How parentrepreneurs can make the most of Brexit
Whether you’re heavily invested in the political storm, the UK is currently experiencing, or you’re staying well away from the debates that continue to dominate the news agenda, the concept of a Brexit Britain can be a tough landscape to navigate.
We recently undertook some research looking at the businesses who have launched and thrived since the Brexit referendum vote and discovered which entrepreneurs had made the most of the unstable environment to create, grow and succeed in their new business venture. This included Mush, and Koru Kids, two businesses which have grown out of the business determination of two parents.
The following are some of the reasons why starting a business now as a parentpreneur may not necessarily be a bad thing.
People may be less inclined to launch a business venture when the state of the country’s economy is in flux. Those with this mindset are also less likely to succeed. Utilising all of the information available to you, such as audience growth, potential market share, current product or service demand, or any other industry insights, can mean that perhaps you are capitalising on this opportunity to start and grow a business.
There are exceptions to this of course. If your business would be directly and negatively impacted by Brexit it may not be the best idea. For example, if your business relies on EU imports, your business model may be affected in the short term as the country continues to understand its position with the EU. However, most people – including Government – know so little about the consequences of these negotiations, therefore taking a risk now could put you months ahead of your competitors and help to establish your name much earlier on.
When the threat of a political crisis looms, businesses are keen to review their partnerships, scrutinise their supply chain, and open up new relationships. Now could be the ideal time to leverage your status as a parent and business-minded person to forge new business partnerships or lines of supply. Networking can be as simple as reaching out on LinkedIn, attending local business meetups, or even discussing ways your businesses can grow together. There are even specific business associations for parents, such as Mums in Business. People may, however, be more thorough in their checks of new business partners than they used to be.
More stringent checks
With economic instability, comes more stringent checks and deeper analysis of a businesses’ background. This can come in the form of credit checks or even personal background research. Either way, we exist in a time where people are far more careful about who they work with.
Now, whilst people want to forge new business relationships, they also want to invest in the correct ones: it should only be viewed as a negative if you are a business owner undertaking poor financial practices or making poor investment choices.
An increased focus on the research of partners and businesses means that entrepreneurs work with those who are legitimate and share the same growth goals. It’s a positive for economic growth as it creates an environment of trust, ripe for mutual expansion.
British buying power
If the Brexit process has achieved anything, it’s shown the love the public has for buying British and putting money back into the economy. As a fresh British business, you can capitalise on this through your marketing efforts. When designing your website, social media activity or offline promotional materials, highlight ‘Made in Britain’ or ‘Established in UK’ where applicable. This can be a strong unique selling point and in an era where consumers want to champion British business, it could become the reason you are chosen over a competitor.
Parentrepreneurs are now in a unique position where the economic uncertainty that Brexit presents creates an environment ripe for disruption. Parents should not feel discouraged from starting or growing their business in this landscape. We would advise all business owners to focus on developing relationships that will prove productive for both parties. Now is the time to succeed when others are slowing down and getting complacent. Just remember, if you are taking risks, ensure they are calculated.
Carys Hughes is Chief Financial Officer at Creditsafe