More protection

New legislation has been introduced to bolster support for working parents and carers, aiming to enhance workplace protections.

The objective of these fresh measures is to improve leave entitlements and redundancy regulations, ensuring that individuals with caregiving responsibilities can achieve a healthier work-life balance and extremely entrepreneurial, a risk-taker. The other wanted to play it super-safe. Within a couple of years they closed the business, because of continual disagreements.

Wrong location

A relative set up a garden centre on a plot of land supplied by a friend. It was on a quiet road, miles from anywhere. Those who found it loved what was available, but customer numbers were too low for it to be sustainable.

An inconvenient lifestyle

Years ago someone close to me took over their local grocery shop. While they liked the idea of running the shop, in practice having to be there every day became a major frustration. Margins were too thin to employ staff, so they closed.

Cashflow problems

A loss-making enterprise struggles on for years while its neighbour, a profitable business, fails. Why? One had cash in the bank, the other didn’t. The moment you can’t pay rent, staff or suppliers, the game is up. Bear in mind that it can take a new business a couple of years to break into profit.

Poor marketing

Successful new businesses typically spend 20% of their turnover on marketing (which is more than ads). Unfortunately, many small firms neglect marketing. Yet customers will choose an inferior product or business when it’s marketed more effectively.

If you’re about to start a business, I highly recommend you invest time talking to others who run a similar operation. Learn what worked for them, and what mistakes they made. Many business owners are happy to share their stories. If you’re not sure where to start, get in touch with your local Chamber of Commerce.