At the start of 2020, there were reportedly 5.94 million small businesses in the UK, making up 99.3% of the country’s total business. Compared to the previous year, this means there were 113,000 new businesses created.
Unfortunately, shortly after these new businesses joined the market, the COVID-19 pandemic put a metaphorical spanner in the works, forcing many companies to cease trading temporarily or, in some cases, permanently.
It’s therefore reassuring that, due to the success of the national vaccine rollout, one recent survey now suggests that 65% of firms are confident about their growth prospects over the next three years. As this is a good signifier of the way the economy is heading, here are 5 ways you can begin to grow your start-up as we look towards a post-pandemic world.
1. Move into a flexible start-up space
If all you are looking for to start with is around one to three desks, a start-up space is worth your consideration. With all-inclusive pricing, no deposits and guaranteed desk space in a great business location, you will be able to free up your mind and focus on growing your business.
When your business does start to grow, and you take on more employees as a result, you can rest assured that start-up spaces are very flexible. This means that you can easily upgrade your dedicated space to one which suits up to one thousand employees, whilst keeping the same benefits.
2. Stay true to your purpose and priorities
As growth starts to occur, commit to never compromising on your core purpose and staying true to your original vision. Though specifics and minor details might need to change, you should be able to connect all decisions back to the principles which helped to create the company.
3. Don’t be afraid to be ‘picky’ or ‘niche’
It is important to remember that not every opportunity is worth the risk – it is okay to be picky with the opportunities you pursue or to choose a niche target market.
4. Hire and train according to your goal
As your company grows, you may start to take a step back from day-to-day operations, which means that it is crucial to have employees who you can trust. Every new recruit will affect your workplace’s vibe, so always consider your applicants in terms of their skills and personality.
Once hired, implement continual training so that no-one loses sight of the goal throughout these changes and growth. Instil your principles within these employees so that everyone is fully behind your vision.
5. Remember, it is a marathon not a sprint
Finally, don’t be tempted to rush things or expect an immediate effect. The growth of a company takes time, and it may be quite a while before you start to see the fruits of your labour.
However, as long as you stay patient, stay focused, prioritise your time and push towards realising your goal, you will be able to start growing your business in your own way in the post-pandemic world.