The United Kingdom is one of the favorable places to do business. In fact, as of 2020, the UK ranked eighth globally in ease of doing business. This means moving to London to start a business is an astute decision.
There are many businesses you can venture into in London. But the truth is not all of them are as lucrative as you think. So, if you are an expat willing to start a business in London, you must read this article to the end to discover the lucrative yet easy business for you in London.
But before we dive in, if you also intend to move to London to work, you must have a work visa, particularly an H3 work visa. This allows you to enjoy the perks of working in the United Kingdom. So let’s start!
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Graphics Design
If you are one for creativity and have an eye for visual designs, you could try graphic designs. You could do it in the form of merchandise – you get a couple of items such as shirts, cups, hoodies, etc., and have your designs or popular designs from TV shows or movies printed on them.
Although you do not get a fixed income working as a merchandiser, depending on your sales output, you could make a deal with your dealers and get your products at a cheaper rate. Of course, this will increase your profit drastically.
You could even work as a freelancer. As a freelancer, you can earn six figures annually, depending on your level of expertise. All you need is a good internet connection, which shouldn’t be a hassle in London. And, of course, a modicum of patience as freelancing can be boring sometimes.
Service Provider
One reliable way of earning income in London is by performing a service. Such services include babysitting, lawn mowing, dog walking, and housekeeping. You could start your business by making adverts to make people know about you, and before you know it, more people get to know about you and what you do.
If you are a student in London or you are looking to make extra income, you could try out this small business. As a service provider, you could earn about £11-£25 per hour, depending on your service.
African Restaurant
As an African immigrant in London, one of the business ventures you can leverage is to open an African restaurant. This type of business is bound to be a huge success as there are loads of African immigrants in London who miss the taste of their nationality’s food and would jump at the chance to have such a meal again.
If you are already in London and interested in starting this business, speak with a UK immigration lawyer to ensure your visa allows you to venture into it.
To be quite successful in this business, ensure you know how to make leading meals from different African countries and try to locate your restaurant amid African communities.
Making Handmade Products
If you are one for arts and crafts, starting a business from it is fun, as you are essentially making money from your hobby. It could be knitting, beading, woodwork, candles, cookies, etc.
Expats who just arrived in London can start this as a way to settle in and make extra income while getting better accustomed to the country. The best part is you determine how much you will charge, depending on your cost of production.
This small business is lucrative because you need little capital to start. And you are assured of a high turnover, and more importantly, you become better at what you do, seeing as practice makes perfect. This small business idea can turn into a mega venture depending on your marketing strategy and devotion
Drop-shipping Business
Drop-shipping is an easy business to start from the comfort of your home. And it is quite profitable, with profits estimated to be about 20% to 30% from each sale.
Drop-shipping is a retail business where the seller accepts customers’ orders without having the product at hand. As a drop-shipper, all you need to do is communicate with third-party suppliers, such as a retailer or the manufacturer and make orders on behalf of customers.
You do not need to be involved directly with the products. Your main objective is to make the sales and ensure the order gets to the customer. It is a quick and assured way to make money, provided the products you are dealing with are popular.
Final Thoughts
Each business we’ve listed here is pretty lucrative, and there are other lucrative businesses apart from the ones we’ve listed you can start in London. The most important thing is to be patient when you start any business in London, as most businesses don’t flourish in the beginning, but you will laugh last in the end if you’re patient and tenacious. Good luck!
