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Starting up in business is a big step for anyone to take, as it will usually require leaving the comfort and security of a regular job for a more uncertain financial future. Starting up in a recession adds extra layers of complexity, but it can be the ideal time to start. Nothing like necessity to be the mother of great inventions!
With all the changes coming our way during this coming economic period, we can expect to see a flurry of start-ups being formed. People have had time to re-evaluate their work/life balance during lock-down or decide to use a redundancy to go their own way.
There are invariably a few key reasons why people make a move to start their own business.
When you start your own business, you can earn an unlimited income based on your own efforts and the success or failure of the enterprise.
This is different from working for a company where your income could be limited by the business or salary structures.
Creating a new lifestyle
If being furloughed has given you time to re-evaluate your love of the “9-to-5” or made you re-assess the daily commute, you may decide to leave the corporate world and enter into a more flexible lifestyle.
Pursuing your passion
Starting your own business gives you an opportunity to make a living while pursuing something for which you have a strong passion.
For those of us with unique talents or interests, turning them into a business can lead to enjoyment and fulfilment – and be financially successful.
So many businesses come from people having a great idea for a product or service they can see meets an unfulfilled need in the marketplace. You could profit even more by teaching your idea to others or by creating a business model, which you can turn into a franchise.
There have been some fantastic business pivots over the last few months, which could end up as sustainable cash-earning businesses for their owner. Think of the delivery services, new take-away services, the craving for online services around health and exercise, the adoption of online platforms from conferencing to online planning tools, and of course, the significant move to online purchasing. Many businesses have taken advantage of this time to revisit their planning and make changes to their services or delivery, which will set them up for a new way of being.
Whatever your reason, your business success requires a great deal of planning, commitment, vision, and hard work! From the get-go, or even before it, you must have a clear plan of what you want to achieve during the early months, how you will grow your business in a way which is sustainable and of the cash flow you need to make to meet your own needs and your business needs.
1 company is formed every minute in the UK (GOV.UK, 2019)
64% of UK workers want to set up a business (SME Loans, 2019)
83% of 18-24-year olds have ambitions of self-employment (SME Loans, 2019)
More males (69%) have ambitions to start up than women (56.4%) (SME Loans, 2019)
Over 33% of the UK workforce don’t enjoy their job (SME Loans, 2019)
The age group most driven by financial gain are 18-24 year olds (SME Loans, 2019)
Fewer than half of UK Startups make it beyond 5 years (GOV.UK, 2019)
60% of new businesses will go-under within three years (Telegraph, 2019)
20% of new businesses will close their doors within just 12 months (Telegraph, 2019)
33% UK workers want flexible working hours and have the option to work from home (SME Loans, 2019)
43% of aspiring entrepreneurs don’t think they will ever set up their company (SME Loans, 2019)
25% of aspiring UK entrepreneurs are put off by ‘fear of stress’ (SME Loans, 2019)
33% of aspiring UK entrepreneurs would like to set up business with their husband or wife
Only 13% of UK workers would choose their best friend as a business partner
39% of young entrepreneurs saw lack of access to funding as a major barrier to growth (Institute of Directors, 2016)
The majority of UK entrepreneurs are in their 40s(Startups)
Only 14% of UK SMEs are woman-led (Startups)
Just 11% of Startup owners have no educational qualifications (Startups)