Starting a company is a risky business. In the early stages, there is a significant chance of failure. One in five small businesses do not last beyond their first year. Thirty per cent of small business fail in their second year, 50% fail after five years, and 70% fail in their tenth year in operation.
Sharing your IT expertise could pave the way to a profitable IT consultancy. However, to compete with larger companies, you will have to progress past the constraints of a start-up in its first year. There are a few methods of doing this that will help you to build up your IT company and attract more potential clients.
Hiring a freelancer for your small business can be a great alternative to hiring an employee. If your business is expanding and growing you may require additional help, hiring a freelancer can be the solution to your need. Some benefits of hiring freelancers include that you don’t have to offer them employee benefits such as a holiday or sick pay, that they will usually be highly experienced in their field, and if you are not impressed by them you don’t have to work with them past their contract. This will mean that you are more in control with who you work with, as well as saving yourself money over time.
Rapid advances in web technology over the past decade have made it easier than ever for small companies to compete on a more level playing field with their larger competitors. Here, we look at some of the cost-effective things you can put in place to make your small enterprise look like a larger business.
LinkedIn is easily the largest professional network in the world, with over 300m members. By summer 2014, over 16 million accounts had been registered in the UK alone. So, what are the benefits of using this social media platform for business owners?
With a new report suggesting that most small companies believe that social media is too time consuming to fully embrace, would your limited company benefit from investing time in social networking?