Fri 14 / 05 / 21
Making your pandemic start-up a success
Chartered accountants, registered auditors and tax advisors, Hartley Fowler LLP are sponsors of this May’s Big Debate: Could this be the best time to start or build a business in Brighton? Ahead of the event, Partner at Hartley Fowler, Dan Chapman, has put together his advice to making your start-up a success.
By Dan Chapman of Hartley Fowler LLP
We don’t need to tell you that the Pandemic has wreaked havoc with the worldwide economy and affected every single one of us since it began in early 2020. The economic, social and public health impacts have been widely discussed, and we’re only just trying to understand the true extent. In this blog we want to share what we’ve learnt from the last year or so when it comes to starting a business.
So you’re considering starting a business in the pandemic?
“Bold move” some might say, others might call you outright crazy and list all the reasons as to why you shouldn’t. And yes, of course there’s the state of the economy overall which brings with it the financial risk, the potential lack of funding and lower consumer spending.
But is it really such a bad time to start a business? We’re here to tell you that whilst the above are all valid obstacles, they can be overcome or could even work in your favour. Now could actually be a great time to start a business. Examples such as Burger King, Uber and AirBnB who set up during a recession show that there is no wrong time to start a business, but there are certainly some contributing factors to making it a long-term success.
How can your business become a success?
As accountants and business advisers, we get to work with a wide range of businesses, from solopreneurs through to SME’s and large corporates. Looking at business owners who have successfully set up their businesses during the Pandemic, we found that they all had some things in common:
They did thorough research.
Whether it’s been a long-held dream and the timing just felt right, they spotted an opportunity as a result of the Pandemic, or their hand was forced due to redundancy, they all got the basics right: analysing the market, clearly defining their product or service proposition and pulling it all together in a business plan. Yes, this is a basic of starting a business, but investing the time to come up with a robust plan not only helps with obtaining funding, but it also helps to focus your strategic approach to guide your day to day business activities.
They have an entrepreneurial mindset.
Whilst there may be an element of being in the right place at the right time, entrepreneurship is all about spotting a trend and identifying a niche to build your business around. Successful business owners know the risks involved and do it anyway – and when it all works out, reap the financial rewards.
They took advice from other experts.
Whether that’s talking to an accountant about what business structure to go for or what funding options are available or speaking to marketing experts to get their advice on how best to launch their product or service, the value of a professional network of experts cannot be underestimated. Even the brightest entrepreneur cannot be great at everything, so surrounding yourself with other professionals who share similar values can have huge benefits to your business.
They have a genuine passion for their product or service.
Starting a business is a huge undertaking in ‘normal’ times – one that can feel like it takes over your life at times - not to mention with the added restrictions and challenges that the Pandemic has caused. It’s a genuine passion for their product or service that sees business owners overcome any obstacles and in the longer term be successful.
They remain agile and adaptable.
Times are unpredictable and even the most planned through and robust business is likely to encounter problems along the way. Agility and a proactive approach to problem solving is paramount to overcoming these challenges.
Starting a new business is an exciting and scary step, and you’ll want to make sure that you’re getting the best advice from the outset to turn it into a successful venture. Get in touch with our Brighton based Partner Dan Chapman on email@example.com or 01273 202311 if you would like advice on making your business a success.
If you want to contribute to the Chamber blog, contact us on firstname.lastname@example.org