If there’s one thing us Brits can do, it’s start up a business. According to the City A.M, 2018 saw more than 216,000 new businesses register in the greater London area alone; a 6.45% increase from 2017.
Despite being dubbed at the most entitled generation, millennials are the driving force behind the SME boom. Fed up of corporate greed and looking for an answer to the world’s problems, over 62% of millennials have considered starting their own business.
But while 72% feel that start-ups and entrepreneurs are a vital economic force for driving innovation, many lack the confidence to invest in their own business. With the value of bank loans to SME’s falling by 56% over the last year, it’s no wonder Millennials are hesitant to invest in business loans.
Think Business Loans reveals its top tips for millennials to beat investment fears and get ahead in the world of business.
Educate yourselfDespite being the most educated generation, many millennials lack the essential knowledge of the market they plan to tackle. When you are educated on your chosen market, you’ll gain a better understanding of when to buy and sell stock. As a result, you will feel much more confident in the decisions you make for your business.
Set goalsBefore you set out to invest in your company, ask yourself this: where do you see your business in a year? Five years? Ten years? Setting these goals will help drown out the overwhelming fear of investment and put you in a motivated mindset that will allow you to succeed.
Keep it simpleThe truth is, many millennials are put off investing in their business, because the process is overcomplicated. When it comes to financing your business, it’s best to contact a commercial finance broker to help you find the right product to suit your business at an affordable rate.
At Think Business Loans, we understand the difficulties many SME’s face when trying to obtain finance. That’s why we are the first and only UK commercial finance brokerage that combines human expert lending managers and world-beating technology, to match you with the right lender.
If you would like more information on how our lending managers can find you the right business loan, get in touch with the team today.
Jessica Court graduated from the University of Portsmouth in 2017 with a bachelor’s degree in Media Studies. She has previously worked within the In... Explore Author