If you’ve got a great idea for a business, the UK is one of the best places to get a new enterprise up and running. Let’s look at some of the top reasons why the UK is so business-friendly.
The government loves small businesses
Over the years, it’s become obvious that a lot of the jobs growth in the UK comes not from big corporations, but from small and medium-sized companies.
The government knows that it needs to encourage this sector, so it’s taken several steps to try and help people who are just starting up. These include loans, training and advice and in some parts of the country there are also extra incentives. What’s more, some of the rules and regulations that apply to bigger businesses don’t apply to smaller start-ups.
Loans and grants for new businesses
The government has introduced a Start-Up Loan which is available to people either starting a business or wanting to expand an existing enterprise. The loan has a fixed interest rate of 6% and you can borrow from £500 up to £25,000. You can choose a loan repayment term of between one and five years and the government will even help you fill in the application.
You don’t have to pay anything to apply or set up the loan, so this is a great deal for a business that needs a bit of seed capital to buy UK office supplies, equipment or stock. You can also use the money to pay an assistant.
Included in the deal is support , mentoring and a useful guide on what you need to know about starting a business. This has expert tips to help you avoid the elephant traps that can trip up new businesses.
Start-up businesses help each other
The Federation of Small Businesses is a non-profit organisation dedicated to helping smaller businesses and making their voice count with government. You can read their website for free, but you have to pay for full membership. This entitles you to free advice from a personal business advisor who will come and visit you or talk to you online. They’ve also negotiated various deals on banking and card payment terminals for members, so definitely worth checking out.
A ready online marketplace
The UK is one of the most highly developed markets for online goods and services. This is great news for people with innovative ideas that use social media or online technology. And let’s not forget crowd sourcing which is an alternative option for financing your business.
Diversity and flexibility – great for business
The UK also has a highly diverse population which means that people are more than ready to look at new ideas or products. People are also willing to work flexibly – if you need some online workers there are plenty of people out there who are willing to log on and spend a few hours working for you.
All in all, the UK is a great place to start and grow your business.