Exeter's growing population is good news For entrepreneurs
Exeter's population has grown by 12,000 since the previous census, according to UK Populations, and the reason for the increase is the availability of career opportunities within the cathedral city. If you'd rather be your own boss than work for someone else, getting entrepreneurial in Exeter may be the secret to generating a great income without taking orders from a supervisor. Exeter is a hub for commerce, which is why 35,000 people commute into the city each day. It's definitely the perfect place to start a small business, and by following a few key tips, Exeter's budding entrepreneurs will get satisfying results from their efforts.
Understand your market (and the city and county)
You may feel like you've got a wonderful business idea that couldn't possibly fail. You may be right, but are you sure? Smart entrepreneurs do listen to their guts, but back up their hunches with careful and detailed research. They look at the markets that they want to enter in order to determine how easy or difficult it will be to grab market share in those niches. They also consider their city and county. Exeter is part of Devon county, so aspiring entrepreneurs should develop clear pictures of the business landscape both in Exeter and in Devon at large.
The city is a place where Devon County Council, Exeter NHS Foundation Trust, The Met Office and the University of Exeter are significant employers. Exeter is in the top ten in the UK in terms of being a lucrative place to run a business. The maritime county of Devon, meanwhile, has England's 19th-biggest economy. Financial services, tourism and retail chain management are strong industries in Devon. When you understand your market niche, as well as your city and county, you'll have a better chance of meeting the needs of consumers.
Discover the value of outsourcing
Entrepreneurs who micromanage often end up wearing too many hats. Savvy small business owners skip the micromanaging and rely on outsourcing when they need to. For example, a small business owner might have blueprints for a new machine or product, but be reluctant to spend money on the equipment and labor needed to manufacture that product. In this case, an entrepreneur could outsource the task of CNC cutting and manufacturing to another company.
Another scenario is that a small business owner is great at face-to-face sales, but poor at digital marketing. An entrepreneur with these characteristics should stick to holding IRL meetings with sales leads, and outsource digital marketing to experts. Outsourcing is often very affordable, and it gives entrepreneurs the power to focus on what they're good at.
Keep your eye on the the bottom line
Business can be a passion, but it's ultimately about making money, and this is why Exeter entrepreneurs should never take their eyes off the bottom line. Whether you fund your small business on your own or get money from investors, you need to track incoming funds and outgoing funds with a fine-tooth comb. Understanding the financial details will be empowering, as it will help you to make smarter business decisions.
Business is booming in the city and county, so why not get in on the action? Get to know other entrepreneurs, network with business connections, and then prepare to launch a new business that suits the region. Anything is possible in Exeter, but you'll need to do some homework and research before you open your new business.
