UK Small Business Start-Ups on the Rise
UK businesses are finding it easier than ever to grow with smaller costs for startups and greater confidence in the economy. Due to this there is an entrepreneurial boom taking place all across the UK, with lots of new business ventures.
Freelancer.co.uk have have studied 300,000 businesses and discovered that the number of people starting up micro-businesses and hiring people for part-time work has risen by 24% over the last 12 months.
The study also shows that this rise in confidence among small firms is not specific to any particular region with people just as willing to start a new business in the North as in the South. The highest amount of growth was seen in Brighton and Newcastle at 24%, followed very closely by Manchester and Southampton at 23% growth. The city of London is not far behind with 21% growth being recorded. These results back up recent economic data which suggests that the UK is moving out of a recession.
The study also indicates that UK micro-businesses need to develop new skills or outsource those skills when starting their business. If you’re one of those small businesses just starting out, here is some advice to help you along the way.
Manage your Cash Flow
Careful cash flow management is essential to keep your business afloat and ensure that you have money coming in and going out in a sustainable way. It involves making sure that you are paid on time by clients and customers, making sure you have cash available to spend, and that you are using your funds efficiently. The easiest and most efficient way to do this is by using small business accounting software.
As mentioned previously, we can’t emphasise the importance of entering your money in and out into a bookkeeping program enough. Make sure that you record all your invoices and invoice early so you get paid on time. Use all your data to inform your decisions and create forecasts the future of your business.
You have to walk before you can run! Get to know your local market, so you build a solid foundation on which to expand your business.
Build a great website
Make sure it is informative, well designed and user friendly. It’s the first impression of your business. Make sure it is optimised correctly for search engines.
Find the right e-commerce solution
Customers don’t hang around or buy from websites that are difficult to use or don’t process payments smoothly and securely. Chat to people who are already selling online about what works, and learn from your own experiences too. What do you like or dislike?
We look forward to hearing your success stories as your small businesses grow and expand.