Entrepreneur Tim Armoo shares the business trends he’s most excited for this year
Blue Monday has been and gone and you might have already slipped up on your New Year’s resolutions.
Dry January might not have worked out, or perhaps you’re already regretting buying that new gym membership.
Perhaps you swore to yourself you’d make some extra money as a side hustle, or to launch your own business full-time, but you’re still not sure how.
Unlike the other promises you made to yourself, this is one resolution you can keep.
It doesn’t need to be difficult and staying on top of the latest trends, opportunities and movements that emerge can put you a step ahead.
These are the top six trends I’m most excited about and are set to explode in 2024.
Indoor vertical gardens
Simply put, indoor vertical gardens are the latest innovation in the gardening space. They offer homeowners the chance to grow plants indoors on vertical structures, improving efficiency of space and not requiring your house to have a garden.
Gone are the days of luscious gardens being reserved for those with extensive plots of land. Now you can grow your own fruit and veg from the comfort of your own home.
Tim’s tactic: Make a tasty side income by starting your own microgreens business. Microgreens such as basil, parsley, and fennel can fetch a pretty price if you grow enough of them.
Profit potential: £250-£500 per month
Tool libraries
When was the last time you used that Makhita XPH10Z Power Drill?
You forgot you had it? You’re probably not alone.
The good news is that renting out tools is becoming increasingly popular, especially in local communities.
Power tools are especially expensive and often, people only need them once or twice, so if you have an extensive tool collection, then think about renting them out.
Tim’s tactic: Head to local Facebook Groups and advertise your tool rental service. Charge a daily rate (not an hourly one because that’s hard to track) and have a strict return and deposit system. You don’t want anybody wandering off with your tools.
Profit potential: £1,000 per month
Piling up: Buying books in bulk for your book club could net you some extra cash every month
Walking book clubs
Are you retired or simply a bit bored of your everyday life? Well this might be the business for you.
The concept is exceedingly simple: Read the same book as your group then go on walks to discuss different aspects of the book. Scheduled reading stops are optional but recommended.
But how do you make it a business?
Tim’s tactic: Contact a variety of small and local authors to enquire about bulk pricing for their book.
Note down the price then head to local libraries and put up flyers on their board, plus check out local book communities on Facebook.
Advertise the club and explain that you will provide the books in return for a fee for joining the club. Now make sure the bulk pricing is cheaper than retail and keep the difference.
It takes a little bit of effort up front but once you have routes planned, members signed up, and books bought it’s a very low-effort business. There is the chance of a decent side income for only a couple of hours per week.
Profit potential: £250-£500 per month
Upcycled fashion workshops
Interested in fashion? This one’s for you.
Upcycling is the process of turning old clothes into new fashion items, like cutting the legs of your jeans short to make denim shorts.
DISCLAIMER: I don’t condone this. The fashion choice is terrible. This is just for explanatory purposes. Please don’t do this.
Workshops hosting these kinds of sessions are becoming increasingly popular as the world becomes more environmentally conscious and waste averse.
So, how can you make a few extra quid from this?
Tim’s tactic: Partner with a local textile shop or charity shop and buy fabrics in bulk from them.
Then find a host venue – your local town hall will do – and create a weekly session that invites people to come down and upcycle their clothes. Charge a fee for access to the vast selection of materials and promote it through local publications, Facebook pages, or even local influencers and figures.
Profit potential: £500 – £1,000
Fitness meetups for seniors
This one is perfect for personal trainers.
Organise senior-friendly fitness meetups to help promote physical exercise and socialising to help combat the very prevalent problem of elderly loneliness and fatigue.
No, you don’t need to be an expert to host these sessions – they’re designed to be easy.
Walking trips for cardio, lifting very light weights and so on are all ideal activities.
So, how do you make some money from this?
Tim’s tactic: Buy some light weights from Amazon and make up some basic marketing materials, like flyers.
My advice is to use Canva software to make these – it’s free and is very good.
Put these flyers up in places like coffee shops, libraries, local cafes, and other places likely to be frequented by elderly people. Charge a monthly fee and enjoy!
Profit potential: £1,000 per month
Local artisan subscription boxes
This is an especially interesting trend.
Shopping local and supporting small businesses is becoming increasingly popular as many people are watching their local shops disappear at an alarming rate. The difficulty is that not everyone has time to go and visit these shops during the day.
A local artisan subscription box is a perfect solution to this.
Think locally-crafted goods, long-life foods, decorations, and so on.
How should you go about making this a business?
Tim’s tactic: Head to your local farmers market and go down to some local shops.
Ask them whether they would like to be included in the subscription box.
Local Facebook groups are the best play here because people have an emotional attachment to the area and are likely to buy based on that feeling.
Buy items in bulk from your partners, ship to customers, and add a little handwritten note for extra sentiment. Done.
Profit potential: £1,000 – £2,500 per month
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