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It’s always important to give yourself targets of how you are going to run your business, this is something you should be doing monthly, in order to stay focused and keep progressing on the right business path. Starting out can be very difficult if you haven’t explored every avenue of what you would like to achieve, in fewer words, come up with a strategy and business plan; it will make your life easier in the long run. This blog states that it is crucial you understand the marketplace and how it can evolve over night with high competition. There are many reasons as to why a business might fail. You could offer a great service or have an incredible product, however if there is no need for it, then your business will fail. Due diligence and market research are extremely important in the early stages. Be sure to have Revenue, investors, loans etc to help you get started if you do not have the money behind you.

There are many different types of business property, although it is easier to understand when you break them down into three sections:

Real Property – Land and buildings, or anything affixed to the land (ponds, crops, wells, roads etc). Real property can also include anything that is underground such as, oil.

Listed Property – This type of property may be used for either business or personal purposes. A company listed property is any asset used for both business and personal purposes that loses value over time.

Personal Property – All property owned by a business, including furniture, vehicles and equipment.

In order to run a business, you must adapt to changing situations. Look into running surveys and collecting data from the public just so you have something to go by. If there are ways in which you can be one step ahead then go for it, such as; create a following and build up your brand before you even start selling or opening your doors for business. Potential home buyers and sellers should always take media reports of property market crashes with a pinch of salt, instead look at your local area. It’s common sense that house prices vary across the country. The media will talk as though the property market is just one market, this is obviously not the case. Changes in house prices can have considerable effects on the rest of the economy.

The economy is the biggest and most fundamental system in any government, without it, society wouldn’t be able to advance or progress. Infrastructure, transport, retail and goods services, these are just some of the most important sectors we all have come to rely on within our society. Every business big or small within society all contribute to the working order of the economy, money paid through services being transferred between consumer and business all get pumped back into the economy through the taxing system.

Through our collective taxes, the government is then in charge of using that capital to spend in areas within society that make our lives easier. Healthcare is one of the major elements consistently relied upon, without our taxes, our universal healthcare system which people rely upon on a daily basis, would crumble. Small business in a society are the backbone of any economy, through consistent daily trade, the economy remains a well-oiled machine. Technology now plays a huge part when it comes to the day to day running of any business, whether it be a tradesman or an office worker, we as a society have become totally dependent on technology, it makes our lives easier and simpler in everyday life. Without a well-functioning economy, the quality of life that so many of us have come to expect would be heavily effected, leading to a much lower standard of living. The school system in our society ensures that each and every child and young adult are educated to a high standard, in order to give them the best chance of acquiring the best job possible. We are always conditioned and prepared to work, thus funding the economy.

Matthew Cullum states that recent impact of Covid-19 has had a huge impact on the current state of the economy in the UK, the chancellor has recently announced that the UK is entering its worst recession ever recorded in the UK. However, there is hope, the property market has seen a surge, a surge that was unexpected and wrongly predicted by experts, which has given investors and developers a massive boost of confidence. Matthew Cullum expands on this by mentioning the recent injection of funds coming from overseas investors, to the tune of billions of pounds. This has single handedly driven the property sector further forward than first predicted. At this present time, there are a lot of concerned people within the UK who are worried due to the uncertain climate surrounding jobs and employment. The pandemic is now on the decline with confidence gaining ground throughout each and every workforce in the UK, however this is still proving insufficient for a lot of people who fear losing their jobs. One figure that the Matthew Cullum blog mentions is that even though the current climate isn’t lending itself for a safe and stable working environment, we are seeing record numbers of independent businesses being launched. This could be a result of many people not having the confidence in working for somebody else, with what the future may bring and want to work on their own terms and be in total control of the business. Property developers and investors alike have been launching new developments and projects in record numbers from the latest figures which have been released. Matt Cullum mentions that since the lockdown restrictions have been eased, many developers have been desperately trying to recoup their loss of earnings from months of inactivity, which has resulted in overseas investors and UK investors injecting capital into these projects. These are all very good signs for what may lay ahead for the UK property industry, and may well be the catalyst needed to kick start the

Economy and boost further jobs. In business, nothing is certain, which is why before ever starting a new venture it is always crucial that each and every possible outcome and obstacle is addressed before jumping into something new. Matthew Cullum stresses that many newly formed business ventures fail within the first 3 years of beginning, this isn’t always due to there not being a demand for the service or product, but often down to bad management and wrong use of liquid funds as and when they are available.

It is extremely important to fully cost each and every aspect of the business, to ensure there are no hidden costs unexpected down the line. This of course, depends on which type of business one is launching, for instance, since the explosion of reality television and thus the influencer culture which was spawned from shows such as love island and Geordie shore, this has led to a huge increase in clothing lines branching off from these shows. The reason for this is the audiences these shows attract are massive in numbers, which left a gap in the market for many clothing lines. Many brands would sign up the latest batch of reality stars to endorse their clothing lines, often advertised through their own personal social media accounts. The point I’m making is that launching a clothing line comes with many factors which need looking at, the courier you use to deliver the predicts all over the world, the factories used to create, and mass produce the clothes and of course the cost of advertising. Matthew Cullum explains that unless each of these avenues are fully costed before jumping into a new business, it is almost certainly going to fail, like the many other businesses in the sector. Another potentially crippling factor for new businesses is attempting to grow the business too fast, this can result in overwhelming demands from clients, demands that more often than not cannot be met on the scale being asked of them. This is why it is extremely important to scale and expand the business at a steady rate, to ensure that all customers needs are met without effectively letting customers down.

We are seeing more and more business being managed and operating purely through the online medium of the internet. With the cost of business rates increasing on a yearly basis, shop spaces are becoming more and more unoccupied, being left behind by a struggling business that couldn’t keep up with the competition left by online retailers and businesses. High streets up and down the country are experiencing fewer and fewer footfalls, especially in the smaller less affluent towns. This is causing concern for many local councils and on a wider scale, the country and a whole. Matthew Cullum is predicting that the high street could be rendered completely obsolete by the year 2050, with the increase and surge of all things retail being purchased online. There are a lot of petitions currently circulating the country, demanding that the government put a cap on the business rates increases to allow all businesses big and small, to stand a fighting chance of making their businesses work and keep operating for many years to come. This would also look to secure the bustling high streets, so that online retail and physical shopping can coexist peacefully. Many people, especially the older generation rely solely on the high streets, not only because of their lack of online computer skills, but it works also as a social element as many older people’s whole social life is based around their daily trips to the shops and restaurants. There are some businesses that are immune from the online retail phenomenon, products or services which cannot be purchased or experienced online. Restaurants, beauty salons, hairdressers, coffee houses and so on, the fear for many locals up and down the country is that all that will be left to the high street are those types of shops and eateries. Matthew Cullum finishes by parting his thoughts, he is confident that through more stringent government regulation and pricing caps, the high street can return to the bustling experience it once was, with every business given every opportunity to flourish without the hindrance of rising business rates and rental fees for their shop space.