What business to start in 2016

Do you dream of starting a business? You’re not alone. 25% of UK adults want to start a business in 2016, rising to 70% among those aged 25-34 as more people aspire to experience the kind of independence and fulfilment rarely gained in their day jobs.

These start-up ambitions have already been realised by some with 581,000 start-up businesses launched in the UK last year and the number of self-employed continuing to soar, but the taste for entrepreneurship is growing – boosted by an increasingly supportive start-up landscape.

Start-up finance is now more readily available with 44% of small business owners having secured development finance in 2015. And investors are now far more willing to part with their money: more than $3.6bn was invested into UK tech start-ups in 2015 alone.

These statistics coupled with chancellor George Osborne’s recent pledge to extend small business rate relief, expand the Start Up Loans scheme, and invest heavily in building the UK’s ‘Northern Powerhouse’, lend weight to the argument that there has never been a better time to start a business in the UK.

But just how do you turn your dream of starting up into a reality? And what are the hottest sectors and business ideas that you should pursue in 2016?

We’ve studied the sectors which are evolving at a rapid rate and proving popular with investors, gained insights from leading market research groups such as Mintel, IDC and Euromonitor, and assessed consumer trends to offer 16 great areas where start-up business ideas could flourish in 2016.

What’s more, we’ve consulted with start-ups and experts working within these growth hotspots – our business insiders – to give you a deeper analysis of the business opportunities on offer.

Spanning a cross-section of industries from fashion to food to fitness, we’ve identified a vast array of start-up opportunities which cater to a range of skills and backgrounds, extending to business prospects for freelancers as well as sideline ideas to generate cash from what you do anyway, such as becoming an ‘Instapreneur’.

With the UK’s franchise industry operating at an “all-time high”, we’ve also included a trend that offers a great deal of scope for prospective franchisees in 2016 with expert commentary from the British Franchise Association (bfa).

There’s something for everyone in this list; for aspiring tech entrepreneurs we’ve got information on fittech and edtech, for budding foodies we’ve got opportunities in fermented food and gourmet burgers, and for those who want to target the leisure and hospitality market we’ve got activity bars, live music festivals and much more.

You may notice that some of the start-up opportunities listed aren’t necessarily ‘new ideas’ – such as starting a gin brand or gin distillery – but the possibilities to disrupt the market with a new, innovative solution or niche focus, seem endless.

Click on the buttons above and below to find out which business ideas might take you on the path to independence in 2016…