Help is at Hand: Tips for Starting a Business During Tough Economic Times
There’s never an easy time to start a business, but trying to branch out and go it alone during times of soaring inflation is particularly tough.
However, when you scroll back through the annals of time, you find that a lot of successful businesses started during periods of financial instability.
If you’ve got the right idea and a bit of luck, being brave enough to go against the grain and spend money when others are trying not to can pay dividends.
Money is Available, Even in a Crisis
Although the Consumer Prices Index showed a 0.4% drop in inflation from December 2022 to January 2023, the year started with the rate at 8.8%. With the cost of goods and services high, starting a business has the potential to be more costly than it would have been in 2019, for example. The good news is that there are plenty of resources for would-be entrepreneurs.
The government published its BEIS small and medium enterprises (SMEs) action plan in January 2022. The initiative has since helped remove a lot of the red tape that business owners have to cut through to secure government grants, loans, and funding. Investment opportunities from organisations like Innovate UK are also part of the UK government's funding network. This organisation’s Smart Grant gives out £125 million in loans every year to tech-based projects, so tech startups can secure as much as £2 million in funding for between six and 18 months.
Despite tough economic conditions, there is help out there for fledgling businesses. Of course, having the necessary funds to start a business is just one variable in a much larger equation. Creating a viable business that has the potential to be a success requires everything from a concept and a product to a name and branding. Just as there is financial help, there are resources you can use to handle things like branding your new business.
Use the Tools at Your Disposal
For example, you can try Business Name Generator to find ideas. In the digital age, you need a name that’s going to stand out among millions of others. You also need a catchy name, that works as a URL and is memorable.
Research shows that people form opinions about a website in 0.05 seconds. That’s just about enough time to read the name and glance at the homepage. Therefore, you need to get these things right. Artificial intelligence-powered business name generators can take the stress out of finding a business name. That gives you more time to focus on the product or service you’re selling. What we’re driving at here is that starting a business isn’t easy, but there are ways to make things easier.
Making things easier doesn’t mean you’ll be successful, but it will give you a better opportunity to be successful. If you can get finance for your startup and use the latest tech to help with things such as branding, you’re moving in the right direction. Starting a business is a journey. If you take the right steps at the start, you have a better chance of getting on the path to success.
