Economic Barriers To Launching A Business in the UK

In modern times, it can feel as though there are more economic barriers to launching a business in the UK than rewards. We feel your pain. As GrowTraffic continues to expand and support other companies with their growth, we too are doing all we can to navigate these uncharted waters. 

Now, we don’t want this blog to sound all doom and gloom. Launching a business is an exciting time. Yes, there’s a – sometimes severe – essence of nervousness, but ultimately, this is the moment you have spent your professional life striving towards. Congratulations on making it to this point.  

While we will highlight some of the economic barriers to launching a business in the UK, we hope the main takeaway from this blog is that with the right support, there are ways to overcome the challenges facing your start-up. 

Economic Barriers To Launching A Business in the UK 

Financial Constraints  

Did you know that almost 20,000 Brits search ‘how to start a business’ each month? With that said, one of the biggest obstacles to launching a business in the UK is financial backing.  

For many aspiring business owners, coming up with a compelling concept is the easy part. Yet, steep start-up costs make actualising their vision an immense struggle. Whether it’s securing a physical location, paying for initial stock, or setting up the right technology infrastructure, these financial burdens can be daunting. 

With a limited financial history, securing a bank loan can be near impossible. Choosing the right alternative route for funding – like angel investors, crowdfunding, or government-backed loans – can severely impact your cash flow and long-term growth potential.  

Now, this isn’t GrowTraffic claiming to offer accountancy services – we’d suggest seeking support for this elsewhere – however, we do recognise that financial constraints are tall hurdles for many new businesses (trust us, we’ve been there). 

That’s why at GrowTraffic, we offer dynamic pricing and allow clients to create their own budget. We can tailor our services to meet your needs, so you can access our extensive digital marketing expertise at a rate that is comfortable for you.

Navigating A Competitive Market  

For entrepreneurs, entering an e-commerce market that is already booming can seem like a risk. If you follow any of GrowTraffic’s social media, you will know that we have spent a lot of time discussing how to stand out in a saturated market.  

Whether you’re a large corporation or a small independent business, the challenge of making noise in your market space can be overwhelming. With so many customers relying on search engines, social media influence and cookies to streamline browsing for them, connecting with your target audience can be a real struggle.  

Our main job at GrowTraffic is to help your business rise above the noise in whatever your competitive market field is. Whether your business exists in construction or in health and wellbeing, we will tailor our expertise to suit your business and produce clear results.  

Cost Of Digital Marketing  

Digitisation has taken over how we shop. Nowadays, there are 50 million e-commerce users (just in the UK alone), making non-digital buyers a minority population.  

Not every start-up will be interested in hosting their business on the e-commerce, but that doesn’t negate the importance of having a strong online presence. With fewer shoppers scouring the high-street, we must meet our audiences where they are – which, 9 times out of 10, is glued to a screen, on the internet. 

A comprehensive digital marketing strategy will cover the key cornerstones to online visibility- SEO, PPC, content marketing, web design, and social media. However, if you’re a start-up and strapped for cash, the last thing you want to do is hire a third-party service and increase your outgoings. 

So, what to do? It’s no question that your new business needs the competitive advantage that a targeted digital marketing strategy offers, but you don’t need the hefty bill from a digital marketing agency.  

If you reach out to our team at GrowTraffic, our experts can offer 1-to-1 training, so you can inherit the skills needed to grow your business. We will give you the tools you need to succeed so that you don’t need to rely on anyone else! 

Launching A Business In The UK? Reach Out To GrowTraffic 

Despite the economic barriers to launching a business in the UK, we have every faith that you can succeed. It may not be easy or straightforward, but nothing worth having ever is! 

Remember, if the complexities of launching your business in this current climate are too much to wrap your head around alone, GrowTraffic is always here to help.  

If you’re interested in one of our services or would like a chat about how we can meet your business’s specific needs, then please get in touch! We’re always up for a coffee- in person or over Zoom.