, electrical work, gardening, and other roles. It may seem \u2014 given these statistics \u2014 that there is no more room for small businesses in this niche. In fact, the opposite is true.<\/p>\n

Such a high number of businesses operate within home and property services because there is a high demand for it. There are 25 million houses in the UK<\/a>, with just under 250,000 new homes<\/a> built every year. And this doesn\u2019t even include public property and commercial property. Forty-five million square foot<\/a> of office space and commercial property is constructed annually, alongside the massive amount currently available.<\/p>\n

Add in schools, hospitals, government buildings, museums, leisure centres, and so on, and you have a lot of buildings (and surrounding land) to be built, managed and maintained.<\/p>\n

There is, and always will be, a huge demand for businesses in the property sector. These businesses often require high levels of skills or expertise. But if you can offer the necessary certifications, qualifications, and experience, there is plenty of work to be had \u2014 and for the long term, too.<\/p>\n

Digital services<\/h3>\n

We live in a digital era. Four of the biggest companies in the world right now are Amazon, Apple, Google and Facebook. They dominate the landscape with their digital products, netting more money than even major suppliers of oil and gas.<\/p>\n

The dominance of digital companies comes from our reliance on digital products. The UK consumer market is obsessed with computers and the internet. From smartphones to social media, we cannot get enough. This means there is a huge demand for digital services, and the industry is a place that small businesses can secure a strong and profitable future.<\/p>\n

Now, we aren’t suggesting you aim to become the next Facebook. If that\u2019s your dream, then shoot for the stars, but this article is offering secure opportunities \u2014 and that\u2019s not the kind of digital service that is going to drive long-term stability.<\/p>\n

So what is?<\/p>\n

Business-to-business solutions. The popularity of the digital platform means it has become a money-making goldmine for companies. Everyone from local stores to massive global retailers can take advantage of the digital world to increase profits \u2014 ads, websites, social promotions, custom software, etc. However, in this competitive market, success can be a challenge, which is why brands branch out to specialists for help.<\/p>\n

The result is that digital marketing services and software solutions are industries that are seeing increasing interest. Digital marketing grows by around 5% every year<\/a>, and software development sees similar projections<\/a>. Both of these services help businesses sell their products, but to manage them in-house would be expensive and inefficient, which is why the outsourcing of digital services has become massively popular and provides ample opportunity to start a successful business.<\/p>\n

A successful business needs a good start. Register your company<\/a> with Mint Formations and make sure you\u2019re ready for what comes next!<\/h3>\n","protected":false},"excerpt":{"rendered":"

Thinking about starting a small business? You aren’t alone. Nearly 6 million SMEs are operating in the UK right now \u2014 with just over 600,000 joining this number every year. However, there is also a more alarming figure to consider. 60% of small businesses will fail within the first three years, with 20% going under […]<\/p>\n","protected":false},"author":1,"featured_media":1701,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-1700","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-company-formations"],"yoast_head":"\nThe Most Successful Types of Small Business | Mint Formations<\/title>\n<meta name=\"description\" content=\"Secure your business future with these tried-and-tested SME industries. 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