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Starting a New Business? It’s Good to be in the UK!

Starting a New Business? It’s Good to be in the UK!

Last week, Legatum Research published the 2015 Prosperity Index which showed a few somewhat surprising results. The UK has risen a whopping 13 places to rank the 15th most prosperous country in the world, and is outperforming every other EU country in terms of economical growth and recovery.

“The UK is growing faster in the Economy category than any other major EU country. The UK is among the most prosperous countries in the world, however, Britain’s real success has been its recent economic transformation” says Nathan Gamester, programme director of the Prosperity Index.

Perhaps even more surprising is that the UK ranked number 6 in terms of entrepreneurship and opportunity, suggesting that the increased number of startup businesses we’ve seen since the height of the recession have been instrumental in boosting the economy. One reason given for a rise in new ventures is due to the low costs associated with launching and growing a new business in the UK.

However, as you may know if you’re a small business owner, the costs don’t always seem affordable, despite what the figures may say! Business energy prices, for example, are constantly rising. So what are the best ways to keep your business costs, like business energy prices, to a minimum, while still being able to grab any opportunities that may arise that could lead to ongoing development and increased exposure for the business?

Compare Business Costs – By comparing costs online at compareyourbusinesscosts.com, such as business energy rates, businesses can quickly and easily analyse pricing data and measure suppliers and providers against each other to ensure they get the best deal and don’t pay above and beyond what they need to. It pays to do a little research before signing on the dotted line!

Boost Online Reputation – Online marketing is free, and with online shopping continuing to rise in the UK, the exposure gained through online marketing is perhaps more efficient and effective than paid advertorials in newspapers or magazines. Focus on social media accounts like Facebook, Twitter, or even Instagram and Pinterest if you’re in the arts or design sectors.

Consider Your Premises – If a dedicated office space seems too pricey, why not co-work? Coworking spaces are popping up all over the country. They’re a place to work, collaborate, and meet with investors, and best of all there’s just a simple rental fee to deal with – no need to pay for business energy, property insurance, or anything else that increases the cost of working.

While the figures show that the UK is one of the very best countries in the world for starting a new business, we have to remember that things aren’t always handed to us on a silver platter. It’s up to us to keep our business overheads at an affordable cost, and these handy tips are great ways to get started!

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