Last year UK entrepreneurs created a record number of new businesses. The latest figures show that there were 581,173 businesses registered with Companies House last year, up from the previous all-time high of 526,446 in 2013. With more competition than ever before, though, small business owners will have to consider what their top priorities are if they’re going to be successful in the long term.
Seeking Additional Investment
Businesses require capital in order to grow, so finding the best source of funding will be a major headache for any small business owner. In the modern business environment, you’ll have to think outside the box and consider approaches that you originally might have dismissed. When entrepreneurs aren’t able to fund their operations themselves, they often look to take out a loan or borrow from friends and family. UK banks have long been criticized for not doing enough for small business, but things could be looking better. You could also consider sounding out private investors, though attracting potential business partners can be difficult.
Attracting Customers
Once you’ve got the funding, the pressure to make your business a success will be even greater. The question on every entrepreneur’s mind will be, “What’s the best solution?” Marketing techniques have changed a lot over the past several years, with SEO optimisation and social media now more important than ever. This looks to take advantage of the ever growing importance the web plays with businesses, especially the growth of mobile search. However, that doesn’t mean you should ignore local customers. With the help of specialist companies like Neptunus, you can host your own event and reward your customers with free samples and news of your upcoming products.
Expanding into New Territories
Once you start to get a foothold in the market, you may want to consider how you can expand into new territories. Since the advent of the internet, it’s now easier than ever to connect with customers from all around the world. With more and more people logging on to the web for the first time in fast developing countries, entrepreneurs would be wise to consider how they can create products that appeal to this new demographic. The truth is that it’s not enough for you to simply make your existing products or services available to them. If you want to be successful, you’ll have to target certain countries individually and exploit the gaps in the market.