New year, new business: The rise of the UK entrepreneur

It seems people are ditching the payslip and doing it for themselves. With a whopping 80 new companies created every hour last year, the UK really does mean business — and keeps Companies House busy. This record number of start-ups has increased steadily over the past couple of years and shows no signs of slowing. Even the economic uncertainties following the Brexit vote are not deterring the enterprising UK entrepreneur.

Whilst the capital calls itself home to the majority of these new companies, counties outside of London such as Hertfordshire, Staffordshire and Cheshire also feature in the top spots for new business ventures.

The new-business boom has been helping to bolster the UK construction industry during a time of rising costs and reduced demand. In central London, the amount of new office space being built is at its highest in eight years. As new businesses are born, more commercial buildings are needed.

Whilst running a company is not everyone’s cup of tea, obviously many others find the benefits outweigh any potential pitfalls.

But what drives people to start their own venture in the first place?

• Flexibility — A big draw to running your own company is the flexibility it offers. If you struggle to strike the ideal work/life balance as an employee, starting your own venture will allow you to choose your own working hours.
• Being your own boss — If you are the sort of person who likes to make the rules and the decisions, maybe running a company is for you.
• Pursuing a passion — Thanks to our digital age, more and more people are able to pursue their passions and market their products or services to the world.
• Creating something — Many start-up company directors like the idea of creating something from scratch and seeing it grow and develop.
• Making more money (eventually) — It is fair to say that most new ventures don’t make masses of profit in their first couple of years. However, as your new company matures, so should your bank balance.

New company, new approach

A new venture brings with it new ideas and therefore new ways of doing things. Many budding entrepreneurs leave their employment, as they believe they can do something in a better way than the company they work for; this insurgence of innovation results in change. New companies create competition, perpetuate progress and boost the economy.

The backbone of the economy

Small businesses are vital to the UK; they drive growth, power innovation and create new jobs. And with 99% of all companies across the UK classed as SMEs, small and medium sized businesses really are crucial to the economy.

Even our uncertain economic times following Brexit are not stifling the surge of start-ups. However, it is perhaps ever more important to use budgets wisely and to keep a close eye on company finances.

The 2017 start-up needs to make savvy buying decisions and carefully consider all costs.

Reducing your company’s costs

Making intelligent investments for any company is key. And it’s important to consider longer term financial implications, as well as any immediate ones.

For the vast majority of companies, the vehicles they rely on every day — for travel, deliveries or tool transportation — represent a key business cost. So how can you save money on the cost of running your company vehicles?

By having a tracking system fitted, you will save money on your fuel bills and benefit from reduced repair costs. A tracking system will also cut your insurance premium and help to deter potential theft. And thanks to 24-hour GPS monitoring and Phantom Insight, you can make sure any drivers you may have do not waste fuel or employ bad driving habits that will cause excess wear and tear on parts.

A tracking system will also help you keep an accurate log of your business mileage, which is a key part of your company’s tax return. Saving you both time and money.

If you are a start-up or small firm and are looking for ways to keep an eye on your company’s costs, call 0161 476 4050 to discuss how a tracking system from Phantom can help you.