A new survey has revealed that Britain is a nation of wannabe entrepreneurs with a staggering 53% of Brits admitting that they wish they could start their own business.
The research has also shed light on the apprehension surrounding this as 36% of those surveyed said starting a business was too much of a risk and they didn’t know how to get started, with women having the most reservations.
Not only is there the potential to earn more being self employed but there are other advantages such as flexible working hours, being your own boss and earning from something you are passionate about. Many Brits also lose out on extra income by not pursuing a ‘side hustle’ alongside their 9-5 job … and who knows, this could be the start of that new business!
The research showed that a whopping 79% of 25-34s would start their own business if they had the opportunity to do so, compared with 36% of those aged 65+ who would use their retirement to get business savvy. You are never too old to start your own business – in fact, the older generation may have a head start due to having more time, experience and, perhaps, capital to get started. However, there is funding available for start up ventures through the government backed Start Up Loan scheme – www.startuploans.co.uk – which is also available for those who have been trading for up to 24 months.
When starting anything new, preparation is key so here are some top tips to starting your own business;
1. Plan, plan, plan
Successful planning is always important when starting your own business. Set up your goals – short and long term – and develop a business plan. You can find a template on our website – www.chamberacornfund.com.
2. Identify your brand
Get to know your product or service inside out, backwards, forwards, every which way! Know your competitors and who your business is aimed at
3. Develop a solid marketing strategy
The world needs to know that you and your business exist so how are you going to do that? Think about how similar business market themselves and draw up a plan or action.
4. Get online
Make your marketing strategy more effective by increasing your online presence – create a website, blog, vlog and use as much social media, such as Twitter and Facebook, as you can. Make sure you keep your media outlets up to date with regular posts to keep the sire interesting.
Become confident with networking (this is where knowing your product will pay off) and develop a group (or ‘network’) of people around you for support. These could be complementary businesses with whom you could link up or a mentor from a similar, established enterprise. Business networking events are held in most areas on a regular basis so find them and get yourself known.
For more information about starting a business, visit our website at www.chamberacornfund.com
(research data from Recruitment Buzz and City Lit College)