Research conducted by StartUp Britain showed that between January and June 2016 there were over 300,000 new start-ups in the UK. Although this was a dramatic increase on the previous year, most of these entrepreneurs would have had the same concerns and worries throughout the start of their venture. GoldIcon Enterprise have discussed that the three key concerns of entrepreneurs are:
Finances – Most people, whether it is a personal loan, a mortgage or a business loan will struggle to convince the bank that it is a sound investment in the firm. However, for most people, this battle is a vital part of a business launch. The concern that entrepreneurs have is that the bank will refuse a loan and they will have to try and find a lender that is willing to give them the assistance that they need.
Building a brand – Businesses revolve around branding, but without the financial support of lenders, entrepreneurs are also concerned that without sufficient funds, they would be unable to build a reliable and efficient brand for the business. The brand of a business is vital for both clients, customers and possible employees, and every future business owner wants a reliable and strong brand that can be easily recognised.
Staffing and hiring – The final concern that future business owners have is being able to successfully recruit the best candidates to help build and develop the business. Managing Director of GoldIcon Enterprise, Dwayne Foster, explained, “Staff are vital to any business. For a company to improve, you need to invest in your team in order for them to invest themselves in your business.”