Figures released by the Federation of Small Business (FSB) have revealed that there were around 5.8 million small businesses in the UK at the start of 2019. Given that fact, you could be forgiven for thinking that all relevant tips and advice are common knowledge, but you would be mistaken. If you want your SME to thrive in what is undoubtedly a competitive marketplace, you need to start thinking a little bit differently, and we’re here to get you started on that journey. By acknowledging the following four tips for launching a small business, you can ensure you get your business off to the right start, and gain benefits that your competitors won’t.
1. Acknowledge, and subsequently address, any concerns
It can be easy to avoid certain situations, topics or ideas if they come with inherent challenges. However, such things should not be avoided; rather, you should understand what the difficulties are, figure out whether there are solutions available, and then consider whether or not it is worth your time addressing them. Tackling tough problems could give you a competitive edge over rival operations.
2. Listen to advice, regardless of how ridiculous it may sound
Of course, not all of the advice you receive will be useful or, indeed, valid, but that doesn’t mean you shouldn’t listen. If someone gives you ten pieces of terrible advice, there’s always the chance that they’ll still come out with a nugget of gold at some point. Don’t ignore people, but trust your own judgement.
3. Ensure that your business offers a solution
It can be tempting to launch an SME that is similar to other companies out there. Often this will feel like a safer bet – there’s clearly an audience for such a business, after all – but in actual fact, this is no guarantee that you’ll thrive. Rather, consider the problems or challenges that people have, and ensure that the business you are going to launch gives them a solution that they will genuinely find valuable.
4. Don’t work alone
When launching a small business it can be tempting to take on as much work as possible yourself. Not only do you know your business idea better than anyone, but performing numerous roles can cut costs. However, you need to trust people, and you need to work with people that have expertise. Being able to rely on an accountant from day one, for example, can massively benefit your operation.
Launching a small business – where to find out more
If you’re launching a small business and need to explore finance options for funding or expansion, please get in touch with us.
Tower Leasing have supported the investment and growth of over 40,000 SMEs. No matter what your plans are, we have the business finance products in place and the expertise to help you see them through. Read about our business finance options here.