Talk on the street says small businesses are going to suffer in the months following the U.K.’s historic vote to leave the European Union (EU). Luckily for entrepreneurs wanting to invest in a startup business, it seems that the U.K.’s current business owners have a different view on the matter. In fact, most business owners state they are feeling confident about the success of their businesses after Brexit.
If you are one of the many who was not put off by the scaremongering about Brexit’s impact on the British economy and are still planning to invest in new businesses in 2017, you’ll be happy to know that little has changed in regard to starting a business, even in the shadow of Brexit. What you needed to make a successful business before Brexit is pretty much what you need to produce a successful business after Brexit.
What’s an entrepreneur to do?
The first step to investing as we move into 2017 sounds simple but may be a bit more difficult in reality: don’t panic. Nothing will be resolved regarding Brexit for quite some time; it is not an overnight process. Watch the markets and follow what’s happening to the pound. Many are suggesting it may recover quicker than expected.
Do you have investments you’re worried about? Don’t stay up at night fretting over it. You have an investment plan and a financial adviser. Trust him or her to take care of your portfolio management while you focus on new business opportunities.
Filling the funding gap
There doesn’t seem to be a shortage of people wanting to start up a small business, especially businesses that are based online. The problem these budding business builders are facing is a lack of funding and specialist advice to get their business off the ground. Banks are still lending money in the wake of Brexit, but they are being far more discerning in their choices in the current economic climate.
Business owners who want to move their business from a small to a medium business model are finding themselves left out when traditional funding sources look at investment opportunities. This leaves these business owners looking for alternative funding options.
Enter the savvy venture capitalist, who sits down with the business owner and investment manager to go over the business plan for the proposed project. Make sure the plan is clear, taking into account as many possible pitfalls as possible and offering a way to manage them. The plan needs to be robust and geared towards solidifying the business and growing it. And most of all, the numbers need to add up.
The coming year will be a time of change, so you’ll want to make certain you’re staying on top of what’s going on in the world around you. You’ll need to keep yourself informed on what is happening in the U.K., with the EU and the United States, and elsewhere in the world. Keeping an eye on the trends with online business can help your investments in small business prove profitable in the coming years.