The eyes of the world are on the UK at the moment following the news of the birth of our future king, the Prince of Cambridge.
Whether you are feeling swept along with the tide of euphoria or are becoming rather tired of the constant media coverage, it is worth considering if there are business opportunities that you could take advantage of?
British economists project that the Royal birth will inject around ï¿½240m into the UK economy. Much of this will come from souvenirs, purchases of party food and celebratory drinks. So how can you think creatively about how to take advantage of the commercial opportunities linked to the Royal baby?
There are obvious opportunities in the market for collectables, baby products and toys. On-line trading has opened up global markets with an apparent appetite for authentic British goods.
The hospitality can benefit from additional spend as people bask in the ‘feel good’ factor of the birth of the new prince with the opportunity to promote themed menus and celebration drinks. The growing number of cupcake businesses can use their creativity to give a nod to the Royal baby and the sense of history that the occasion has invoked.
The sense of history and our proud heritage can provide a unique opportunity for all types of UK businesses, made in Britain can be a badge of honour, a key differentiator in the global marketplace. We can potentially trade on our history.
Tourism is another key commercial opportunity. While London is the heart of the Royal baby frenzy, tourists may want to take advantage of exploring other parts of the UK. This could produce great sales for small hoteliers, bed and breakfasts, independent restaurants, local markets and tourist attractions.
The Duchess of Cambridge does have links with the North East. Our future Queen’s ancestors came from the area, which could be a draw to get people to visit the North East if it is promoted effectively.
There are business opportunities both large and small as a result of the birth of the Royal baby, with a little creative thinking and some clever promotion, you’re business could be well placed to take advantage of this potential boost to our local economy.
Maybe the birth of the Royal baby can inspire the birth of a new business, a new business idea for your existing business and a fresh sense of optimism.
:: Carole White is business development manager of TEDCO Ltd