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.
small business advice
Setting up a business venture is an exciting time. Armed with a solid business plan and the drive and determination to succeed, it’s time to see your ideas finally take shape. Whether your business is a local retail outlet, a graphic design consultancy or a mobile hairdresser, there’s a lot to think about and your start-up budget will be stretched every which way to get ready for launch.
As a small business owner you will always be pitching. From pitching to investors to get funding to pitching at networking events to seek out potential partners, pitching will be an essential part of your role as a small business owner. Therefore, you need to take time to how to perfect your pitch. Not being able to communicate your ideas and plans because you haven’t learnt how to deliver a good pitch can be detrimental.
So you’re starting a new business? What a crazy thing! I mean, you’re up against established brands, multi-million pound budgets, vast resources and a retail and supply network that’s well entrenched. What makes you think you can succeed? Rafael Rozenson, the CEO & Founder of Vieve (a protein water brand), answers all these questions from personal experience and gives his top five tips to compete with the big companies.
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HMRC are tackling tax avoidance among businesses, and they have set their sights on small businesses in particular because they are seen as the easier target. Small businesses do avoid tax, this could be unknowingly or knowingly, but there are steps you can take to avoid falling foul of HMRC’s tax crackdown.
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Setting objectives and goals for your business is incredibly important. Goals enable you to decide the direction of your business, as well as provide motivation because you have a goal/image to work towards. Most importantly, setting goals is a way to measure your progress.
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