With successive studies from the Office of National Statistics showing that only around 40 to 45 per cent of UK startups survive beyond five years, there’s a lot of uncertainty ahead for a business owner who is just starting out. However, these figures should not deter you in starting up your business, but rather encourage you to do the right planning, get the right funding and allow for the right level of flexibility to maximise your chances of keeping your business on the right track.
There are a number of characteristics of startups that ultimately define and determine success. And it’s your responsibility as the startup founder to ensure you are realistic about what you want to achieve.
Do your research. Ask yourself tough questions, such as:
Is there demand for my product or service?
Is this the right time?
Do I know how I’m going to take it to market?
Do I have the right business processes in place?
Is my business model sustainable?
Is it scalable?
Do I have the right people in place?
Are our roles and responsibilities adequately defined?
Do I have the right external professional advice I need to be successful?
These and others are all key elements of a startup that could mean the difference between success and failure.
At Beavis Morgan, we work with a number of entrepreneurs and startup businesses, helping them set up and run their businesses, whilst navigating the challenges and advising them on making the right decisions both now and for the future.
We also understand that whether you’re a startup or a well-established business, cash is king and managing its flow is crucial to your immediate and long-term success. That’s why our independent finance brokerage, http://www.bm-structuredfinance.com/, is readily available to assist startups source the right funding for their individual needs.
For more information about how we can help you and your startup business, contact Steve Govey or your usual Beavis Morgan Partner.