×

Resources

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.

Current Issues

Getting the timing right for your Self-Employed Income Support Scheme grant tax liability

Don't get caught out by accounting for your grant in the wrong tax year

Coronavirus-related loans, grants and finance for businesses

A round-up of the latest sources of finance available to help businesses affected by the pandemic

Support measures for businesses amidst the Coronavirus

An overview of the current measures introduced to support businesses affected by the pandemic