As we enter 2025, many individuals may be looking to start a new venture in the form of a business. Whether you are a coveted business connoisseur or a fresh-faced entrepreneur, it is important to take several steps to ensure you hit the ground running. Helen Steel from Streamlion Consulting, a Berkshire-based firm specialising in SME funding and growth strategies, knows just how important it is to set your business up for success. Having helped over 700 business owners secure over £14 million for their start-up funding and growth plans, she has seen the strengths and weaknesses of many individuals taking their first steps into the industry and knows what is required of a business leader to succeed.
As many reflect on the year just gone and make healthier choices, sometimes helped along by New Year’s resolutions, January is the perfect time to start a business. According to the Office of National Statistics, quarter one typically sees the highest numbers of new companies formed. In 2022, 101,410 businesses launched in quarter one, compared to 87,685 in quarter two. This pattern is repeated annually. However, are all these businesses successful? According to the Small Business Administration, 20% of new businesses fail in their first year of operation. This makes it crucial that the business is set up with solid grounding. From understanding the landscape to networking, here are ten crucial things to consider before taking the plunge.
Start with a grant-ready mindset
We know preparation is key. Setting up your business in 2025 means ensuring your vision and strategy are strong enough to attract funding, whether from grants or other sources. An estimated 56% of small businesses seek funding at some point, therefore it is important to consider what financial and grant help may be able to assist with your business growth.
Knowing what type of funding is right for your business
There is a broad range of funding streams available to entrepreneurs, including; government grants for R&D projects, SMART grants, as well as business loans and the prospect of angel investors. For startups, it’s critical that they apply for the correct funding for their stage of growth – loans and grants should come first and then equity.
Identify your unique selling point
In a busy market, it is crucial to identify what makes your business special. At Streamlion Consulting we help craft compelling narratives which help businesses highlight their USPs, whether in grant applications or broader strategies. Knowing what makes you different from competitors can set you apart from the crowd and attract new clients.
Understanding the landscape
As with every year, 2025 will bring new opportunities and challenges for startups. Keeping an eye on what is going on in your industry and the wider world will not only help you adapt to new circumstances but also provide you with insight which can promote innovative and disruptive ideas.
Embrace technology and innovation
In an ever-evolving digital landscape, successful startups must embrace technology. From using AI to streamline operations to integrating CRM tools. According to Master of Code, 49% of companies currently embrace ChatGPT software, and 30% plan to do so in the future. Using AI can claw back 40% of workers’ time spent tackling tasks that previously needed to be done by hand, such as data entry, coding and more.
Be adaptable and resilient
Starting up is never a straight path. Melanie Perkins is a fantastic example of an entrepreneur whose perseverance paid off. Perkins’ mission to launch Canva and make a graphic design platform accessible to all was a two-year battle. She was rejected by over 100 companies who did not see value in her software, however now a decade on Canva is worth over $40 billion and Perkins has appeared on many rich lists, both in Australia and around the globe. Resilience is key, especially when pursuing funding opportunities.
Thinking beyond profit
Startups with a purpose-driven ethos will thrive. With a newfound focus on the environment and sustainability, entrepreneurs need to consider external issues that influence their work. If applying for a grant application, this will become core to the business plan and evaluation.
Tap into a support network
Entrepreneurship can feel isolating, but it doesn’t have to be. By joining local networking groups you can meet other like-minded individuals, with the option to work hand in hand to benefit both organisations. Similarly, joining groups in your industry space, in-person or digitally, can help you find your footing.
Plan for success, step by step
As well as having a business plan, it is important to have strategic clarity in a business’s long-term strategy. This includes your goals, target audience, and operational priorities, which must all align to create a scalable and sustainable business. Much like preparing for a grant, setting up a business in 2025 requires planning and foresight. Taking time to step back and evaluate your future plan can provide you space to consider other factors and future-proof your business.
And lastly… Enjoy what you are doing
You’ll spend many long hours in your business, so it has to bring you joy!
By Helen Steel, Managing Director at Streamlion Consulting