You’ve got a brilliant idea for a new business and having been thinking about it for a while. But with everything going on, is now the best time to start a new business? The answer is YES! Now is as good a time as any to start many new businesses.
A great idea
A good idea is always a good idea but naturally during a pandemic, some businesses will thrive more, and some businesses, such as events would better suited to planning now for launching when everything opens up a bit more.
Innovation
When we look around us during the pandemic there has been lots of innovations where businesses have adapted quickly. Just look at the local businesses that are now delivering and the things you can now access online. Many small businesses have started or are thriving in a new areas because they have been able to respond rapidly to the ever changing world.
Access to finance / grants / support
The Government is keen to encourage new business so there are several schemes around such as these to help get you started: https://www.cumbriachamber.co.uk/business-support/business-start-up and https://www.bgateway.com/local-offices/dumfries-and-galloway/local-support
Interest rates are low at the moment, which means loans can be more affordable for many start-up’s
Redundancy
With so many people being made redundant at the moment, this can be the impetus people need to start their new business. It can be a huge opportunity for those who’ve been nervous about working for themselves if they’ve previously been employed.
The number of redundancies at the moment also means that there is a larger pool of talent available who may be available to work for or alongside you.
Drive and determination
It doesn’t matter what age you are, as long as you have the drive and determination your chances of succeeding as much higher. I recently met a 16 year old starting her own business and she had bundles of energy and loads of ambition – it was quite refreshing!
Some things to thing about …..
If you are seriously thinking about setting up your own business, here are some things to think about:
- Will it make you happy? We spend a large part of our lives working, so it’s important you enjoy what you do.
- Is there a demand for your product or service?
- Can you make a profit selling your product / service? You need to be able to make enough profit to earn a living / provide you with the income you require.
- Are you able to finance the business yourself or are you able to access finance?
- Do you have a business plan? A good business plan should set out how you plan to achieve success.
If you would like to bounce ideas around or discuss any of the above further, please don’t hesitate to contact Lindsay Farrer, for a no obligation initial FREE chat on 01228 534371 or lindsay@saint.co.uk or any of our offices https://www.saint.co.uk/offices/
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