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It’s no secret that the economy in the UK isn’t great right now (biggest understatement ever), which as a small business owner can be hard to deal with.
In 2021, I took to Etsy to turn my once crafting hobby, into a small business. Which is when The Confetti Cove was born. Although at times it can be stressful, I haven’t looked back since.
Although my business is small in the grand scheme of things, it is still a way I make income and it allows me to be creative at the same time.
However when sales are down it can be disheartening for any small business, especially when you’ve launched new products and invested in stock.
A recent survey conducted by Markel Direct showed that 78% of business owners have experienced a rise in costs. Furthermore, 43% of SMEs and freelancers saw their revenue decrease in the last 12 months. Which if your small biz is your only source of income this can be terrifying.
As much as I’ve felt the squeeze within my small business venture, I’ve still loved having fun creating new products and seeing others using them in their day-to-day life.
Although 2023 may not seem the best time to start a small business or freelance, not all businesses are struggling. If you are looking at becoming a full-time freelancer, you may be aware of the difficulties with late payments and other factors, therefore I thought I’d share with you the ways to take care of your business during these difficult times.
If you feel like you’re in a rut with freelancing or your SME, these tips to help make your business successful in 2023 are key.
Claim relevant expenses
Claiming expenses is something that not every small business owner does, especially if you are doing your own taxes it can seem scary and you’re often left worried about what you can and can’t claim, so do very little or none at all. It’s important to remember to claim your expenses as they get taken off your tax bill. If you’re unsure what counts as a claimable expense, check out this website for more information.
Get insurance for your business
Insurance is vital for a small business, especially when things go wrong. It is important for any small biz to have professional and public liability insurance. Although these may not seem relevant to you, insurance for your business is important.
Although sometimes taking the day to keep everything in check seems like more hassle than it’s worth, when it comes to next year’s bookkeeping, or any order specifics you should have them to hand with ease.
Staying on top of socials
Although this may seem obvious, staying on top of the socials allows you to build a loyal fanbase of your products, offering competitions, and discount codes and scheduling content in advance so it doesn’t have to be on your mind all of the time.
With small businesses, showcasing your own products on social media can convert to sales, the issue a lot of the time is getting the customers in the first place, therefore social is key for this.
Don’t be afraid to ask for help
Although starting a business may seem like a lot to cope with especially when starting out but it doesn’t need to be that way. As you can always ask for help. Whether this is from a friend or family member, a fellow small biz owner or even a professional, it is worth seeking out any help that you require.
Finally, if you are looking to start a new business or continue you’re looking for new ways to grow your existing one, don’t let the current climate deter you. Especially as making your own company as you can become something really exciting.