If you’re considering becoming your own boss, you’re not on your own. Data reveals more than 810,316 new businesses were registered in the UK last year.
Becoming an entrepreneur may seem like something “other people” do but in reality, all it takes is motivation and the determination to succeed.
Some are deterred because they don’t know how to get started. Knowing the right time to launch a business and where to actually start needs careful consideration.
Important factors include having a viable business plan and knowing your target audience. Without these, there’s a much greater chance of failure.
How are new businesses faring?
According to the Companies House Small Business Hotspots UK 2021 study, the number of people starting a business last year was up by 32%, compared with 2019. Between January and March 2022, 205,171 new businesses have registered. This means the rate has slowed down compared with the first quarter of 2021, when 340,500 UK businesses were founded. The reason for this is the general global economic downturn.
However, the number of new entrepreneurs still signals a boom in small business launches that should help drive the UK’s post-Covid economic recovery. London has been the most popular area to start a new business in the past 12 months.
Microbusinesses, with nine or fewer employees, make up 95.5% of all new businesses. Small businesses with between ten and 49 employees account for 3.9% of the total, according to government data.
When records first began in 2000, there were 3.5 million private sector businesses in the UK. In the past 22 years, the number of SMEs has increased by 60% overall.
Planning ahead is most important if you want to become a successful entrepreneur. You can choose to launch your business in almost any area, but obviously, it’s preferable to choose a field in which you’re passionate and knowledgeable.
You’ll need a business plan: this lays out your objectives and your strategy for attaining your goals It’s important not only so you have a viable action plan, but also to get investors on board. Over time, it will measure how successful your business is.
Find your target audience
Once you’ve decided on your chosen entrepreneurial career, find your target audience. This means determining the demographics of the people you aim to attract such as age, gender, income, culture and other factors.
You will also be able to ascertain to best place to open up your business premises, or even if you actually need a bricks-and-mortar shop or office – many businesses today operate solely online to cut costs and staffing needs.
Do you need a formal education?
Determine if you need any particular qualifications to help succeed. While you don’t specifically need a formal education to be an entrepreneur, you shouldn’t ignore education altogether.
For example, if you decide to start a tech company, experience in computer programming and marketing could prove invaluable.
Importance of networking
Networking is an important part of growing any business, but none more so than entrepreneurs trying to get their idea off the ground. You can meet new people who might have skills that will help your business, or you could find potential investors to help launch your company.
When you’re established, networking remains equally important, as you’ll always be looking for potential investors or like-minded professionals whom you can work with. Having a trusted network can help support your business by sending new customers your way.
Selling your idea
You must sell your vision to potential customers. While consumers always want new products, they may be unsure which to choose. Your task is to convince people that your products are the best choice available.
Market your business based on the value the USPs add!
Choose whether you think people will be more likely to see a social media post, a billboard in the town centre or a mixture of both and formulate a strategy.
Can coworking office space help entrepreneurs?
Coworking office spaces could help you and your future employees excel, as there are multiple benefits. First, you can get a business address without a massive outlay – this can look more professional.
It can give potential customers more confidence in a business that seems secure. While it’s fairly simple and fast to develop a professional website, having a physical office address makes a business seem more trustworthy.
Coworking space also permits you to access the technical equipment you need, such as printers and a fast broadband connection. You will also have office furniture, gas and electricity, tea and coffee and often other perks.
If you work alone at home, surrounded by household items, it may not inspire your creativity at all. Being based in a coworking environment, with like-minded fellow entrepreneurs, means you’ve escaped the domestic environment and can bounce business ideas off your coworkers.
Your dream will become a reality only with hard work and dedication, so being in an environment where you feel motivated every day could be the key to success. Research published in Office Vibe revealed a coworking office space helped 64% of entrepreneurs to be more productive and 68% to be more focused.
There’s no pressure to leave the office to attend public networking events. Instead, you can interact with the right people around you. A shared office space hosts many different types of businesses. Your fellow coworkers are there to work, rather than sell something.
Communal areas and social events provide a great opportunity to get to know colleagues, who may be able to offer useful tips and even future business opportunities. When you’re an entrepreneur, it can be an isolated role. A coworking space means you can feel part of a bigger entity as you immerse yourself in the community.
In addition, as your staffing needs go up or down, the flexible environment can ensure you have just the right amount of space, even for sudden changes. While traditional offices tie you into lengthy contracts, coworking offices are naturally more flexible, so you can add or remove desk space when required.
The UK is full of successful entrepreneurs who started small and worked their way up to greatness. They include straight-talking businessman, Lord Alan Sugar, who is said to enjoy wealth totalling around £1.3 billion.
Born in London’s East End in 1947, Lord Sugar’s humble beginnings saw him growing in a council flat, with his family struggling to make ends meet. He worked in a greengrocer’s and later within the civil service, then with his savings bought a van, out of which he sold electrical goods.
Laurence Graff, founder of the iconic Graff Diamonds, with a nett worth of £2.8 billion, left school at 15 and became a jeweller’s apprentice. After learning his trade, he went into a business partnership repairing jewellery. He founded Graff Diamonds in 1960 to sell his own jewellery designs and became a billionaire. He attributes his success to hard work and being personally involved in every stage of his business.
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