While the past year impacted industries across the world, it did not mean the end of work. Some saw the opportunity to launch their own business to meet the new, unexpected, gaps in the market. A wide variety of industries saw an increase in start-ups. What were some of the most popular business ventures in 2020?
Road Freight Transport
Business card specialists instantprint found that freight transport, via road, was one of the most popular start-up sectors of the year. There were 10,848 new registrations made in 2020. The UK government released transport statistics for 2020. This showed that 196 billion tonne-kilometres of domestic freight was moved within the UK in 2019. 79% of this was done by road. With online shopping increasing and various transport methods facing restrictions, it’s likely that the future of road freight transport could continue to increase. The government hopes to make the industry more sustainable and decrease its carbon footprint.
Another popular sector was domestic construction, with 7074 new registrations made in 2020. Construction ground to a halt during the March lockdown. As restrictions were lifted, the industry managed to maintain growth during the financial quarters. This was particularly noticeable at the end of 2020, with a 4.4% increase in new work and a 5.5% increase in repair and maintenance. This positive trajectory shows optimism for the industry. There is hope for the future of UK construction.
And where were these start-ups taking place? London proved to be the most popular city, with over a quarter of new businesses starting there (123,462). This was followed by Birmingham (11,185) then Manchester (9,684). June was the peak month for business registrations. The highest number of registrations happened on 8th June, with 4,759 made in a single day. This optimism could be linked to the fact that restrictions were being eased in June and people were hopeful the pandemic was coming to an end.
It’s likely this trend of increased start-up registrations will continue this year. According to the instantprint survey, almost a fifth of UK adults have plans to start a business and another third are considering it. Millennials – those aged between 25 and 34 – are the age group most likely to launch a start-up in 2021. Almost 40% of 18 – 24 year-olds said they would potentially start a business. A wide array of industry experts explained what start-ups are likely to be successful in 2021.
While 2020 was a difficult year for people across the world, for others it was the beginning of their new business. It’s interesting to see what this year, and beyond, has in store for new ventures. What type of business would you like to start?