The barrier to opening your own business has lowered in recent years thanks to social media. You no longer need a brick-and-mortar shop in order to sell your products. Instead, you can sell things via online marketplaces, from the comfort of your own home.
The average cost to set up a business has also decreased. According to Small Business Trends, the average cost of setting up a home-based business in 2024 is £1,600-£2,400, making it more accessible financially than traditional avenues.
One common way to obtain this starting money is a directors personal guarantee. Under UK law, a registered company is its own legal entity. This means it is separate to you (the director) and you typically aren’t held responsible for debts held by the company. The exception to this rule is a directors personal guarantee.
What is a directors personal guarantee?
For new companies, it can be difficult to get a business loan due to the lack of trading history and assets. A directors personal guarantee removes this barrier in exchange for holding the director personally liable for the loan.
Directors guarantees are a useful way to start a business. However, you should make sure to get in touch with solicitors such as https://www.parachutelaw.co.uk/director-guarantee to fully understand the process and your obligations.
Starting your own business can be a viable career change. Whether you’re looking to be your own boss or just wanting a second income source, opening your own business could be a perfect next step.
Small Business Trends In 2024
Consumers in 2024 are extremely aware of their environmental impact. With this in mind, many brands are focusing on sustainability and reducing their carbon footprint. In recent years, recyclable and reusable packaging has become the norm for many small businesses. Initiatives such as carbon-neutral shipping options are also popular.
In the same strain, consumers in 2024 are looking for a personal experience when shopping. Consumers trust brands that resonate with them, so a strong brand identity and community is a must.
Further, incorporating good customer service will ensure your customers will stay happy and return in the future.
Simply put, shopping in 2024 will be personal for consumers, and they will trust brands that resonate with them most. The good news is that if you can perfect your brand’s vision and voice, these consumers are likely to remain loyal and return again and again.
