We are always hearing stories about our fragile economy and the bleak future for businesses, but we are here to show you it’s not all doom and gloom.
Despite these reports, there are still a large number of businesses that are enjoying great success throughout the recession. Here are some reasons why you should consider starting a new business in 2011.
1. Tax incentives
There are a variety of tax incentives for new small and medium-sized businesses. These include research and development tax relief and a number of capital allowance schemes to encourage investment in particular assets or by particular types of businesses, as well as direct investment incentives which encourage direct investment in qualifying companies.
2. Internet continues to grow
The popularity of social media and the growth of eCommerce is making many businesses more profitable by pushing their online presence and by trying to push online transactions. Viral campaigns are increasingly popular and innovations in social media have made getting your companies’ message across even easier. Bootstrapping start-ups in particular should embrace this digital era and start implementing innovative digital ideas to make themselves stand out from the crowd.
With advances in technology, particularly with regards to the internet, more opportunities arise
3. Monetary incentives
New businesses boost the economy, so it only makes sense for the government in turn to make life easier for start-ups. More information can be found on grants and other support on the Business Link website.
4. Untapped markets
One of the key things about starting your own company is untapped markets, and with advances in technology, particularly with regards to the internet, more opportunities arise. Consumers will always have an unmet need, and it's up to you to push innovation and create a product or service that takes 2011 by storm.
5. Volatile job market
Despite the government's best efforts, unemployment remains stubbornly high in the UK. However, if you're unemployed then it's an opportunity put your entrepreneurial mind to the test; you could even tap into a new market and start a trend. Moreover, when you need staff for your enterprise you'll be recruiting from a pool of available talent much broader and deeper than during the boom years.
6. Cut the commute
Although many small firms look to work in offices, a significant portion of entrepreneurs will to run operations from home as it greatly reduces costs in the early stages of a venture. And they need not contend with the long commute, either on increasingly crowded trains or on, well, increasingly crowded roads.
7. Abundance of resources
There is plentiful information out there to support aspiring entrepreneurs [for example Wisteria Formations, which helps with company registration]. You can access these resources through a variety of mediums, from books to the internet. Many entrepreneurs record their business start-up experiences on blogs and many companies provide webinars and online conferences.
If this is not enough then you can also seek the help of a company formation agent and make the whole company registration process as painless and easy as possible.
