Intelligent SME.tech Issue 12 - Page 29

intelligent

// FEATURE //

HILE MANY FEARED that

W lockdown would sever creativity and disrupt entrepreneurial confidence , the reverse trend appears to be true . Official data shows there was a record number of start-ups in 2020 and QuickBooks research reveals that 26 % of UK adults dreamt of starting their own business during this period .

The pandemic only exemplified the world ’ s fast-paced and changing business environment – meaning that staying organised and keeping up to date when starting a business is ever more essential . Not only will you have to battle with ever-increasing and changing regulations , but also with flexible working , altered human interaction , increased digitisation and the unpredictable and recovering financial landscape .
Having run my own business for nearly three years , I know starting a business can be challenging at the best of times . If you ’ re thinking of starting a business , or have recently become an entrepreneur , keep in mind these four top tips .

1

Research additional funding options
Raising enough capital to get up and running is a common barrier faced by many entrepreneurs and new business owners – and after the pandemic ’ s resoundingly negative effect on many individuals ’ personal finance , it is now more common than ever .
While it is possible to start off with little-to-no funding , if you ’ re aiming to disrupt the market , scale fast and exceed your potential , investing time in researching additional funding options will likely impact growth positively . This is a time-consuming and often daunting task so it ’ s important to make sure you are aware of varied options from the outset . One size doesn ’ t fit all , so you ’ ll need to consider your market type and goals fully before selecting the option that ’ s best suited to your business needs .
Investment options could include governmentbacked loans ; angel or private investors ; crowdfunding ; or microloans . Additional ways to protect your cash flow include purchase order financing , which allows growing

BY TALKING TO YOUR TARGET AUDIENCE , YOU CAN BECOME BETTER INFORMED TO CREATE A STRATEGY BASED ON TANGIBLE OUTCOMES WITH A CLEAR PURPOSE .
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