According to research that was recently conducted by the cloud accounting software
FreeAgent, 64% of Brits have plans to start businesses in the future. This is 10% higher than
the result of last year’s survey. Since the pandemic, the number of small businesses has
grown massively. This is due to people having more time on their hands,
and people being forced out of their jobs, creating a ‘wave of entrepreneurialism.’
Nearly 13% of adults in the UK are in the first three months of starting a new business, state
the Global Entrepreneurship Monitor. Despite the uncertainty, 2022 is a great time to start a
new business. So read on to discover what has caused these trends and the benefits
of starting your own business.
Why Do People Start Their Own Businesses?
People start their own businesses for many different reasons, such as:
Noticing A Gap In The Market – When people notice a gap in the market or strike up an idea for something that may not have been done before, starting a new business and creating something new that you are passionate about can lead to such an exciting business journey.
Being Your Own Boss – Most people like the idea of being their own boss as it gives you so much freedom. You get to make all the decisions – including little things such as the hours you work and where you work. But on a larger scale, you have full control over the direction of the business and the milestones you would like to achieve. As the boss of the company, you can make your business vision a reality.
Making A Difference – As the boss of the company, you have the opportunity to make a difference. The difference could be something like creating employment for people in your local community or promoting a new, innovative culture in your workplace.
The Reward – Starting a business is extremely rewarding, even if the business isn’t as financially successful as you might like. Of course, everybody wants their business to succeed. But even if it doesn’t succeed the way you had hoped, you will come away from it with lots of business knowledge that you didn’t have before. You will be equipped with a mass of knowledge and skills that will always be useful.
Tips And Resources For Starting Your Own Business
If our list above has made you consider starting your own business, here are some useful
tips to get the ball rolling:
Produce A Business Plan – This will show all of the important information about your idea for your new business. It will provide you with a clear road map in terms of the goals you want to achieve and how you want to do so. It will also help you work out the funding that you will need. It is an essential first step when you want to start a business.
Get Professionals On Board – In regards to record keeping and financial advice, it is worth considering getting a professional on board. Hiring an accountant will save you lots of time and remove any worries you may have regarding tax. It will also save you money. Overall, you will have more time to focus on the heart of your business. An accountant can also help you with strategy and making business decisions.
Do Your Research On Grants And Loans – There is a wide range of loans and grants out there to help small businesses get started. For more information on this, take a look at our previous article about small business grants.
To Conclude
So there you have it. Many people are starting their own businesses, so why don’t you have a go? Turn your business dreams into reality. For more information, please take a look at our
other articles that discuss a wide range of other topics related to small businesses and
finance.
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