First, regardless of the economic climate, it is always a good idea to start a business. Of course, there will always be a reason not to, such as the fear of leaving the relative security of a paying job and venturing into the unknown. But starting and running your own business opens you up to a whole world of opportunities. But besides these, there are a lot of reasons why 2018 is the perfect year to hang up your signage. Here are our top favorites 5 reasons.
Low interest rates – In the past few months, interest rates have been rather on the low side. This means that borrowing to fund your startup will not be as expensive as you think. Furthermore, the low interest rate also means that your savings will earn you very little. It therefore pays to invest your money in a business that would bring in more returns than the 1% on your ISA. It is therefore good sense to take advantage of the current interest rate structure to raise the funds you need to get started on your business journey.
Access to more funding – Access to funding is easier in 2018. Admittedly, you will still have to scale a couple of hurdles, but the process is not as tedious as it used to be. Apart from the low interest rate which makes obtaining startup loans inexpensive, and the myriad of tax incentives geared towards creating a favourable environment that will encourage startups, there is a current crop of investors in the UK looking to put their money in viable business prospects. In fact at 19%, with plans to drop it to 17% by 2020, the UK boasts one of the lowest corporate tax rates in the world.
The Brexit advantage – In the months counting down to Brexit and the uncertainty facing businesses doing business with the rest of Europe, it stands to reason that people will begin looking closer to home for their goods and services. This makes it the perfect time to get into the business environment. Before the fine points of the trade agreement between businesses in the UK and those in other parts of Europe can be finalized, your business should have gotten a firm foothold in the local market.
A viable support system – In 2018, the support system available to startups has increased and gotten stronger. Now more than ever, there is a strong stream of mentors, mentor programmes, investment professionals and trade groups looking to offer practical advice and guidance to budding startups. Additionally, 2018 has seen a wider range of tools, resources, finance opportunities and liability coverage made available for both new and old businesses.
Global opportunities – Now more than ever, UK businesses are making their mark in the world of international businesses. The fact that English is spoken the world over makes it even easier for businesses to enjoy a wider reach. The internet and social media has also made it easier to gain a foothold in a foreign market. In fact, the business environment in UK this year has been so enabling that UK university graduates are coming out of school, eager to join the business system with new ideas on how to combine technology with industry.