Despite financial insecurity brought about by the current political climate, the UK’s love of start-ups is showing no signs of slowing down. For the last half of 2016, more than 600 start-ups launched every day in London alone. Experts predict that 2017 will carry on the trend, with hundreds of thousands of new UK-based companies starting out.
While the entrepreneurial spirits are inspiring, the sad fact is that it just isn’t possible for this many businesses to survive – let alone thrive. In fact, figures suggest that around half of UK start-ups will fail within five years of operation. So as the competition hots up in 2017, how can you make sure that you’re part of the 50% that succeeds?
First off, it’s important to remember that networking is an essential part of growing your business. You could have the best idea in the world, but if nobody knows about it then your business is doomed to fail. So as well as marketing yourself to potential customers, make sure that you get out there and mingle in the business world. Some of the most exciting new partnerships come from informal connections made at the office, which is why some start-ups based from home can find themselves stuck in a bit of a rut. If that might be you, why not make 2017 the year you join a co-working space or a virtual office in London? These dynamic spaces are perfect for getting input from other creatives and giving your business a much-needed boost.
Another way to raise yourself above the competition is to make sure you’re ready for anything that the coming year might throw at you. It’s no longer enough to be on top of the hottest trends and newest technology that’s out there right now – you need to be able to predict and adapt to all the changes that the rest of 2017 might bring. Do you have a strategy for the UK leaving the EU and how that might affect your business? Will your target market be affected by innovations like virtual reality over the coming year? What social trends have experts predicted – and how can you make them work for you? The big difference between those who succeed and those who fail is who is better prepared for any eventuality.
Finally, make sure that you know your competition. Look at how they ran their business in 2016 (check their blog posts and news stories), and see if you can use that information to predict any decisions that they might make for the rest of 2017. What can you learn from them? How can you make sure you remain one step ahead over the coming year?
Whatever your current situation, the spring is a great time for a fresh start – so get going and resolve to make this your best year yet!