We’ve all had that thought at one point in our lives…of quitting our job and starting a business of our own. It might be because of a great idea, a lifelong goal, the need for a new challenge or just wanting to be our own boss.
However, the thought of launching a business can also be a daunting one. Many of those with fantastic ideas for a new product or service are put off by the investment often needed – both money and time – and the risks involved in working for oneself. Others may lack confidence or feel they don’t have the required business skills.
But starting your own business, or going out on your own as a freelancer, is possible, and you can succeed. At Work Avenue, we have helped thousands turn their business idea into reality.
Indeed, one of the amazing things about our community is just how many wonderful businesses, businesspeople and entrepreneurs it contains. There is finance, property, tech, law, insurance, marketing and health, but also flower arranging, interior design, fitness, tailoring, flight simulation, removals, jewellery, Judaica and, as you may expect, plenty of food!
The reasons for starting businesses are equally varied. One which we have heard even more of in the last year – an especially difficult time for our community since the terrorist attacks of October 7 – is people wanting a change in lifestyle and priorities.
Turning to the challenges that businesses face, both in our community and beyond, cost is the number one concern. We deal with businesses of all shapes and sizes, in all industries and sectors, and what we always hear reported back is how rising costs are making it more challenging to be profitable. Higher prices, especially for energy, have caused both a cost-of-living and a cost-of-doing-business crisis, and it is really being felt among entrepreneurs.
Changes in the most recent budget around increased employer national insurance contributions and the national living wage may have a further negative impact on those businesses who employ staff.
Another common concern which we often talk to our clients about – and one that still impacts women more than men – is getting the time balance right.
Family is, of course, a big part of that, especially for those looking after young children and/or elderly parents. Then there is the time needed to work both in – and on – the business. That means not only delivering the service or product, but also all those often unexpected hours it takes to do everything else in order to ensure the business is successful.
The good news is that there is a lot of advice we can offer you. One of the most common enquiries our business team helps with is around using Artificial Intelligence and new technology, and its potential to help cut costs in areas including design, sales and customer support.
Financial planning, business development, marketing and finding new clients are key ingredients to running a successful company, whatever the size, and are areas our team consistently work on during free one-to-one sessions and workshops with the entrepreneurs and business owners they support. We are delighted that this advice and support has just been re-accredited to the matrix standard – the Department for Education-owned international quality benchmark.
Our next event is the free Enterprise Expo on Thursday November 21 – with speakers including Bourne Leisure CEO Paul Flaum, Slip Receipts CEO Tash Grossman, and sector experts Craig Hartzel (AI), Nick Rabin (marketing) and Rebecca Martin (social media).
If you’re in business, or thinking of starting one, it’s a day of advice and real-life stories to help and inspire. I hope to see you there!
Enterprise Expo, November 21: theworkavenue.org.uk
Click here to book
Debbie Lebrett is CEO of Work Avenue
