With the pandemic receding and many in the UK wondering what to do with the hundreds of billions of pounds stashed away during 2020 and 2021, plenty of people will be considering starting their own small business.
Opening up shop is potentially a great idea in 2022 as the economy gets back into action and the cost of living crisis bites your wallet, but to make sure you start your enterprise the right way, it’s important to do your research. To help, here are some helpful pieces of advice.
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Choose the right business
Simply Business statistics show 39% of self-employed people are optimistic about the economy picking up post-pandemic, underscoring the need to pick the right market to move into.
The best way to do this is by conducting your market research and finding roles which are currently experiencing skills shortages. Occupations like driving instructors are in short supply due to the glut of post-Covid leaner drivers. Heat pump installers are needed to phase out the UK’s reliance on gas boilers. And even dog walkers are needed more than ever as people head back to the office and need pets looking after that they acquired during lockdown.
Small business insurance is crucial if you want to build your enterprise with good peace of mind. By insuring things like your premises, stock, vehicles, and equipment, you can be certain you’ll be able to quickly get back on your feet if disaster strikes. If not, you may have to pay thousands to get back to the same situation you were in before – or lose your business entirely.
Take advantage of grants
There are a surprising number of grant schemes available to new business owners which are well worth taking advantage of when starting up your company. The government offers grants for installing high-speed internet, taking on an apprentice, or to conduct research and development, while there are plenty of other private grant schemes you can apply for out there too, such as Prince’s Trust.
If there’s one thing that’s changed during the pandemic, it’s people’s reliance on cashless forms of payment. In March 2022, research by Link cited in Metro found only 17% of payments were made in cash. That means if you don’t offer card, Google Pay, and Apple Pay transactions, you could find yourself losing custom right at the final hurdle, even after you’ve persuaded the customer to purchase!
Starting a business has never been easy, but with the right idea and a bit of elbow grease, you can begin an enterprise that provides for your future. Hopefully, with the tips above, you can enjoy business success in 2022. Good luck!