Business owners feel more fulfilled – according to new research from Sage. For wantrepreneurs seeking to pursue their purpose & potential, taking the leap of faith and, opening their dream business means battling misconceptions, embracing digital skills and being willing to learn from others ‘ But it’s worth it!
Despite its many limitations and challenges, the pandemic has been a catalyst for new business ventures. A staggering 85,000 businesses were registered at Companies House in 2020, the highest percentage growth since 2011. Creativity and inspiration has blossomed through the pandemic. In fact, according to Sage research, almost half (45%) of the people who started businesses, came up with the idea during lockdown.
Many Brits have found new passions and generated new ideas during the pandemic and are pursuing their dreams by turning them into business ventures – And it works! Sage research found that 80% of these new startups had fulfilled at least one of their key goals by doing something they love.
Happiness is achievable – but don’t let misconceptions throw you off
Starting your own business is an avenue to achieving autonomy, fulfilment and happiness. Our research shows that 42% of those who own a business love their job, compared with just 23% of those dreaming of being their boss.
However, fears and misconceptions about their capabilities often hold business dreamers back. People over-estimate the skills and resources they need to succeed. Almost one in two (48%) of wantrepreneurs believe that digital skills are critical to startup business success, however of those who have the experience of creating a successful business, only 39% agree.
Moving from wantrepreneur to successful entrepreneur means tackling your fears and challenging misconceptions as you pursue the fulfilment of making your dream business a reality.
Manage your fear by digitalising essential elements of your business
While many entrepreneurs dream big, all will start small. Whist digital skills may not be a pre-requisite to success, leveraging digital tools, automation and software can ensure you have control from the outset. Software that enables you to manage your finances and systems that improve your customer experience will embed high quality and best practices from day one. They’ll help you reduce admin and allow you to focus on the things that will help your business grow.
Accounting solutions can help manage cash flow. Automated receipt capture enables records to be captured directly into your financials, saving you valuable time. Cloud solutions allow you to access your data from anywhere -putting you in the driver’s seat when making decisions and supporting your customers from wherever you are. Payroll software can provide accuracy, transparency & efficiency on payday, ensuring you build trust and confidence with your team as you grow your business together.
Having the right tools to operate your business can help to manage your fears ensuring you’re in control from the outset – focused on achieving your goals and building a sustainable venture.
Learn from those who have taken the leap before
It takes more than technology and drive to succeed. The advice and guidance of others and in particular, those who have walked the same road can’t be emphasised enough. Mentorship, thought-sharing, networking and professional consultancy can help you avoid making preventable mistakes and get you on the path to success faster.
Our conversations with new business owners reveal that they are keenly seeking out tried-and-tested guidance. You grow and learn so much by just spending an hour talking to someone in the know, shared one new business owner in the arts sector. Mentorship can help to debunk misconceptions, challenge or develop ideas and grow your confidence. To unlock the wisdom and support of the business community, seek out the advice of those you trust, source accountancy or tax tips in person or online.
We’ve pooled the expertise of some of our experts – Take our our startup quiz, and consider some of the questions that will get you on the right track.
Starting a business isn’t easy, but the rewards are worth it
Now more than ever, wantrepreneurs are taking the leap and pursuing their dreams. With the passion & drive to be their own boss, they are one step closer to realising they have what it takes – They are starting new businesses with greater confidence, pursuing their dreams, growing their skills, and finding greater fulfilment.