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Tips and tricks for start-up success

The number of new companies registered in the UK rose by 5.7 % to a sizeable 660,000 in 2018. This was a record high and so, in our October Breakfast Club session, we discussed the opportunities and challenges faced when starting a business in the current climate.

Despite the political uncertainty, the UK is often seen as one of the best countries in which to start a business. Indeed in 2018, the UK topped Forbes’ list of top countries to do business.  The reasons for this may lie in:

 

Getting through the early years

Worryingly though in 2018, early stage investment in UK start-ups hit a four-year low as Brexit uncertainty prompted a drop in funding activity. The total invested in UK start-up companies dropped 15% from £8.27 billion to £7 billion that year. Also, on average, 60 % of new businesses go-under within three years, and 20% will close their doors within just 12 months.

So it’s clearly not easy sailing to set up in the current climate.  Our Business Club members looked at 4 different business start-up scenarios and discussed their tips, tricks and advice to help each business get onto a firm footing for growth and success.

Key priorities flagged in the discussion for the business owners were:

 

 

 

 

What’s a good business idea?

It’s often said that if you want to set up a successful business it’s important to have a sound idea and good business proposition.  Sometimes, though being a bit off the wall can still mean you create a business that takes the world by storm.  To conclude the session we discussed some ‘disruptive’ businesses who found a unique and quirky business proposition and rocketed to success with it.  In particular we looked at:

 

Summary

Despite uncertainty with Brexit, 2018 showed it wasn’t a year that hampered people’s ambitions to start up in business.  The October Godalming Business Club session featured many great ideas, tips and anecdotes from the Group and represented a wealth of experience and specialist areas.

If you would like to further discuss:

…do contact the Shipleys’ Godalming team for more information.

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