tiktok business

Unlocking the Potential: Top TikTok Business Ideas for UK Entrepreneurs in 2024

Kurt GraverBusiness Ideas, Business Start-up Advice

TikTok has revolutionized the world of social media and digital entertainment. But beyond catapulting viral dance trends and hilarious memes, the platform has emerged as an unparalleled launchpad for innovative business ideas and entrepreneurial success stories.

As TikTok’s meteoric rise shows no signs of slowing down, the opportunities for harnessing its power only seem to multiply. This presents an exciting prospect for aspiring entrepreneurs across the UK looking to capitalize on the platform’s immense influence.

This in-depth guide will explore TikTok’s impactful role in shaping business, highlight inspiring case studies, provide practical tips for launching your own TikTok venture, and predict future trends that could steer entrepreneurial success on the platform.

So whether you’re an ambitious founder armed with creative ideas or an established business seeking to expand via TikTok, let’s uncover how this cultural phenomenon redefines what it means to be an entrepreneur in our digital-first world.

The TikTok Takeover: A Snapshot of Its Monumental Reach

To comprehend TikTok’s game-changing impact, we must first understand its mammoth presence across the global digital landscape. Some statistics that showcase TikTok’s far-reaching influence:

  • Over 1 billion monthly active users worldwide as of September 2022 (Oberlo)
  • Ranks among the top 10 most visited websites globally (SimilarWeb)
  • Fastest-growing social media platform with skyrocketing growth and engagement (Wallaroo Media)
  • Estimated lifetime ad revenues to reach £12 billion by the end of 2024 (EMarketer)
  • 67% of TikTok users make purchases after seeing a product on the platform (Mediakix)

With such formidable statistics, it’s evident that TikTok has revolutionized digital media engagement – largely driven by the invaluable creator community and a best-in-class algorithm that keeps users hooked.

For businesses in 2024, TikTok presents a prime opportunity to tap into its cultural significance and connect with diverse demographics through immersive, creative and entertaining content.

Why TikTok is a Gamechanger for Business Innovation

Beyond the mind-boggling user statistics, what makes TikTok such a fertile business ground? Let’s explore the key drivers:

Unparalleled Reach to Diverse Demographics

TikTok allows access to an incredibly vast and varied audience across every age group, from Gen Z to boomers. Even demographics less likely to use other platforms, like those aged 50-60, are flocking to TikTok (GlobalWebIndex).

This presents an exciting proposition for UK businesses to expand their reach and cater to previously untapped Zielgruppen. Whether you’re a fashion brand looking to engage young consumers or a healthcare provider targeting elderly groups, TikTok enables connecting with diverse crowds.

The Power of Virality

While other platforms increasingly rely on ads for reach, TikTok has proven organic virality works. Through its addictively swipeable UX and use of exciting visuals/music, great content easily hits millions of eyeballs.

Case in point: Peak daily views for the most viral TikToks exceed 10 billion views daily (Oberlo). This creates a lucrative opportunity for brands to grow rapidly through viral campaigns with relatable messaging.

Engagement Rates No Other Platform Can Match

Scrolling through TikTok doesn’t feel like mindless social media consumption; it’s entertaining and engaging by design. Consequently, it boasts much higher engagement metrics:

  • On average, TikTokers spend 52 minutes a day on the platform (BusinessofApps)
  • The average user opens TikTok 8 times a day (Wallaroo Media)
  • 90% of users say they discover new content on TikTok (Talk Shoppe)

Combine this with TikTok’s participatory culture, where challenges and trends inspire users to create and engage with content. For businesses, this community-driven environment fosters higher brand interaction.

Democratized Platform Where Anyone Can Thrive

Unlike legacy social platforms relying heavily on existing influence, TikTok empowers everyday users to achieve success. Its intuitive interface allows quick and convenient content creation using basic tools, with the innovative “For You” page algorithm determining which content performs best.

This results in a thriving platform where unique, high-quality ideas are rewarded, regardless of background. Even obscure creators get opportunities to partner with brands by creating engaging concepts aligned to TikTok’s culture.

For businesses, this represents a democratic environment where fresh concepts resonate over influence and budgets. It expands possibilities for organic collaborations beyond traditional celebrity endorsements.

Customized Targeting to Reach Hyper-Specific Niches

Legacy social media platforms rely heavily on demographic and interest-based targeting for ads. However, TikTok’s content and user activity analysis allows advertisers to reach additional dimensions like lifestyle, culture, humour, and other nuances that are difficult to target otherwise.

So whether you’re a speciality food business looking to target comedy lovers or an athleisure brand targeting fitness fanatics, TikTok enables hyper-targeted, hyper-relevant advertising.

The above factors demonstrate TikTok’s uniqueness in authentically enabling genuine engagement between brands and communities. This dialogue and precise ad targeting presents a game-changing opportunity for businesses in 2024.

Spotlight: How Brands are Killing It on TikTok

The business innovation possibilities are further evidenced by brands effectively leveraging TikTok for marketing wins across industries:

1. Gymshark: Athleisure Authority via Hashtag Challenges

The fitness apparel retailer leverages TikTok’s gamified features through hashtag challenges that align with their audience. They partnered with fitness influencers and launched the #Gymshark66 hashtag challenge, which accumulated over 110 million views.

This positioned Gymshark as an authority within the health/fitness realm and boosted community engagement. Overall, their TikTok presence has translated to a 400% increase in website traffic from the platform.

2. TooFaced Cosmetics: Virality Drives Record Sales

When TooFaced launched its “Life’s a Festival” collection, the campaign accumulated over 3 billion TikTok views in a week without any paid media. This unpaid, organic visibility led to their Palette going out of stock thrice, with sales surpassing forecasts by 55%.

They achieved this purely via the community creating looks with the new product. This showcases the sheer power of going viral on TikTok for business success.

3. The Loungewear Company: 1 Million Followers in 3 Months

This UK-based loungewear brand went from 0 to 1 million TikTok followers in under 3 months through the viral #ComfyCozyTikTok hashtag challenge. Consequently, their sales skyrocketed with a 2000% increase in web traffic coming from TikTok.

They’ve built an engaged community around their products through relatable content. It highlights the swiftness at which brands can succeed by understanding platform culture.

Key Takeaways

The above success stories reaffirm building brand love on TikTok requires an authentic approach based on community engagement. Strategies involving embracing platform traditions like challenges and duets perform well by design.

For businesses questioning if TikTok is right for them, know that versatile tactics can work across niches when done right. These examples showcase retail, beauty, apparel and more achieving growth through TikTok worth emulating in 2024.

Given TikTok’s swelling popularity, the platform is continuously evolving to support businesses in impactful ways:

1. TikTok Shops Set Sights on Social Commerce

After Instagram and Facebook, TikTok launched its own native shopping feature, allowing brands to create digital storefronts within the app. These showcase products that are easily discoverable while scrolling through feeds.

Early adoption has shown promising results: 68% of TikTok users expressed intent to purchase from shops directly in-app (MediaKix). As social commerce booms, TikTok shops can be part of any modern retail strategy.

2. TikTok Partners with Shopify, Square and More

To support social selling for businesses, TikTok is expanding integrations with e-commerce platforms like Shopify, Square, and Ecwid, allowing simplified selling through TikTok shops.

This makes social commerce through TikTok a turnkey opportunity for merchants with existing ecommerce operations to tap into TikTok’s colossal audience.

3. Live Shopping Finds Fans on TikTok

Live video has become integral to retail, with 72% of consumers prefer live channels for shopping-related content (Talk Shoppe).

TikTok launched live shopping capabilities in 2021, registering encouraging early signs:

  • Thousands of brands host live shopping events daily.
  • Categories like fashion, beauty, electronics etc. find takers
  • Features like real-time interactions and limited deals are seen favourably.

As TikTok shopping evolves, live commerce could see greater priority for merchants embracing interactive channels.

4. Expanded Advertising Solutions Offer Greater Reach

For businesses seeking wider visibility, TikTok continuously expands its robust advertising offerings beyond standard ads:

  • Brand Takeovers: Brand content displayed when users open the app
  • In-Feed Videos: Native ads in content feeds
  • Brand Effects: AR lenses/filters amplify brands playfully
  • And more

With 500 million users now engaging with ads on TikTok, its versatile formats make paid reach highly effective.

As TikTok commerce accelerates, the above developments present ample avenues for businesses to tap into revenue opportunities. Savvy brands will continue embracing its platform-specific features to achieve measurable impact.

Spotlight: UK Brands Finding TikTok Success

Homegrown UK brands have also found immense value in TikTok strategies:

Oddbox: Captivating Content Drives Sales for Produce Box Company

This produce box delivery service creatively engages its audience through relatable food-focused content while organically promoting its offering. They’ve built authority as a sustainability-focused brand with videos aligning to behaviours appreciated on TikTok.

In just 8 weeks, Oddbox gained 30,000 TikTok followers, resulting in a sales uplift of 45%.

So Below Candles: Tapping Customer Passion Results in TikTok Virality

This business sells mystical, pagan-inspired candle products to a passionate, niche community. By consistently posting “oddly satisfying” videos (a popular TikTok genre), they’ve amassed over 800k followers, resulting in frequently selling out new product launches.

Beyond sales, their viral presence expands awareness of this type of merchandise. It highlights the ability of unique brands to thrive by understanding and engaging niche communities.

Key Takeaway

Like international counterparts, UK brands embracing TikTok’s cultural nuances tailor-made for community participation achieve faster traction. Tactics like choosing trending audios, participating in viral challenges and more lead to measurable successes showcasing favourable ROI.

For 2024, local brands not leveraging TikTok could likely fall behind competitors, effectively utilizing its expansive reach. The above examples offer inspirational blueprints of thoughtful audience-building approaches.

Step-by-Step Blueprint for TikTok Entrepreneurship

After assessing the favourable prospects motivating you into TikTok entrepreneurship, let’s explore a strategic process to launch your venture:

Phase 1 – Research & Validation

Effective TikTok presence requires understanding your positioning. Key actions here involve:

Define Your Niche
Assess your strengths as a creator to determine a niche for your brand, whether it’s travel, fashion, food, etc, aligned to your sectors. Research audiences and competitors in your niche.

Validate Your Offering
If selling products/services, gauge demand and fine-tune your offering based on audience needs in your niche. Conduct surveys, interviews, etc., to validate assumptions.

Understand Legal & Tax Considerations
Especially if building a commerce business, ensure you comply with regulations around operating. Consult experts like lawyers, tax advisors, and accounting services.

This foundational understanding steers the next planning phase to ensure optimal outcomes.

Phase 2 – Account Setup & Content Strategy

Now we enter content creation and channel development territory with steps like:

Develop Your Brand Identity
Craft branded assets for a consistent identity across touchpoints – logo, fonts, visuals, etc. These enhance recognition.

Launch Your Business TikTok Account
Create a dedicated business account with accurate info and assets. Use features like links, contact info, etc. Think channel name and bio info carefully.

Map Out Content Pillars
Group your content into pillars like brand storytelling, product features, industry education, behind-the-scenes, etc. This organization guides video brainstorming.

Create Engaging Video Content
Start populating your channel through videos that entertain, inform, inspire or help your audience. Leverage trends, effects, and captions creatively here.

Post Videos Consistently
To gain traction, remain consistent in your content output based on resource bandwidth. Analyze performance to double down on what works.

Executing the above credibly positions your brand as an authority worth paying attention to.

Phase 3 – Growth Through Community Building

With a fledgeling audience from great content, proven pro tips can expand visibility further:

Interact with Followers
Reply to comments and answer questions – dialogue shows users the people behind your business, fostering loyalty.

Develop Brand Partnerships
Collaborate with influencers or brands, allowing sponsored content to tap into each other’s audiences for mutual benefit.

Participate in Challenges
Partaking in trending hashtag challenges expands visibility significantly due to TikTok’s participatory culture.

Promote Through Paid Ads
Allocate budgets for paid ads through TikTok’s self-serve platform according to goals for higher volumes.

Analyze Performance Metrics
Consistently measure analytics across website traffic, sales, etc., to correlate TikTok activity. Refine based on findings.

This phase is an active process demanding year-round optimization based on learnings around engaging users. But diligently sticking to these community-building principles sets you up for authority status.

For most creators, the above blueprint offers ample guidance to gain mastery over TikTok for business excellence. Let’s now explore the future for TikTok entrepreneurs beyond 2024.

The Future of TikTok Entrepreneurship and Commerce

Given TikTok’s astronomical pace of evolution thus far, its role in digital commerce and culture is only expected to grow exponentially in the coming years.

Let’s hypothesize upcoming developments that could steer entrepreneurial success:

TikTok Getting Serious About Shopping

Expanded social commerce capabilities seem firmly part of TikTok’s priorities, with native functionality for product discovery, transactions, etc.

Expectations: 71% of TikTok shoppers anticipate increasing discoverability/info for assessing products before buying (TalkShoppe). More immersive shoppable video formats will likely take precedence.

Extended Reality Driving Interactive Storytelling

As AR/VR capabilities evolve, brands could leverage TikTok’s community culture using interactive content far surpassing expectations.

Expectations: Rather than passive viewership, users may actively participate in branded storytelling adventures via XR shopping journeys, virtual storefronts etc. as the metaverse impacts digital engagement.

TikTok Further Personalising Experiences

What sets TikTok apart is its unparalleled ability to serve content aligned to granular interests. Further advancements in semantics analysis, NLP, etc. will only refine this matching for ultra-custom recommendations.

Expectations: From profiles with astrological signs, Hogwarts houses and other nuances, creators could deliver tailored content aligned to niche dimensions beyond surface demographics already seen.

TikTok Emerging as a Talent Discovery Engine

The platform has already been instrumental in catapulting everyday creators into stratospheric fame. Progress in machine learning capabilities could accelerate the identification of rising talent suited for digital stardom.

Expectations: Record labels, movie studios and other entertainment sectors may utilize data-driven approaches on TikTok as a talent scout for casting roles or contract deals given its authentic portrayal of skills.

TikTok Enabling Direct-to-Consumer Brand Building

While retail giants currently dominate, TikTok breaks norms, enabling solo entrepreneurs to achieve viral products. We may see a wave of digital-first CPG brands built directly through TikTok.

Expectations: Product designers could leverage TikTok to validate and launch innovations quickly using hype-building techniques. Its democratic appeal, where the best ideas succeed, allows faster DTC traction.

Influencer Marketing Finding Innovation

As influencer content gets repetitive on TikTok, brands may expect more creative partnerships beyond typical sponsorships to win over audiences.

Expectations: Branded content fusions with entertainment sectors could become more prominent, leveraging augmented reality, cross-platform narratives, exclusives and more to offer value.

The possibilities seem endless regarding how TikTok commerce, content, and culture could reshape themselves over the years. However, the underlying opportunity it unlocks for enterprising creators building brands directly leveraging its digital influence only seems to swell, not shrink.

The key is to remain nimble yet anchored in the platform traditions within this innovative landscape, favouring authenticity and community belonging.

Savvy UK entrepreneurs willing to plunge into areas untapped by risk-averse brands have much to gain in this era of social media pioneering TikTok now leads.

Final Thoughts

As we’ve illuminated throughout this extensive guide, TikTok has ushered monumental shifts culturally and commercially that forward-thinking brands continue benefiting from greatly.

Its demographic inclusiveness offers access beyond traditionally hard-to-reach groups. Marketing innovations like viral campaigns demonstrate lucrative returns from organic content. And for commerce, embedded shopping functionalities simplify product discovery and transactions like never before.

Yet TikTok’s role in shaping businesses is still nascent compared to its boundless potential still being realized.

For aspiring entrepreneurs, this golden age for TikTok marks an opportune time to craft brands directly leveraging its digital influence. Unlike traditional outbound marketing tactics, the path to profits prioritizes creative storytelling, community belonging and participatory engagement.

The success stories, step-by-step blueprints and future forecasts covered above should equip UK businesses to begin pondering their own TikTok domination plans as digital pioneers.

Like its young demographic, TikTok offers a pulse on modern culture, reflecting ever-evolving trends and interests. By staying in tune with this rhythm through consistent presence and innovation, the platform promises to unlock endless opportunities now and in the future.