If you love food, and you are a people person, starting up a catering business may be a good idea. You can do what you love and make a living from it. It’s true that the catering market is a crowded one, but you can make a business work if you are prepared to do the hard work that is required.
In the latest research conducted by the Federation of Small Businesses (FSB), it was found that small businesses need innovation to narrow the productivity gap. As a result of this research carried out, the FSB are calling on the government to introduce a new tax credit. The lack of innovation within the UK small business sector is worrying and is having a negative impact on the overall productivity. With innovation, small businesses can grow and thrive.
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.
As a business owner you should have an exit strategy in place for your small business. It can vary from selling, to retiring, to moving onto another business idea, to even passing your business down to your children. You can keep your options open when it comes to deciding what you want to do with your business in the long term, however it is highly advisable to have an exit strategy in place. This can help you prepare for the future of your business ensuring that you choose the most beneficial and profitable option for you.
It may seem a bit obvious, but targeted marketing is vital to ensuring that every pound you reserve for marketing is well-spent. Being able to identify exactly who is likely to buy your product, will help you to attract them. But it can be difficult for small businesses to effectively determine their target market.
We are bombarded every day by the lives successful people lead through the media – where do they live, what car do they drive, when do they wake up, what do they eat, etc. But what do we know about the habits that have made them into successful financially successful entrepreneurs? If you’re trying to develop your business into a successful one you know that it’s a tough road to take. It requires a lot of knowledge, drive, and dedication in order to manage your money right and achieve financial security and independence. Of course, it is possible, but it would be much easier with some insight from the people who already achieved that. That’s why Dean Willcocks Advisory have put together a list of financial habits that have taken them to success.
Perhaps the greatest challenge facing any young tech company trying to grow its business, is to ensure that the enterprise is operating to the best of its ability – efficient, dynamic and prepared to make the most of market opportunities.