With the two general elections, the sudden pandemic outbreak, and Brexit, small business owners in the UK have faced significant challenges in the past five years. All these three factors have played an essential role in increasing the living cost. Having said that, momentarily, the UK small business profits came to a screeching halt and resulted in massive losses. But when you take an in-depth look at the economy, you will find that SMEs contribute to 99.9% of the business population in the UK. And this is an unambiguous indication of the essential role that small businesses have to play, despite all odds, in the UK’s national economy.
Kavan Choksi UK – Small businesses shouldn’t lose hope
Kavan Choksi UK is a well-known name in the domain of wealth management and investments. He has worked closely with companies specializing in retail and fast-moving customer products. He helped several entrepreneurs get a clear vision of their goals and helped them with their stock investments. As a person who supports start-up ventures of all kinds, he urges entrepreneurs to learn from the available examples. Recently, he mentioned the UAE becoming a global vortex for start-up ventures because of its favorable business ambiance.
Since the pandemic has caused much harm, few small business owners are skeptical about making a move with their business ideas. The objective here is not to lose hope and work accordingly. It is necessary to fine-tune the business idea, if need be, to cater to the needs of the day and address the consumer pain points. Once that gets done, it all depends on how the small business brand packages and presents its service and product to the market.
Is it a good idea to start a small business now in the UK?
The answer to this is yes! According to the latest statistics, over 99.9% of the businesses in the UK are medium-sized and small. It means that they have close to 250 or fewer employees. And when you check in total, the majority of the updated government figures can show a sum total of 5.58 million SMEs, which that active currently in the UK. That aside, the small business firms with an employee strength between 45 to 50, up to about 99.2% of the overall business.
Finally, Kavan Choksi UK says that it is necessary for aspiring and existing small businesses in the UK to exercise caution as they are trying to establish themselves. It is mainly because the economy is reviving itself; it might take some time for the customers to connect with the new business ideas. Also, you might have to wait a while before you procure the correct investments since some investors are reluctant to invest in your business ideas. Also, if you have a few debts, you should take time to clear that up first and improve your credit score before you file for a business loan. Business owners need to take the time to decide all that they have to do to fine-tune themselves before asking for their share of business profits.