Is Starting a Business in the UK Worth It?

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As an entrepreneur, running a successful business is an ideal outcome to anyone looking to reap the benefits of their labour. While that statement might seem simple enough, the truth is that there are so many factors that go into making a success of a business. Many think that the success of a business only has to do with things like the product or service, customer relations, marketing, etc. However, this is not the case. Where you decide to start your business will also affect your future success since location is one of the most important factors that often get overlooked. If you are looking to start a business in the UK, let us dive deep to see if this country will be where your business dreams are realised.

Online Consumerism

In the past, businesses were only able to service clients that resided in their immediate vicinity which would hinder the growth and reach of that business. These days, online businesses are reaping exceptional financial results. This has been attributed to the technological infrastructure that exists in the UK such as smartphones, mobile devices, and the presence of internet access in most regions in the country.

The success of online companies, such as CasinoWings for example, has sparked research and data which take a closer look at the industry as a whole and has prompted many other companies to do the same. This means that you can essentially start a business from home, with minimal cost involved, and service customers in different regions in the country with ease. The logistics infrastructure in the UK is also sound, which means that businesses that sell products should have minimal issues ensuring that their merchandise makes it to clients on time and in good condition.

Financial Aid

The UK has been highlighted as one of the best countries to start a business venture because of the low costs involved. In addition to this, the government has started several schemes that provide advice, tax benefits, and even grants for budding businesses. Each region in the UK has a separate application process and criteria. One of the most prevalent grants these days is awarded by the Regional Growth Fund that are run by national and local organisations and providing funding that is below £1 million. While the RGF is the most prevalent programme, there are several other programmes that are run in the UK that offer grants of varying value, making the UK the chosen destination for many new business’s owners.

Opportunities Galore

Since the UK is such an affluent country, entrepreneurs are likely to benefit from an abundance of new opportunities. There is also a strong sense of community amongst business owners which can be effectively used to promote your new business if you choose your business acquaintances wisely. Other aspects that contribute to the opportunities available in the UK include the primary language of English, which can be used to communicate with customers from other English-speaking regions, serves as the hub for European Finance and has an abundance of skilled workers who can be hired to transcend your business and contribute to its success.

Rank

While many countries may boast similar advantages, not all of them have the data to back it up. In 2018, the UK topped a list of the best countries to start a business by Forbes’ magazine. While many economies and countries have suffered, the country has still managed to be an ideal destination for start-ups this year, with London being highlighted as the best city and other smaller regions following thereafter. The ranking has been attributed to the size of the population, the stable regulations and laws in the country, and the prestige of the city in conjunction with the infrastructure.