You may think I’m crazy saying now is a good time to start a business in the UK. However, if you’ve got a great business idea, getting the ball rolling at any time can be THE ideal time.
Here’s the thing
It takes time, effort, and planning to create a successful business.
So, if you’ve had enough of the 9-5, you’re facing redundancy, retirement is on the horizon or you’re fed up of sitting on the great idea you had, why not start investigating that business idea you’ve been mulling over now, and see where it could lead?
It’s Not All Doom and Gloom
Times are unpredictable and exhausting, so if you’re feeling apprehensive about starting a business now, I don’t blame you.
But did you know that many ultra-successful companies – including Airbnb, Uber, Disney, and Microsoft – were started in the midst of uncertainty and recession?
Some leading economists are of the opinion that businesses started in tougher times have got a better chance of becoming successful, and I agree.
Why I Believe Starting a Business in ‘Hard-Times’ Can Be the Best Time
You can’t rest on your laurels when the going is tough. You’ve got to be creative, you’ve got to engage people, and you’ve got to keep a close eye on fast-moving industry changes and customer trends.
(As someone who started a business in the aftermath of a global recession, I know from hard-won experience that passion alone just doesn’t cut it!)
Micro-Businesses Are in The Best Possible Position to Thrive
Would you believe me if I said that a one-person micro business and side-hustles have a much better chance of engaging customers now, than a huge, well-known company?
It’s true.
Big companies may have the teams of staff and the piles of cash, but very small businesses can respond much more quickly to sudden change (and there’s a lot of that going around at the moment!)
Let’s take the recent collapse of Arcadia as an example. They relied mostly on sales from their bricks-and-mortar stores, even though people were doing more and more of their clothes shopping online.
Yes, the stores were trusted household names (like Topshop, Burton, Miss Selfridge, and Dorothy Perkins) but that wasn’t enough for Arcadia to survive the pandemic.
Meanwhile, online clothing brands like Boohoo – which started as a two-person micro business in 2006 – have thrived.
That didn’t happen just because people were already shopping online. Boohoo’s strong social media presence also helps them engage with and understand their customers. This means the business can respond quickly to customer needs, and reliably predict future trends.
As another example, think of small, agile brands like BrewDog, who during the pandemic quickly produced a best-selling beer, before shifting their distillery production to make free hand sanitiser for local hospitals.
How to Start Work on That Brilliant Business Idea (in December!)
December is a fantastic time to begin the behind-the-scenes planning work of starting a business, so you can really pick up the pace by the time we get to January.
Use this month to prepare, by asking important questions like:
- Who are my ideal customers?
- Where do they spend their time online?
- Why will they buy this, from me?
Think about what investment you might need, and how to get it (though in many cases, it’s possible to start a business with nothing but a one-page website and a free Facebook business page!) Simple business admin tasks, like informing HMRC that you’re going to start trading, can be easily taken care of in December, too.
Then, start work on things like creating a strong engagement marketing plan, that you can put straight into action in 2021.
Fancy Some Help and Ideas?
If you’d like some more help taking your brilliant idea from passion to profitable business, why not book a complimentary conversation with me?
We’ll talk through whatever’s holding you back now, so you can start feeling positive and raring to go.
(Just pick a time slot, and I’ll take care of the rest!)