Many people dream of starting their own business but are put off by the potential for failure. It is daunting and there are plenty of reasons why people talk themselves out of it.
However, there are also many reasons why it’s a great idea. And, if you really want to do it, 2018 is the best possible time. The UK’s start-up landscape is diversifying all the time. Last year was a record-breaker, with 5.7 million small businesses underway in the UK. They were responsible for a collective turnover of £1.4 trillion and contributed a massive 48% to private sector employment.
Help for start-ups
There is also lots of help for entrepreneurs in the UK. For example, the #BeYourOwnBoss2018 campaign was launched by Startups in January this year, offering help to people who want to start their own business.
It’s also possible to secure funding from an ever-widening range of sources, from traditional financial institutions to crowdfunding platforms. Here are some reasons why it’s a good time to take the plunge, according to successful entrepreneurs who have been there and done it:
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More funding access
According to successful start-up owners, obtaining funding is now easier than ever. That’s not to say it isn’t still a challenge. It is, however, more likely in 2018 than ever before. The UK is home to a growing infrastructure of investors who are actively wanting to back small businesses.
With low interest rates, start-ups are granted access to better deals, and tax incentives make it ‘relatively straightforward’ to obtain funding and investment.
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A growing support ecosystem
The business world is becoming more aware of the intrinsic value of business mentoring, and the knock-on effect this has on the economy. There are more business owners than ever, as well as investment professionals, who want to encourage start-ups and offer practical advice and guidance.
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Positive export opportunities
The UK’s position in world trade is one that aids overseas growth. As English is often the language of business, UK start-ups are in a naturally good position to go global. Looking to overseas markets is also useful in terms of research. By researching the unique ideas flooding in from other countries and working out ways to contribute to them or add to them, more opportunities become available.
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Culture of innovation
The UK is fostering a supportive culture for entrepreneurs, their inventions, ideas and innovations. Starting your own business is highly regarded and is considered a worthwhile, aspirational calling in a way it never has before.
As UK universities turn out graduates eager to contribute to emerging businesses, and with many ideas of their own, the UK will continue to encourage technological and industrial innovation and advancements.
For more advice and help in starting your own business, contact Turner Little.
About Turner Little
Founded in 1998 in Yorkshire, UK, Turner Little is a specialist UK and offshore company formation, banking and corporate services provider. Our services include company formation, UK and offshore banking, asset protection, credit correction/repair, trademarking and trusts. Other services include Internet services, mail forwarding, wills and probate. Turner Little’s vision is to offer the best possible service, together with market leading products.
