When a quarter of new enterprises close their doors in the first two years, there’s more to starting a business than a bright idea. Hiscox's business hub provides expert advice on the skills and responsibilities all businesses need to support their vision through those early days.
What’s more liberating and terrifying in equal measure than becoming your own boss? There’s the fresh challenge and creative freedom but with that comes an unwelcome side order of responsibility – and a 50 percent chance of failure by the five-year mark.
According to Statistic Brain, around 46 percent of businesses fail because of the unsympathetically labelled reason, incompetence. But it should be comforting to know that incompetence in this sense is really the result of an entrepreneur’s lack of knowledge in crucial areas of business rather than their inability to progress.
The Hiscox complete guide to starting a new business addresses these common knowledge gaps to give you the answers you need to set up and run a business smoothly from the outset.
But where is best to start a new business? The graphic below compares the UK with France and Germany in vital areas such as taxation and rental rates.