NOW is the Best Time to Start a Business
Despite miserable forecasts from the Bank of England on Britain’s economy; a record number of start-ups were established last year. The job climate is looking bright with employment peaking at its highest since records began. So what does this mean for entrepreneurs?
More people are in employment since 1971. Figures from the Office for National Statistics have seen employment rising to almost 30-million in the third quarter of this year. The number of people in full-time work has increased by 88,000 and part-time work by 125,000. This is largely down to the private sector creating more jobs.
Almost all (99.5%) of new companies last year were small and medium-sized enterprises (SMEs). These have also contributed to the promising employment figures from the last quarter.
SMEs with a turnover of less than £25million accounted for almost half (49%) of the UK’s total business turnover in 2011. This is testament to how ripe the economic climate is for budding entrepreneurs. So what better time to start a business?
We have worked closely with start-ups on how to best establish their business to see rapid growth and success. However, there are some common issues that we find SMEs stumbling over, which limit their initial expansion.
A second income
Apply for government grant
The government is encouraging entrepreneurship and many grants have been made available to promote this. Do your research to find out which grants you are eligible for. You may find that you could apply for more than one.
Master your business plan
A lot of start-ups who have contacted us have great business concepts but lack an effective plan to get their company in motion. You need to cover all areas in your strategic business plan with a breakdown of costs, sources of capital, back-up options and objectives.
Some business owners can limit their growth by restricted vision. You can start a business from as little as £500, so long as you plan and implement a sensible business strategy.