This success story features Will Adoasi, the founder of Vitae London. He talking about getting funding from Virgin, running an ethical brand and using social media to create brand awareness and reach potential customers.[continue reading…]
During the natural lifecycle of your business, the financial health of your company may fluctuate to reflect seasons of high trade and low trade, industry trends and consumer demand. Your business may also encounter financial challenges due to changing tax legislation, such as IR35 reform. Trading uncertainty is also a major factor that has the power to decimate income streams, as demonstrated by the coronavirus pandemic.[continue reading…]
As the country enters into a national state of emergency due to the coronavirus pandemic, households and non-essential businesses have been ordered into lockdown following the enforcement of a stay-at-home order relayed by Prime Minister, Boris Johnson. As businesses are ordered to temporarily close shop and workers are instructed to work from home where reasonably possible, the economy is experiencing a downward spiral in trade, raising the red light for many smaller enterprises with less in cash reserves.[continue reading…]
Flowers are timeless and have been used for centuries to express emotions. They play a role in all occasions, from expressing sympathy, to celebrating the birth of a new baby or showing love on Valentine’s Day. Flowers being closely related to emotions and occasions is perhaps the reason why the florist industry has been thriving for decades and why the need remains strong. The fresh cut flowers and plant industry is currently worth £2.2 billion in the UK, and to give some perspective that is £0.2 billion more than the music industry in the UK. The florist business industry is huge and comes with the vast opportunity to start a successful company.
Starting a business has never been easier; the Internet in particular and the march of technology means researching a market is within reach for start-ups (even at a global scale), and much of this can be achieved with relatively little money.
Managing your own business, especially if it is a new venture for you, could be a very daunting task to undertake. There are many things to think about, to prepare, and to manage day in and day out. But if you have nailed down all the basics of business management, it will be a whole lot easier for you to get your new business going.
Having good cash flow is fundamentally essential for any business wanting to run smoothly and successfully. A recent UK study found that, on average, SMEs spend more than £1m a year on business-related expenditure such as staffing costs, rent, office equipment and supplies. This highlights how vital it is for SMEs to have a solid grasp of their incomings and outgoings so they can plan ahead and meet these costs.
For a lot of people, starting their own business requires a huge leap of faith. The reason behind this is simple – it is most often a step into an unfamiliar world, where you cannot be sure whether any of it is going to work out, even if you have a brilliant business idea. However, the very fact that you are seriously thinking about it is already enough for a good start. You are aware of the risks, and you have already heard all the intimidating statistics on startup failure.
Does your business need more money? If so, you should know that there is money for it out there, you just have to know how to ask for it properly. If you need money either for a new or an existing business, then you will probably struggle for a bit with getting a grant, but it’s not impossible to do. Non-profits are usually the ones getting grants for services that benefit communities or specific groups.
As the bells and fireworks signal the dawn of another new year, we feel just enough optimism to make ambitious resolutions that, while well-intentioned, are often ditched come February. Rather than recommending you neglect Netflix in favour of a gym membership or swap your weekend (and evening) drinks for kale smoothies, I’d instead like to give you five reasons why 2019 is the year you should crowdfund your business.
For small business owners wanting to raise funds, one of the biggest barriers is having the right tools to support their pitch. There are lots of different opinions on what makes a good deck, much of it misguided and rooted in opinion rather than data.
Investing in one’s own business comes with a high risk of not achieving the expected results. The level of competition in the UK’s market is high: since 2015, more than 500,000 start-ups have been launched every year. In the first six months of 2018, more than 300,000 new companies have been registered.
Seed capital which is also referred to as a seed money is the initial money start-ups use to get started on their business. The name comes from the idea that a seed is the beginning or the start of something. Seed money can come from various sources, therefore seed funding itself is not a form of funding. Although the sources of seed funding vary, the most popular source is investors, also known as Angels.
We’ve all heard the stories of companies that started in a garden shed to eventually be sold to Google for billions. So many founders and aspiring entrepreneurs share this dream. But building your start-up for a trade sale takes a lot of forward-planning. Where do you even start?
Unless you’ve been hiding under a rock, you’ve probably heard about cryptocurrencies. The meteoric (and overinflated) rise of Bitcoin has firmly planted the disruptive technology in the minds of everyday consumers. And as a result, many companies looking to raise money for their business have probably asked themselves whether they should be running an ‘Initial Coin Offering’, or ICO for short.
You may think that the success of established global companies is the most vital factor in the health of the economy. However, you should not underestimate the importance of entrepreneurs in the business world. They start up fast-growing businesses that are responsible for creating around twice as many jobs as established companies. Entrepreneurs also innovate; they need to question practices and think creatively in order to survive and thrive. Established major companies do not have the same impetus to innovate. As the Financial Times reported, we need the innovation and job creation of the entrepreneur community, to help keep the economy stable and to keep the status quo from taking over and hampering technological and creative progress.
It doesn’t matter what size your business is, there will come a point where you’ll have to consider funding (such as a small business loan) in order to take it to the next level. This additional finance might be used for a number of beneficial investments, including hiring extra staff, buying additional equipment, or moving to larger premises.
The social and political landscape is changing. Driven by the digital revolution and gathering pace as the number of so-called ‘digital natives’ reach adulthood, this paradigm shift is a result of society shunning traditional leadership models and preferring direct connection instead of intermediation. It’s because of this shift that crowdfunding was born, and the effects it’s having on society are far more profound than many realise.
It’s no secret that the survival of small business can be challenging for entrepreneurs in the UK — only four in ten businesses survive past the five year mark of running the business. Businesses fail from making continuous mistakes which lead to the collapse of their business, so knowing the causes of business failure is key to eluding those factors and focusing on success. A plan to survive should therefore be accompanied by short and long term goals and objectives to keep you on track.