Want to start a business?
Want to start a business, there are many reasons that you wouldn’t want to; perhaps the lack of capital, or the lack of know-how and even worrying about the potential risks. There are also the many reasons why you should and it seems that 2018 might be the ideal time to do so
The UK’s start-up environment is growing and changing, 2017 was a ground-breaking year for start-ups in the UK with a record-breaking 5.7 MILLION small businesses based in the country. The best part is that these small businesses were responsible for a staggering £1.4 TRILLION in turnover. Not only that these businesses also employ 48% of the UK’s private sector workers. But these are statistics for the businesses which have already started up and some have been established for decades, what help is available for budding entrepreneurs hoping to start-up today and what are the reasons to start now.
Got an Idea?
An idea for a start-up can come from anywhere; receiving bad service, using an inferior product, a hobby or even the latest trends from abroad (usually in the USA). Ideally, the idea will be a hobby or something you feel passionately about, but thorough research and training can be just as good.
Financing your Start-up
Obtaining finance to fund your new business can be the most worrying part of setting up a business, and whilst still a challenge, successfully financing your business is now more likely than ever. As well as the more traditional routes of Banks, Lenders and Friends/Family the UK is home to a growing infrastructure of investors who are only too keen to back great ideas and passionate entrepreneurs.
Interest rates are low, so finding the best deals on loans is easier than ever and with the latest tax incentives it has never been easier to get finance to start a business.
Start without quitting the day job
Quitting your job to start a new business can bring on anxiety, like nothing else, the security of a paycheck at the end of the month without any worries about rent, rates, capital, sales etc. But there’s no reason that you have to give up the day job, most people will start their business while still holding down a job, ensuring that there’s a salary still coming in and the confidence and time to build cashflow into the business.
So long as you’re not launching a business in competition with your current employer or using their time and resources you should be just fine,
Gaps in the market
There’s a tendency (in the UK in particular) to think that all the good ideas have been taken, but you’ll always come across news stories of new ideas and products and services in the marketplace. There are many gaps in the marketplace for a specific product or service for a particular set of people.
Look for bad service or bad implementation
How many times have you come across a product or service and been annoyed by it, it could be anything you come across your day to day life, take note! How could the product or service be improved? Take notes and find a solution.
Technology has opened up a world of opportunity
Ok so you have the idea to start a business, you have worked out how to implement the idea, but is there a way to do things quicker, better? When it comes to a route to market there is nothing better than to embrace technology. You’ll need to have a website (that’s a given), social media accounts set up prior to launch to give you time to build a community around your brand, use Facebook, Twitter, Pinterest, even Instagram and drive traffic to your new website, get people to sign up for newsletters and maybe give an early bird offer so that you have their permission to contact them.
Perhaps the greatest reason to start a business (in any year) is the freedom to do as you wish, the flexibility to work anywhere you want, with anyone you want and how you want, giving a great reason to make 2018 your new start.