You might be surprised by the answer…
The last three years have been a rollercoaster for the UK economy to say the least. The COVID-19 pandemic and subsequent lockdowns, the impact of the war on Ukraine and political disruptions have led to skyrocketing energy bills, an imminent recession and a cost of living crisis that’s only set to worsen as we head into winter.
As such, you’d be forgiven for thinking you should put your dreams of owning your own business on hold.
But is this actually the case? You might be surprised to learn that you can still take advantage of this time and put your business goals into action. Let’s discuss.
Is now a good time to start a business?
Despite the challenges facing the UK right now, a record 800,000 new businesses were created last year, meaning there are now around 5.5 million small business enterprises (SMEs) operating in the UK. This accounts for 99.9% of the UK’s business population.
As a result of changing business structures in the wake of the pandemic, a lot of companies are adopting more flexible working policies. This is giving budding entrepreneurs the chance to explore starting their own business without giving up the day job, and potentially starting up side hustles that may one day evolve into their main source of income.
This is reflected in the numbers, as Startups.co.uk reports that nearly half of all Brits began a side hustle last year, utilising their more flexible working schedules. Even if some of these second sources of income never develop into full-time employment they can make an important difference at a time when costs are increasing and additional funds can really help to mitigate any impact on quality of life.
How to start a business in 2022
The best advice when it comes to starting a business in the current economic climate is to start small and low risk, building traffic and traction over time through organic means like word of mouth and social media, before investing all your time and money into it.
There are always key steps involved in starting your own business, and it begins with evaluating yourself, your skills, your commitment and your passions, as well as your finances and resources. Look for gaps in the market to come up with a business idea and invest in market research to see how well your brand might be received.
From here, it’s time to assess your budgets and create your business plan. Once you’ve registered your business you can build a network – both online and in real life. After all, making a name for yourself in your local community or niche is critical to long-term business success. You should reach out to competitors and other brands to make friends in your field, opening the door to potential collaboration down the line.
Most people will run their business from home in the early days, but once you’ve got your business feet planted, you might want to start thinking about investing in premises, sourcing equipment and building a team. These factors will help you drive your brand and reach new heights.
Seek out the support you need to get started
Starting a business and leading it to success is a mammoth task, and one that requires a large investment of money, time and thought. In order to achieve the highest levels of success, you can’t operate alone. Seeking out the right support can help to take your brand from strength to strength. That’s where TEDCO Business Support comes in.
With years of experience under our belt, we can help you navigate through these trying times and take advantage of the right opportunities, in order to help your business survive and thrive.
Got a business idea you’d like to get off the ground this year? We have helped thousands of businesses to grow, supported by the European Regional Development Fund (ERDF), so we’re here to support you.
Get in touch with the team at TEDCO Business Support today. Give us a call on 0191 516 61 02 or drop us an email at email@example.com.