The UK has been a sought after nation for investors but since the Brexit referendum in 2016, many investors in and outside the country have been filled with uncertainties about taking decisions to invest.
As it is, the fear of Brexit is the beginning of wisdom; or is it? Let’s start with the words of Carolyn Fairbairn, director general of the CBI, speaking on how businesses in the UK will fair after Brexit, she said, there is so much ‘really fantastic stuff’ happening across the UK and people should not feel dejected about the economy but rather focus on ‘how to have access to the single market’. Everywhere, Britons with business ideas seem to be confused on what their businesses will turn out to be when Brexit kicks in with full force. Many are afraid of being barred from forming cross-border relationships and investing in international trade where other European countries are involved. Let me announce to you that, there is no reason fear, at least for now. Taking a look at two sectors, the manufacturing and SMEs.
Due to the uncertainty that fills the air, a research was conducted by Simon Usborne, of ‘theguardian.com’ on various production lines, and his findings showed that, notwithstanding the fear of brexit, millions of businesses are still thriving. Few manufacturing businesses where positive results were collected were Cello Electronics, an electronic manufacturing company in the UK which beat Sony to it, Ercol a furniture manufacturing company in existence since 1920, New Balance and Dr Martens , both flourishing shoe factories still in the daily business of making shoes with continuous high net worth and turn over, and John Smedley a cotton and wool factory which continues to grow since its inception in 1784. The manufacturing sector is very optimistic despite the pound weakening; survey by Albion Capital reports.
On SME focus, owing to the survey carried out by ‘company checkin’, out of the 1300 companies surveyed, only about 30% confirmed that they felt a somewhat negative downturn while about 65% reported a positive and no effect whatsoever. Overall, there have been few negative effects on some SME businesses but, as indicated by a LinkedIn research analysis, a lot of entrepreneurs who now see the need to stand alone and continue to thrive on their own since 2016 haven’t seen such downturn.
Now, what does this tell us? That, it is not a bad idea to ‘go it alone’. Staff laid-off from companies which feared the Brexit outcome may have had a blessing in disguise, as this paved the way for the startup of various small businesses. Few businesses to start with low capital, with due diligence and focus includes hairdressing, laundry, hire a husband, car boot sale, photography, catering, event planning and many more.
Drawing from the various research results, we see that there is no need to fear, and you can build a sustainable business today, despite the pound plummet and brexit uncertainty. If you will take the bull by the horn, here are few tips to bear in mind whilst you put your thoughts to action.
- Have a positive outlook
- Exercise due-diligence
- Be passionate
- Start small or however your budget can carry you
- Make your savings work for you
- Be proactive by insuring your business
- Get the necessary license and pay your tax on time
- Embrace trading internationally (within and outside the EU)
- Your top priority must be ‘Customer Centricity’
Welcome to Possibilities, your time starts NOW.