With small to medium sized
enterprises (SME’s) responsible for driving the economic recovery, it’s not surprising that entrepreneurs are
feeling the pressure.
Whether enterprise will have the impact on recovery the Government wants it to remains to be seen, however there has arguably never been such an opportunity to be entrepreneurial in Britain. Just what support do British businesses need to succeed in the current climate?
1. The eureka! moment
The biggest challenge to an entrepreneur is their own limitations. If you have the belief, confidence and ambition, then the is easy to sort out. Whatever your venture, be honest and realistic. Are you fulfilling a gap in the market? Is your great idea REALLY a great idea? Have you talked to your potential customers? Are you aware of your potential competitors? What is your brand identify / promise?
2. Improve your marketing know-how
Marketing doesn’t need to cost the earth. Or anything. Utilise social media (eg Facebook and Twitter and Linked in to generate interest, debate and customer feedback. Ensure that your website is easy to navigate and is optimised for search engines. If you have a great story, try to gain free publicity via your local or trade press. Don’t have the time to become an expert? Turn to services like People per hour.com — where you can buy the expertise of a freelancer by the hour.
3. Build your Business Toolbox
There has never been such an array of business tools available to improve the efficiency and productivity of your organisation. As long as you have a good connection you can be online and on call regardless of location or device. Most people don’t realise that Google apps can be adapted for business — gmail, calendars — you don’t need to find an expensive solution to do it all. For example - I’m even hosting a Google hangout with Google on 10th or 11th December — with no need to download any software.
4. Know where the buck lies
Register your business with HMRC or your company with Companies House; open a business bank account; and set up your financial record-keeping system. By law, this is a necessity. There’s lots of support and advice available on how to run a tight ship — make sure that you are getting the guidance you need. With the rise of micro-businesses, RTI legislation coming into effect and HMRC going after tax owed from SMEs this year it is imperative to be on top of tax and compliance from day one. If nothing else, it gives you peace of mind.
5. Talk to the right people
Not just from the experts — get realistic advice from your network and market demographic. Test your idea. Tap into entrepreneurial communities online where you can get inspiration and guidance from others who have successfully started their own business – often the best way to learn about starting up is from those who’ve done it. Once you’re sure, make sure you get the right experts on board. There are many websites that offer free advice, such as Business Link, Start Up Donut, Smarta and Startups.co.uk. Your local enterprise agency or bank might also be able to provide information.
Whether enterprise will have the impact on recovery the Government wants it to remains to be seen, however there has arguably never been such an opportunity to be entrepreneurial in Britain. Just what support do British businesses need to succeed in the current climate?
1. The eureka! moment
The biggest challenge to an entrepreneur is their own limitations. If you have the belief, confidence and ambition, then the is easy to sort out. Whatever your venture, be honest and realistic. Are you fulfilling a gap in the market? Is your great idea REALLY a great idea? Have you talked to your potential customers? Are you aware of your potential competitors? What is your brand identify / promise?
2. Improve your marketing know-how
Marketing doesn’t need to cost the earth. Or anything. Utilise social media (eg Facebook and Twitter and Linked in to generate interest, debate and customer feedback. Ensure that your website is easy to navigate and is optimised for search engines. If you have a great story, try to gain free publicity via your local or trade press. Don’t have the time to become an expert? Turn to services like People per hour.com — where you can buy the expertise of a freelancer by the hour.
3. Build your Business Toolbox
There has never been such an array of business tools available to improve the efficiency and productivity of your organisation. As long as you have a good connection you can be online and on call regardless of location or device. Most people don’t realise that Google apps can be adapted for business — gmail, calendars — you don’t need to find an expensive solution to do it all. For example - I’m even hosting a Google hangout with Google on 10th or 11th December — with no need to download any software.
4. Know where the buck lies
Register your business with HMRC or your company with Companies House; open a business bank account; and set up your financial record-keeping system. By law, this is a necessity. There’s lots of support and advice available on how to run a tight ship — make sure that you are getting the guidance you need. With the rise of micro-businesses, RTI legislation coming into effect and HMRC going after tax owed from SMEs this year it is imperative to be on top of tax and compliance from day one. If nothing else, it gives you peace of mind.
5. Talk to the right people
Not just from the experts — get realistic advice from your network and market demographic. Test your idea. Tap into entrepreneurial communities online where you can get inspiration and guidance from others who have successfully started their own business – often the best way to learn about starting up is from those who’ve done it. Once you’re sure, make sure you get the right experts on board. There are many websites that offer free advice, such as Business Link, Start Up Donut, Smarta and Startups.co.uk. Your local enterprise agency or bank might also be able to provide information.
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