With thousands of employees facing furloughs and redundancies throughout 2020 due to COVID-19, many have taken the leap to set up their own business or go freelance. But what is the true cost of setting up your own remote business?
To find the total cost to do it alone and the best businesses to set up right now, we’ve analysed all the necessary expenses involved in setting up a remote business in the UK and US, the highest-paying freelance jobs for remote workers as well as the most in-demand products to sell in your dropshipping shop.
This is the cost of setting up a remote business from scratch in the UK:
And this is what it will cost you in the US:
Based on the best jobs for remote working, we also found the jobs offering the highest average hourly rate for freelancers in the UK and US.
These are the top five highest-paying freelance jobs for remote working in the UK:
And this is what you can earn in the highest-paying freelance jobs in the US:
For those looking for a side hustle and an extra source of income, we also found the top products to sell in your dropshipping shop. To do this, we analysed the search volume for over 100 different products in order to find the products with the highest increase in search demand since the beginning of the year.
These are the top five products to sell right now, seeing the highest increase in search volume:
Full Data Set
|Total cost for first year, for a one-man business||UK cost||US cost|
|Registering your business||£12.00||$131.80|
|iCloud, 12 month subscription||£9.48||$11.88|
|WiFi for 12 months||£372.36||$783.48|
|Web domain (.com)||£16.14||$21.47|
|Website builder (Squarespace)||£180.00||$239.40|
|Invoicing & book-keeping software (Xero)||£120.00||$108.00|
|Business phone number and virtual handling of phone calls (Moneypenny)||£120.00||$159.60|
|Email hosting/ document software (Google Suite)||£49.68||$72.00|
|Total cost for first year, for a one-man business||£1,680.18||$2,179.99|
|Rank||Freelance Profession||UK (GB)||US (USD)|
Most In Demand Products
|Rank||Keyword||% increase/ decrease from Jan - November 2020|
|1||Throw Pillow/ cushion||2900|
|2||Reusable Face Mask||900|
|9||Outdoor Solar Lights||175|
|39||Dry Dog Food||42.11|
|54||Wireless Security Camera||16.98|
|65||Baby Play Mat||10.11|
|76||Washing Machine Cleaner||0|
|89||Baby High Chair||-20.45|
|90||Hot Air Brush||-22|
|100||Baby Bath Tub||-35.71|
|102||Blue Light Blocking Glasses||-37.88|
The jobs used in this data was based on US News’ list of the “15 Best Jobs for Remote Work”.
To find the cost of a laptop, the study used an average cost of new laptops listed on Amazon, using UK and US sample postcodes for a representative figure. For the cost to register a business in the US, an average of the cost of an LLC filing fee in all US states was used.
Freelance salaries are from PeoplePerHour. To find GBP values in USD, the exchange rate used was 1 GBP = 1.33 USD.
To find the search volume increase for products, a percentage increase was found by comparing the search volume for January and November 2020 using Google Trends.
All data was correct as of 15 November 2020.