Starting a business is a huge challenge, and without the right support it can be easy for new businesses to fail. Pro UK Consultants want to support new business owners, and have offered some advice they wish someone had told them in the early days of their business.
Serial business man and former Dragon's Den star Theo Paphitis states that 50 per cent of UK start-up businesses fail in the first couple of years: "It's a damning statistic but it's true," he says. Pro UK Consultants agree that many new entrepreneurs may not have done the relevant research. Jameel Paul, entrepreneur and Managing Director of Pro UK Consultants, explains: "New business owners lack experience, so it is crucial that they do their homework before starting a business and acquire the necessary knowledge in order to find a way to stay ahead of the competition." Pro UK Consultants have put together five tips for new entrepreneurs they wish someone had told them when they were at the early stages of launching the company.
1. Know why you are here
Jameel Paul of Pro UK Consultants says: "It is absolutely important to remind yourself every day why you are so passionate to run your own business." He explains that day-to-day operations can turn out challenging, so it is crucial to stay focused and be open minded about a variety of solutions.
2. Be in control
"Running a business is a passion," says Jameel Paul. He insists that a business owner must know the figures, such as cost, expenses, revenue, profit and the company's ROI. "There is absolutely no excuse for an entrepreneur to be ignorant and thinking that this part can be given to somebody else to look after," underlines Jameel Paul of Pro UK Consultants.
3. Surround yourself with the right people
For Jameel Paul, the beauty of running a business is that he can decide who he wants to work with. Pro UK Consultants highly recommend looking for like-minded people who are passionate about the business, enthusiastic, positive and reliable.
4. Constant communication and networking
"Communication is the key and its importance is often underestimated," says Jameel Paul. He recommends an open and daily communication with business partners, contractors, clients and consumers in order to keep track of things that work well and others that need urgent improvement. Pro UK Consultants say the faster a challenge is communicated, the easier it is to act and come up with a solution. The firm also advises to use every possible networking opportunity with other industry professionals.
5. Be prepared
Pro UK Consultants say preparation is key. "There will be situations you can control and easily prepare," says Jameel Paul. "However, you must also think ahead and prepare for unexpected hiccups that you may not be able to control. Have a contingency plan worked out for different scenarios to keep your business together."
Pro UK Consultants is an event-based promotions company based in Birmingham, West Midlands. Founded in February 2013, the firms' clients have experienced an increasing ROI by outsourcing their campaigns to Pro UK Consultants. Jameel Paul is of the opinion that new entrepreneurs need all the support necessary before running their own business in order to increase their chances to succeed and overcome challenges. Pro UK Consultants are therefore offering for ambitious professionals to work alongside the company to take part in a business development program to increase their skills and encourage personal development and growth. Expansion plans are already under discussion. Pro UK Consultants are planning to grow into the Liverpool and Leeds regions in the coming years.
Press release distributed by Pressat on behalf of Pro UK Consultants Ltd, on Tuesday 14 October, 2014. For more information subscribe and follow http://www.pressat.co.uk/