Small Business Start Up In UK

Abstract

Research shows that many people living in UK believe in having their own businesses after working in a particular company and gaining important experience which is helpful in starting up their own business. It is also suggested that today, businessmen prefer having small businesses of SMEs which is easier to control and operated as compared to businesses that are larger in size. Regardless of the unstable economic condition and recession in UK, many people are coming up with the idea of owning and starting small businesses. According to Barclays, the number of new businesses that started in England, in 2008 was 436,000 (The Times 100, 1995, pp.1). The number of businesses that halted their operations also increased but businessmen interested in starting new businesses did it regardless of the economic situation of the country. The convenient tax breaks for investors and policies has made it more feasible for the entrepreneurs and businessmen to take risk and try introduction of new products at a small level. The aim of this report is to discuss in detail the issues and steps that people face while undertaking the task of starting up a business in UK. The problems and hurdles in the way of starting up small businesses will also be discussed in detail and possible solutions and recommendations will be proposed to deal with the issues and make the task smooth and easier. Various cased studies will be discussed in detail to give an idea through real life examples and situation that people face when they conceive the idea till the start-up.

Table of Contents

Abstract1

Introduction3

Discussion4

Conception of Ideas4

Challenges of Running a Small Business8

Importance of Social Networking8

Blogging for Success11

Methodology13

Analysis and Discussion14

Conclusion16

Recommendations17

References19

Small Business Start Up in U

Introduction

Importance of SMEs and small businesses for the economic growth and stability of the UK region cannot be denied. Though there is no proven data or statistics that show direct connection between the growth and small businesses but there exists an indirect relationship between the two. Small businesses tend to provide work life balance and thus accommodate older people and females. They contribute towards the economy by hiring people that are not preferred by larger size companies and multinationals due to many reasons. The reasons can include long timings and work life balance issues which many housewives or females are not comfortable with. Additionally many of the people do not get jobs in the large size companies due to basic reason of supply and demand. Therefore, such people can start off their careers by working in small size companies and gain valuable experience which is better than sitting idle and wasting their important years and qualification in waiting to find the suitable job in large company which is the dream of every graduate or labour in the market. Many people losing jobs in recession ended up starting their own businesses through self employment which is evident from the figures, out of 305,000 jobs around 217,000 jobs were the result of increase in the category of self ...