When you set up a UK company, you’ll want it to be successful. But the odds are against you. Five out ten of new businesses fail within their first couple of years. If you want to avoid that you need three things: a good product, great marketing and strong leadership.
Research has shown that poor leadership is one of the defining factors behind business failure. So here are three leadership traits you’ll need when you open a UK office for your new business to thrive (and survive!).
Whether you’re talking to customers, employees or suppliers, you’ll need passion to build your new business. Those who are passionate are more likely to convince others of the message they are passing on.
This can be vital in recruiting for your new startup, as you want new hires to believe in your product and sell it. Passion will also help you sell to new customers.
Not everything you want to achieve will happen at the first ask. In fact, it may take time to collect sales and build contacts for your new UK company. If you give up early you’ll never succeed and that’s why you’ve got to keep going.
Persistence can be challenging when you’ve suffered a few set backs. If you are finding it hard to keep motivated, try making goals smaller. When you achieve smaller goals you’ll feel good about the work and this can boost your morale.
When you set up a new UK business you’ll have to be patient. You can’t expect the business to be successful straight away. Most businesses take time to start making a profit, especially if you’ve taken out substantial loans to finance your new venture.
Therefore, expect to take at least one or two years before you can start making your new UK business a success. That doesn’t mean that your small business can’t provide you with an income, but it will take time for your efforts to be rewarded with a significant return.
Time for your leadership to show
When you set up a UK business you’ll need strong leadership traits to make it a success. The more of the three traits you show above, the more successful you’ll be, and the faster that success will come.
If you want help to set up a UK business, then contact us at Goodwille. Businesses from across Europe, the US and the rest of the world have entrusted our expertise and experience in the UK market to start their UK operations. Now it is your turn.