3 Things to Consider Before Starting A Business
According to Gov.Uk statistics, since the year 2000, the annual growth rate of business start-ups in the UK has remained at +3%. This means over the years, more and more people have decided to go entrepreneurial. However, there are other issues to consider beyond controlling your financial life and having some independence.
How prepared are you to go the full mile? Below are some essential factors to pay attention to:
1-Capital and financing
No business runs without capital, and although there are variations to how much each entrepreneur would need, the amount will also depend on the business type. More so, the capital you need at the start-up phase is very different from what’ll sustain the business when it takes off. Most often, people tend to rely on personal savings to start a small business. However, the general advice is not to go overboard with your funding as there’s no guarantee that your start-up will generate quick revenue to make up.
According to Business Trends, about 77% of small businesses in the UK make up the group of entrepreneurs who use personal savings as capital. As a tip, you can borrow low-interest funds to finance your start-up. This can be long or short-term, depending on the terms or conditions spelt out in your repayment schedule. Your best move would be to get quotes from private lenders and the banks in instances like this. Compare their respective rates and terms to choose what’ll work best for you and your start-up.
In the business world, having access to a storage facility is driven by the convenience factor. Many storage facilities in the UK have extended access hours that entrepreneurs find beneficial. This is necessary, especially for start-up entrepreneurs likely to retrieve wares from their storage units frequently. It explains why you need to search for companies with expertise in building self storage partitions to ease the pressure. For an entrepreneur, self-storage space is crucial for the following reasons:
- Inventory storage
- Additional office space
It’s worth knowing that renting a self-storage space is more cost-effective than paying for an entire building or apartment floor to serve as an office space. Having this in mind helps you consider your options, especially regarding how your start-up plans and projects can take off.
Location is everything for a business. It must be close to your target market or situated somewhere that people can easily access the business. For example, if your start-up is strictly into retail, your best location choice would be in a populated area with easy accessibility. On the other hand, if yours is a manufacturing start-up, your best bet is to find a convenient location that reduces transportation.
Because manufacturing entities need to be closer to manpower, it helps to consider proximity to where you may be sourcing your raw materials. Your location must fit into your budget. Moreover, it should have the necessary requirements to support expansion when the need arises.
Finally, you should know that the UK government offers grants and incentives to business start-ups set up in areas notable for high unemployment rates. These come in the form of tax breaks and loans that take some pressure off entrepreneurs.