If you're on the founder's journey and want to learn about our five essential practices for founders, keep reading. By collaborating with and learning from others, I gained valuable insights from my initial business venture, and I would like to share those lessons with you. I hope these insights help you save time, money, and stress, ultimately assisting you in building your company.
Also, in the spirit of supporting other new startups, we've partnered with fellow founders and created exclusive discounts.
Contents
Why do Small Businesses Matter?
Small businesses play a crucial role in both the UK and global economies, contributing significantly to job creation, innovation, and community development. Here are some key reasons why small businesses matter:
Foundation of the Economy: Small businesses account for approximately 99.9% of all businesses in the UK, with over 566 million operating there. They contribute about 52% of the private sector's overall turnover, totalling around £2.18 trillion.
Cultural Diversity: Small local businesses often reflect the unique cultural and ethnic characteristics of their communities. They provide a wide range of products and services that cater to diverse tastes and preferences, fostering inclusivity and community identity.
Quality and Agility: Small businesses typically prioritize building customer relationships, offering personalized service that larger corporations often cannot match.
Driving Innovation: Small businesses are often more agile than larger firms, allowing them to innovate rapidly and respond effectively to market changes. They incubate new ideas and approaches, contributing to overall industry advancement.
UK Small Business Statistics
According to UK Gov;
At the beginning of 2023, there were 5.6 million small businesses (with 0 to 49 employees). This represents 99.2% of the total business population.
SMEs represent 99.9% of UK businesses (5.6 million businesses).
SMEs provide three-fifths employment and about half of the UK Private sector turnover.
SMEs total employment was 16.7 million (61% of the total), and turnover estimates at £2.4 trillion (53%).
Employment in small businesses (with 0 to 49 employees) totalled 13.1 million, accounting for 48% of the total employment, with a turnover of £1.6 trillion, representing 36% of the total turnover.
Five Practices for Founders
By following these practices, first-time founders can better navigate the challenges of starting and growing a new business.
1. Reframe failure
💡 Thomas Edison, when asked about failure, famously said, “I have not failed. I've just found 10,000 ways that won't work.” Imagine if he had given up after the 9,999th try?... Lightbulbs, phonograph, motion picture cameras!
Failures are learning. Treat them as feedback to refine your approach rather than signs to give up.
2. Adopt a beginners mindset
There is always more to learn. Just because I've been in business for 30 years, creating digital products for other companies, doesn't mean I know how to create my own successful business.
A beginner's mindset, also known as "shoshin" in Zen Buddhism, refers to approaching situations with an open, curious, and non-judgmental perspective as if seeing them for the first time.
3. Solve the needs of real people
Solving the real needs of real people requires a deep understanding of their needs and challenges. Throughout the problem-solving process, actively engage with people facing the problem. Their perspectives are invaluable for developing the right solutions. Build your company to solve a familiar need for many potential customers.
4. Think Minimal Viable Product (MVP)
The primary goal of MVPs is to gather the maximum validated learning about customers with the least effort. They allow you to test product/service/company assumptions quickly and inexpensively. Dropbox began with a simple MVP - a video demonstrating the functionality of core file syncing and sharing. This video created buzz and helped validate demand, leading to over 75,000 sign-ups for the beta version before any actual product was built.
I built my first MVP before I launched my company. I developed and validated a five-month coaching program with real people with real needs. Based on this, I launched the company with one of my first services—EMPOWER Leadership group coaching.
5. Join Founders Networks
It can be a lonely journey. So, from the get-go, find platforms, communities, and opportunities to interact with and learn from founders who have gone through the startup journey before you. Their first-hand experiences, battle stories, and advice can be invaluable. Founder communities are great places to network, support, learn from each other, and maybe establish partnerships with other startups.
In 2024, I joined the free Natwest Entrepreneur Accelerator Programme, which gives access to one-to-one coaching, mentoring, and networking opportunities. This was a great programme to meet other founders and support each other. In the spirit of businesses supporting businesses, we've joined to support each other and our clients.
Our Founder Community Offering Discounts
We're pleased to offer our clients offers from our partners who are developing promising businesses. Visit by clicking on their names below and mention we referred you for an extra discount.
Tree surgery ➡ Broadleaf Tree Care
Wine subscriptions ➡ Brixton Wine Club
CC Cycle Services ➡ CC Cycle Services
Coffee Roaster ➡ Brew Crew
Sustainable beauty ➡ Counter Culture Store
Award-winning vodka ➡ Devon Cove
Chartered Accountants & Tax Advisers ➡ DVM
Expat services ➡ EasyExpat.com
Ethical gift hampers ➡ Ethimaart
Team training and development ➡ Hack Yourself
Website Design and Branding ➡ Heather Hulbert Designs
Wigs and hair loss ➡ Her Hair My Head
Charcoal artwork ➡ Libra Fine Arts
Diversity, equity and inclusion training ➡ Music Buds
Dog enrichment ➡ Paws in Earnest
Chilli cheesecake ➡ Peppered Palette
E-commerce services ➡ Postboxed
Digital Marketing Agency ➡ Slingshotdigital
Soap dispenser ➡ SNOAP
AI-driven Intelligent Coaching Tool ➡ SuperPowerMe
Health and Fitness ➡ The Trainers Gym and Jab
Personalised books ➡ Tickled Moon
Dessert hot sauces ➡ Toad Sweat
French womenswear ➡ Tortue
Window blinds ➡ Victoria Blinds
Private Health, Life, Embedded Insurance ➡ WeCovr
Recruitment ➡ Your Digital Future
Science communication ➡ Zeek's Art for Geeks
Conclusion
Supporting small businesses fosters economic growth, enhances community well-being, and promotes innovation. Our contributions extend beyond mere economic metrics; they are integral to the fabric of society, providing jobs, driving local economies, and enriching communities through diversity and personal connections. As such, initiatives that support small business development are essential for sustainable economic health at both local and national levels.