Small business community is thriving in the UK these days. With approximately 660,000 new small scale companies registered each year, the UK has a perfect growth market for start-ups. According to projections, this trend will continue, with many more entrepreneurs planning to start their own small business by 2023.
Forming a UK based company enables you to enter international markets and launch a business in almost any field. You benefit from the low corporate tax, the ease of applying for digital documents, and many other advantages. Furthermore, the very name of some places lends legitimacy and scale to a growing business. To be sure, the mere presence of the UK office will impress your clients.
While having a UK office is important, it is not a guarantee of success. Only 40% of businesses survive the first three years after the setup. Why? Because launching a successful business necessitates meticulous planning and preparation. You need to invest your time and efforts with undivided attention.
To assist you, we’ve outlined seven effective ways to thrive as a small business and position yourself for immediate and long-term success.
Let’s dive in!
- Create A Blueprint
A well-formed business blueprint serves as a road map for a small business owner to follow in order to stay on track. It assists the owner in remaining focused on executing action plans to meet set objectives within specified time frames. It enables you to set goals for managers and key personnel. A thorough and thoughtful business plan is a valuable tool for clarifying your business model and lowering the likelihood of your small business failing.
- Organize Your Tasks
To have a successful business, you need to be excellent at organization. It will assist you in completing tasks and staying on top of things to do. Making a to-do list each day is a good way to stay organised. Check each item off your list as you finish it. This will keep a track of all your tasks and ensure that you complete everything that is imperative to the survival of your business.
- Automate Everything
Small businesses are frequently hurdled by repetitive tasks. Most of such day to day can be completely automated. Many small businesses are concerned about automation due to the upfront costs or the impact on employee jobs. However, automating repetitive steps in your sales, production, or distribution processes can boost your bottom line while freeing up your employees to work on more important tasks.
- Do Experiments (On Small Scale)
While there are numerous strategies for growing your small business, it is critical that you measure what works. To achieve this, you must take calculated risks. While establishing your small business, proceed with caution, taking one small step at a time.
Test and try out a strategy on a smaller scale first, and then implement or disregard it based on the results of what works well. So, always test strategies and ideas on a small scale, so that even if they fail, the project suffers only a minor setback.
- Choose Cost Effective Online Softwares
When it comes to running a small business, having the right tool for the job can mean the difference between success and failure. When you start your small business from home, instead of saving money on personnel, invest it in online management tools. The growing availability of user-friendly online tools enables small businesses to cut costs while increasing growth potential. Small tasks can be completed with free open-source software, and cloud-based premium services can be less expensive than their offline counterparts.
- Manage Your Expenditures
It’s critical to know where to spend your hard-earned money as a small business owner. It’s also important to know where to keep a tight fist. Cutting overhead costs is one of the simplest ways to reduce expenses and increase profits. This can be challenging at times. However, as technology advances, a revolutionary concept for small business owners has emerged that can make a significant difference in your business model: the virtual office.
It reduces your spending to allow for more profit while still providing the benefits of a traditional office. A virtual office package reduces overhead costs such as office leases, furniture, and mailrooms, allowing you to focus on investing in other areas of your business. When compared to physical space, virtual office rent in the UK is extremely affordable, and it is also much more flexible as a service.
In general, virtual office addresses can cost up to £80 per month. However, if you know where to look, you can find much better deals. Our low-cost virtual offices are located in one of London’s trendiest neighborhoods, and prices start at £0.99 per week for both UK and non-UK residents.
Our virtual office packages also include pay-as-you-go subscriptions that can be upgraded when you’re ready. It’s an excellent way to save time and money while maintaining long-term growth. If you’re not sure which package you require? For the best advice, contact the Icon office.
- Boost Up Your Business Credentials
To increase your business’s reliability, have your business address in a prestigious location to give your company a reputable image. The main benefits of having a prestigious business address are that you can use it on your business cards, marketing collateral, and website. Because your company has a more trustworthy image, partners and customers will be more inclined to do business with you. Other companies would regard your small kingdom as more trustworthy. You can also use this address for package forwarding and postal mail.
When you choose a virtual office space, the best thing you get is a real address in such a prominent location. One of the many advantages of having a virtual office is being able to register your company with ASIC on Google Maps. With a virtual space in the UK, you have a guaranteed address to send potential customers to, which increases your company’s credibility.
We can assist you with an affordable UK company formation! Our UK company formation plan provides a much simpler, more flexible, and significantly less expensive solution: a simple, low-cost way to give your startup company a mailing address, letterhead, and contact page to be proud of.
Now we know how a virtual address opens up new opportunities for small-business owners to save money while expanding their operations without being bound by a lease. With remote work on the rise, it’s critical for small-business owners to capitalise on the trend if they want to succeed.
A prestigious virtual office address in London is an excellent way to give your company the best first impression. You can work from home or while travelling the world while maintaining a professional image with clients and partners. This protects your privacy and allows you to establish a functional contact point using a UK forwarding address if you are a non-resident.
So, if you’re looking for a virtual office provider for your small business or considering forming a company in the UK, get in touch with us and we’ll find you a suitable and affordable solution!