The demands being made by the EU on the amount of money that UK has to pay on departure is the least of the woe story stemming from the initiation of Brexit. Economists have been divided as to the impact but the decline in the value of the pound sterling in the wake of the event is evident.
There is a valid reason to be cowed from wanting to invest in or start a business but that doesn’t necessarily have to be the way to go. A recent survey by the Telegraph shows that there is still a lot to be enthusiastic about on the business scene and it isn’t the time to chicken out. To start a business about this time, you need to seek out all the opportunities available and key right into it..
Time to Take Advantage of the Tax breaks
Who doesn’t love tax breaks? This one major reason you should start your business now. The aftermath of Brexit may seem bleak in the short term but one of the things that makes doing business in the UK attractive now is the very low corporation tax which is the lowest for any major economy.
There are other tax breaks like the Seed Investment Scheme (SEIS) which allows investors, including directors, to get an initial tax relief 50% on investments up to £100,000 and full Capital Gains Tax (CGT) exemption. Several other factors play out in setting up a business, you should also consider the following when setting up your business:
Get a good insurance
Nothing is ever guaranteed in business. This makes getting an insurance of top priority. While you may think insurance is only needed by big corporations, you shouldn’t forget that small businesses also need them. Whatever business you do even if it is hairdressing or barbing, there are insurance packages put in place especially for you to give you a soft landing in case something goes wrong.
Source for your materials locally
Businesses that depend a lot on imported goods have suffered the most due to the weak pound sterling. To maximize profit in your new business, you should work out how your materials will be sourced locally. This will give you less reliance on foreign exchange; you are less likely to be affected by the price change which is the immediate result of weak exchange rates.
Issues may arise as you are setting up your business but do not be distracted thinking Brexit is your major issue. There are a lot of businesses doing well despite the climate. Get to work and stay focused on your goals.
If you’re trying to break into the world of entrepreneurialism, outside factors like Britain’s decision to leave the EU may seem a little daunting to face up to, but you have to take a step back and see where the opportunities lie. The advantage you have over existing businesses, is that you can be more responsive to the changing needs of the market, so try to see challenges as opportunities.