Office business sector
Introduction
So you've decided you want to start an office-based business. Maybe you've recently completed a relevant training course, or perhaps you've been working for someone else for a while and feel the time is right to go it alone. Whatever the reason and whatever the business, this guide will take you through the issues you need to consider and give you practical pointers on getting started.
Sector trends
Although the fortunes of individual business sectors have varied in recent years, in general terms recent developments include the following:
- the increasing dominance of major national companies that operate from many different branches. This is occurring in many sectors and threatens the smaller, independent firm
- clients demanding good value for money
- pressure on fee levels as a result of competition
- the high standards being set by the major firms influencing the standards found in the smaller independent
- internet usage increasing, and sometimes becoming a competitor
- computerisation of many office procedures becoming widespread
- increased regulation of many sectors
The economy was strong throughout much of the 2000s, but saw a sharp downturn towards the end of the decade. Inevitably this had a negative effect on most types of business, and some - for example those linked to the housing market and the construction economy - experienced real difficulties.
Although there is still a demand for small, well-run independent businesses, particularly if they offer specialist services, they do face keen competition. You will have to decide whether:
- demand will be high enough in your area to support your proposed business. If you plan to locate in a small town or village there simply may not be enough clients unless you are confident that you can attract them from further away
- your local economy is healthy - if your region has been unlucky enough to suffer from many business failures and factory closures recently your client base is going to be very price-sensitive
- you will be able to compete against any other, similar businesses in your area
1.1 Keeping up to date with developments
Joining a trade association or professional body is an excellent way of staying up to date with developments in your business sector. Most sectors are well represented by different trade associations and professional bodies, many of which produce specialist journals containing material of interest to all those operating in that sector. Some have comprehensive websites containing a wealth of helpful information.
The Federation of Small Businesses represents the interests of all small enterprises in the UK and offers a variety of member benefits. It produces First Voice, a journal that helps business people to keep up with issues that affect them.
You might also find it helpful to join your local Chamber of Commerce.
You will be able to obtain a lot of useful information if you go to a trade show or exhibition for your type of business. Visit www.exhibitions.co.uk to access details of shows that may interest to you.
