24 Jan 2017
When it comes to business, British people tend to be dreamers. In fact, in 2016 three-quarters of us had entrepreneurial dreams. A survey at the end of last year found that 78% of men and 73% of women aged between 25 and 55 have ambitions to set up their own businesses.
The main reasons for finding such a prospect so attractive were: having more control; being able to work wherever you want; and greater job satisfaction.
According to government statistics, in 2016, there were 97,000 new businesses set up in the UK, so the dreamers are not alone. In fact, a massive 96% of all business in the UK are classified as ‘micro businesses’, i.e. those employing 0-9 people.
Possibly the best advice for start-ups is to ask for advice! You may think you’ll save money by, say, doing your own accounts, but ultimately, the time you spend doing that is taking you away from your core business.
“Always consider your tax planning first and then set up your business structure with your future growth in mind” advises Chartered Accountant Keith Grover from Hertfordshire based HB Accountants.
“Your accountant can help you devise an achievable business plan and forecast your cashflow, headcount and growth. This is essential for your new business, particularly if you are talking to banks about finance options. Be clear about what you are trying to achieve and then review the plan regularly to ensure you are on-track” he added.
You should also talk to other people who run their own small business. Hertford businesses are generally happy to share stories about when things have gone wrong for them and how they solved the problem, and are willing to share advice on what you need to do right. Go along to the networking events which are the best places for a start up entrepreneur to begin making connections; pick the one or two groups you like best and make sure you attend the meetings on a regular basis – once people get to know you better, you’ll find people will not only start recommending your business, they’ll also use your services themselves.
One of the things freelancers and sole-traders find the most difficult is working from home. It can be very lonely and many find there are too many distractions. The phenomenal rise in the popularity of co-working office spaces is testament to the fact that people prefer working with other people around them. In fact, studies have shown that business people who rent desks and offices in co-working spaces are significantly more motivated and productive, advantages which are reflected positively in their bottom line.
The additional benefit of being in a co-working space is that the informal networking you’ll be doing on a daily basis can also benefit your income. The latest figures show that in the last six months of 2016, 71% of people in co-working spaces collaborated with others on an average of four business tasks, with nearly half working together on joint projects.
The UOE Hub is specifically designed to help Hertford businesses GET WORK DONE.
Desk space can be hired for as little as £99 + VAT a month, making it affordable for even the most modest start up budget.
If you would like to talk to us and have a tour of the office, contact us now.