Business Building, Business Ideas, Entrepreneurship

Start-ups are booming in the UK. Despite the political upheaval following the snap election and concerns over Brexit negotiations, the UK is a welcoming place to start a new business. Research carried out by StartUp Britain found that in 2016, 80 new businesses an hour were registered at Companies House by budding entrepreneurs.

Central London was the most popular place to start a business, but Lichfield in Staffordshire, Warrington, and East Hertfordshire were not far behind. What this tells us is that now is a great time to be an entrepreneur. What the figures don’t reveal, however, is how many of these businesses failed in the first 12 months.

The Dangers of Excessive Spending

Sadly, the statistics are not great. On average, 9 out of 10 new startups fail in the first year. There are many reasons why this is the case, but the overriding one is poor cash flow. There are no guarantees when starting a business and a great idea is not always enough. Unless you rein in your costs in the first year, your chances of making that elusive first anniversary intact, are slim.

Excessive spending can derail even the most promising new business. The more money you waste, the more likely it is that your cash flow will dry up. It’s important that you spend money on the right things. Product development is good; booking First Class flights to meet a client is bad.

Mission Critical Expenses

To save money, stick to mission critical expenditure and pay attention to the following areas:

  • Be aware of the difference between profit and revenue. It doesn’t matter how high your turnover is -if the business is not making a profit because operating costs are out of control, you are in trouble. Aim to win a few smaller clients rather than one large client. This should keep your supplier and client servicing costs down.
  • Keep a close eye on your supply chain costs. Work closely with suppliers and make sure supplier terms are competitive.
  • In the early days, renting a luxury office suite in Knightsbridge is a bad idea. You can keep your costs down by starting the business from your living room or hot desk in a co-working space for startups. If you feel a prime office location is important to attract more lucrative clients, sign up for a virtual office from BeOffices. A virtual office gives you the benefits of an exclusive address in a prime location, at a fraction of the cost. You can hold client meetings in luxurious meeting rooms and a receptionist will take calls on your behalf. It’s a win-win for startups who need to impress important clients.
  • Don’t hire more staff than you need. Run a skeleton crew and outsource tasks where possible. It is often cheaper to hire a virtual team rather than pay in-house employees.
  • Take advantage of SaaS tools to manage your startup and do more for less. Slack, MailChimp, Trello, GoToMeeting, and Salesforce are all must-have tools for tech-savvy startups.

Watch the pennies and the pounds will take care of themselves. Work hard to keep your operating expenses to the bone, but make sure you have access to working capital if cash flow falters. With the right approach, your startup will reach its first birthday intact.

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Business Ideas, Business Building, Entrepreneurship


How to open a tattoo and piercing business

Opening a study of tattoos and piercings is the dream of many professionals in the sector but, are they aware of how to open a business of these characteristics and of what are the legal and financial aspects that must be fulfilled? We will tell you below.

Requirements to open a tattoo business

Legal requirements

Each country and each community has a number of health related standards that any tattoo and piercing business must meet. As a general rule, it is necessary to acquire a license to be able to exercise the activity. In addition, it is important to consult local ordinances because there may also be local regulation to comply.

Keep in mind that you will need to keep accounting to meet your tax obligations. For this, you can hire an administrative accountant or directly have an external manager to perform this task.

In the event that the premises where the activity is to be rented shall comply with the rules established by the owner of the premises in the lease.

Business Tattoos and Piercings: How the Business Works

  • 1. First, first of all, is to find a place to establish your business . Depending on the number of tattoo artists you hire, you will need more or less space. Keep in mind that choosing an area with a large influx of people for your local is essential to make yourself known at first. Then the testimonies of our first clients will do the rest.
  • 2. Organize a file system with the data and information of your customers . In addition, you will need a physical agenda or online tool to manage customer appointments and keep track of the activity.
  • 3. Develop an advertising plan to make you known in the beginning. You can do this by sharing flyers, organizing an event in which you perform a tattoo or piercing live, etc. Starting with discounted prices is often a great help, but be careful not to lose money.
  • 4. Purchase quality tools and machinery. Tattoo guns, power supplies, needles, drawing tables, and other supplies are essential.
  • 5. Include a space at the entrance of the store where you can display the work done. Photographs of other works are always a claim from the most suspicious people. You can even place them in a separate area or room.
  • 6. Decorate your place creatively. We recommend using vinyl on the walls with original and creative drawings that draw attention from the outside.
  • 7. Tattoos and piercings are a great claim but more and more are those who wish to perform piercings. You can include this service in your store if you have experience or hire a professional who can perform them, always according to the sanitary conditions of your locality.

Before doing any work, two things must be ensured: that the client is of legal age or has the consent of the parents, and that he signs a consent form with an exemption document to avoid further distress.

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