Going it alone seems, at face value, like something that will make your success more impressive. Practically speaking, though, it isn’t. Most businesses cannot get off the ground without extra support from business partners, larger corporations, banks or even family and friends. There’s strength in knowing you need help and also in knowing where to look for it. The UK government offer programs both state-funded and privatised that are designed to help small businesses grow into larger ones.
If your business is particularly healthy and to grow it would only take a few new staff members, you can always look into hiring apprentices. Fresh out of school or university and looking for a grassroots way into a certain vocation, they can be the perfect employees based solely around your company. The government offers funding that is focused on helping you train your employees to the standard required to be full-time members of staff. If the issue with growing your business is: numbers, consider this as an alternative to hiring staff members straight out.
Businesses have always thrived with part of a like-minded community of entrepreneurs. Whatever sector you are working within there is likely to be a trade union you can join. Sole-traders or freelancers are especially encouraged to join and such unions as ‘National Union of Journalists’ or ‘Bakers Food’ and ‘Allied Workers’ Union are very vocal about better rights and pay for those who work with them. Communities of like minds and forums about your industry will keep you informed about changes to legislation and taxes so that you never miss a beat.
This is a government website that should help any would-be exporters take their first steps in the world of international trade. Perhaps your business is flourishing in the UK but you have a product or service there is a market for all over the world, GREAT helps you speak to international trade advisors to help you formulate your next step. It is worth doing research on specific nations to see if whatever service you are providing has more of a market in specific countries and then you can learn about the trade laws for those countries. Getting informed about how Brexit will affect your plans is also essential.
Something that does not occur to the majority of small businesses is that there is an entire different sphere in which they can make money. Although the private sector remains lucrative and the area in which most entrepreneurs make money, the public sector also has great opportunities. Local councils are always looking to improve your community and you could be a part of that if you have a service and they have a need.
I thought we’d finish with the most obvious option. If your business is treading water when it could easily be flying forward, then a loan might be the way out of your fix. Many people are rightly wary of payday loans companies and the quick fix options but the government can offer up to £25,000 for anyone who meets the requirements. The repayment plans are always transparently discussed with the business owner beforehand and consideration will be taken as to whether you are likely to be able to pay it back before you’re even considered.