How can start-ups boost Britain’s economy post Brexit?
For years Britain’s participation in the European Union has always been a big debate, and when it got put to vote, the residents of Britain made their decision. During this new chapter in the history of the United Kingdom, the economy of Britain is more important than it ever has been.
Britain has always had a very good brand image in front of the rest of the world, and this is something that needs to be maintained. Due to so many of the top brands having second thoughts, and worries about the future of their company in Britain it is with start-ups that this brand image can be maintained.
The biggest value of start-up companies is their passion. They have just taken a big idea that they have had and started to nurture and grow it into a fully running business. This drive can be nurtured and harnessed to create some of the top running businesses around the globe.
The great news is, that the number of start-ups within London and all over the United Kingdom or at a record high. 2018 saw over 200,000 new businesses being registered in London alone.
Start-ups can help create more jobs:
It is of course, a well-known fact that as businesses close so do jobs alongside any money and profits coming into the UK. This can lead to many problems for Britain itself. With a higher unemployment rate, there are fewer taxes coming into the country for them to use, alongside more unemployment benefits being paid out.
As you can imagine, this does not look good for any countries economy, let alone the fifth biggest economy in the world. However, start-ups can help combat this problem. As startups start to grow, they need more and more employees to be able to function. This creates more jobs, for the British citizens and generate more money for the British country.
Start-ups currently employ 3.24 million British citizens worldwide, taking care of 12% of all UK jobs.
The fastest growing start-up sector in the United Kingdom:
With so many sectors to choose from it is important to define which sector has the most impact on the British economy. Recent figures show that up to 80% of all thriving start-ups within the UK is in the technology sector. Furthermore, these companies are also the ones with the fastest growth rate.
So, what exactly can a startup do to thrive post-Brexit, and help the British economy?
In order for a start-up to be able to not only tried but help the economy thrive they need to understand their market. There is a general perception not only within the country but across the whole globe about how British people act and behave. They are known to be kind, open, and caring. In order to make a brand that is going to sell globally, British start-ups should adopt this as one of their underlying foundations.
When making a business to business transactions, and business to customer transactions this is the image that should be portrayed to any company around the globe. If you are a London based brand it is important to hone in on all the possibilities that the country has to offer and use them to your advantage.
When creating any marketing material such as video ads, commercials or even talking to potential customers start-ups should use the British accents. It not only makes them memorable, but it also allows for foreign companies to understand them easily well adding a quintessential touch.
Start-ups need to exhibit the need for their product, and show if it actually works:
There are so many perceptions about the British country as a whole.
One of these is that whatever we do, whether it is our benefits system or a For this reason alone, the world only expects the best. Health system we do it right. This perception also extends to any products and services that we provide, either from small or large businesses.
With this expectation come to expectation off high-end customer service and care. It is important to provide this and is something that all start-ups are very capable of due to their size. The small nature of these businesses allows for a client-centric business that can be highly personalised.
With the bigger companies exiting to Europe the responsibility of creating further jobs and bringing business into the United Kingdom lies squarely upon the shoulders of start-up businesses.
The exit of Britain from the EU creates an opportunity for British start-ups to liaise with their counterparts across Europe and bring business not only back into the country but to help it grow. This should be the main focus of most start-ups.
Read the below guides for tips to get started with your new business: