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Wednesday, January 4, 2017

The Top Niche Business Ideas Set to Flourish in 2017


The top niche business ideas set to flourish in 2017
Real Business

With findings taken from Google Trends, there are a handful of niche business ideas that are set to achieve success in 2017.

New trends pop up all the time, with Pokemon Go a perfect example. But findings from Yell Business have revealed that niche business ideas look set for greatness this year.

Design


Looking ahead at what niche business ideas the UK market can expect to see, hygge – a Danish term for cosines in English – interior design is expected to come into its own.

The digital marketing company found that hygge achieved 163 per cent more Google searches in Q4 2016 than it did in Q3.

Kenneth Freeman, head of innovation at Ambius, said of hygge: “The Danish philosophy of ‘hygge’ – pronounced ‘HUE-gah’ – is a state of mind that embraces comfort.

“Instilling this concept into our workspaces through the use of greenery could be the natural solution to delivering some cosiness to our cold, sterile offices – it could help improve employee engagement and inspire staff.”

Performing arts


Elsewhere, Google searches for jive classes were up by 50 per cent on 2015, while August to October alone experienced a 20 per cent search spike. Yell suggested that any entrepreneurs considering niche business ideas may want to look at teaching the dance.

In autumn, we spoke with London Cabaret Club founder Evelina Girling. While she doesn’t teach dance, she is benefitting from the arts thanks to moving ahead with her venture.

“We found people want something from a bygone era. They want us to go back to the days where you can dine, be entertained and dance after – that’s what’s appealing with our concept, people love to be entertained but also entertain themselves,” Girling told us.

It’s worked out well, with Simon Cowell among the customers visiting the Holborn venue.

Continue on the next page to see what other niche business ideas are set to take off this year.

Food and drink


Although mass amounts of food and drink will have been polished off during the Christmas period, craft gin has experience a popularity surge. It had 285 per cent more Google searches last year than in 2015, while October generated the most searches with 182,000.

Similarly, craft beer, which is already wildly popular thanks to brands like Brewdog and Camden Town Brewery, as searches for craft beer shop was up 86 per cent in 2016 on 2015.

There’s also an appetite for niche business ideas in the form of gourmet sweetshops, Yell found, as they experienced a 200 per cent spike in Google searches.

Jamie Laing of Made in Chelsea is one such individual benefitting from the marketplace with his Candy Kittens brand. Flavours include Eton Mess, Sour Watermelon and more, while the the gourmet tag relates to the price of bags which are between £1.80 and £3.

In an interview with Laing and business partner Ed Williams, Real Business heard: “We’re trying to sell our sweets as a premium product to style-conscious consumers – something that hasn’t been done before, a premium gummy sweet.” Additionally, vegan food experiencing an 83 per cent rise.

Other


According to the findings from Yell Business, other areas of interest that could gain traction this year include streaming services, eSports, beer delivery and cycling companies.

“The emerging trends present a real opportunity for entrepreneurs to capitalise on in 2017. It’s even more exciting that many of these business types play into people’s everyday passions,” said Mark Clisby, marketing director at Yell Business.

“Whether it be teaching jive dancing classes or a setting up a vegan cafe, 2017 could be the year to take the leap and do something you’ve always wanted to.”

Having surveyed 1,500 UK consumers, Yell Business found that 40 per cent have considered starting up a venture, but only 13 per cent had gone through with it.

Of those that hadn’t pursued their ideas, the top three reasons cited were:

(1) Lack of finance – 61 per cent

(2) Unsure where to start – 50 per cent

(3) Risk of failure – 26 per cent

Yell Business also surveyed 1,500 business owners, however, and found 68 per cent made a profit in year one. In fact, 31 per cent generated profit in two months.

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