No matter the economic situation of a country, be it the UK or otherwise, there are always businesses within that environment that aredelivering services or goods and making huge profits. Even war torn countries, have those within them that are legally profiting and prospering. So while the current state ofa country’s economy might be a factor that’s capable of determining the success or failure of a business operating within that economy, a much bigger determining factor is the competence of a business person as well as his/her capability to use any economic situation to their advantage.
To be able to take advantage of what might seem like a bad situation to the average person, an entrepreneur simply needs to ask his/herself some of the following questions;
- What do people need?
No matter how bad the economic situation is, people will always have needs and will always be in search of best possible ways to satisfy those needs. This is where you as an entrepreneur steps in. By determining what it is people want and are not currently satisfied with, you can start a profitable business that can flourish despite inflation or economic stress. But because of the economic situation, you have to ensure that you can provide these much needed goods or services to customers at a price they can actually afford. This way, you can have a much larger customer base instead of catering to the needs of just a few.
- How can I provide it to them?
After determining what the needs of the people are, the next step is to determine how you can go about delivering it to them in a manner that they will appreciate and crave.For example, if the economy of the UK seems to be an inconvenient setting to create your products, there’s no harm having your products created outside the country at a lesser cost and then shipped to the location of your clients. By doing this, you can make your product more affordable and appealing.
- What will stand in my way?
After determining the product you can provide and how you can go about providing it, be sure to identify any and all barriers to your business and how you can circumvent them legally or use them to your advantage. For example, how Brexit might affect your business at the end of the day. If you fail to identify the barriers to your business, you might end up investing in a business that ends failing to even take off.
- Can I pursue this business long term or short term?
Understanding if your business pursuit can be followed long term or short term will enable you to plan for the future of your business. You can gather information concerning the probable short or long term success of your business by discovering how businesses that started in your target market havefared since their inception. For example, in the UK, you can look at High street, how it has changed and how the change has affected businesses located there.
At the end of the day, the key to starting a successful business in a strained economy is to ensure that your business is providing something that the target market cannot do without or ignore.