The United Kingdom is sovereign nation located in northern-western continental Europe. It is made up of four nations that include England, Ireland, Wales and Scotland. It is a developed and one of the richest countries in the world. It has a federal parliamentary system of governance and Queen Elizabeth the 2nd is the head of state.
The country is blessed with plenty of natural resources like fresh water, arable land, and both skill and unskilled human labor. Its conducive environment for doing business and its wide business network has pushed it to become among the biggest economies of the world. There are tourists from all corners of the world that come to the United Kingdom to enjoy the fresh water bodies, nature, hotels and the excellent climate which the nation has to offer.
Measures and steps to own a business
- A person who wants to start a business in United Kingdom has to identify a certain niche in the market and satisfy this need. This will help an individual to be unique in the market hence gaining more customers than substitute’s competitors. After identifying the need in the market that has not been satisfied, the business owner must make a good business plan which will be viable and legal. The plan must show the name of the business, owners, objectives and the target market. The plan must be in conformity with the initial idea of the business. The plan must have and show the initial total capital of the business, how it will be spend, who are the owners and who will be in charge of the operations, strategy put in place so as the business product or service can penetrate the market and compete with close substitutes in the market (Bank 2012).
- After the investor(s) has got the business ideas, name of the business, have reasonable capital to start and run the business and a sound business plan, the person will go the registrar of business to register the business and given the official name of the business. This will make sure there is no any other business with the same name (Carsrud et al 2007). When the business is approved the investor can seek more finances or partners for the business. The funds can be sought from the financial institution or relatives
- The business person need to get his product or services registered and get the official license to introduce the products/ services in the market. This will make the product or services legal. This will prevent other investors from copying the ides and produce a similar product or service (International Finance Corporation & World Bank 2012.
- The investor must also register for tax compliance. All the business in United Kingdom must pay taxes failure to which a business may be closed down by the government.
- The investor must seek the correct number of skill and unskilled but experience workers who will be involved in day to day operations of the business. The business owner must check and buy the business insurance for the business properties and the workers. The insurance cover will make sure the business is brought back to normal after the accident and the worker are fully compensated in case of unfortunate. With the all the documents ready and right workers the business can start.
United Kingdom is a multicultural country. This is good for any business since there is no a specific culture which can prevent the business from operating. A good example is opening a pork hotel in an Arab dominated country. The business will close down since it’s against Arab culture to eat pork but a pork business will do well in United Kingdom since there many cultures which can provide a market for the pork product. The recent cultural change is the legalization of same sex marriage (Dunn and Hughes 1995).
The legal system
The constitution is the supreme law. Everything has to be done within the guidelines of the constitution. The constitution can only be amended by parliament alone. The country has the best legal system and the least corrupt. The system is free and fair to all. Since the system promise justice, any business will succeed in this country. This is because businesses everyday are faced with legal battles that range from breach of contract, theft, employees dismissals, loan defaulters etc. these cases needs a good legal system which is free of bias and corruption and that promises justice. When a system is bad many businesses will close due to losses caused by breach of contract.
The economy is still recovering from the 2007-2010 recession and the unemployment rate is approximate 8%. The private sector is the force of the economy standing at 60:40 to the public companies. The main exports for the country are products from agriculture, machines, automobile, energy, mining and forestry.
The country has some of the biggest industries in the world that range from large forest plantations, mining, hotels and airline business. These are the driving force of the economy. These companies provide and create jobs and make use of available resources which the country has been blessed with. The majority of the people employed in service sector.
United Kingdom spends over $10 billion on research and technology. This is to make sure that both young and old knowledge is tapped and is not allowed to go to waste. The scientist are encouraged by being funded to come up with good innovation will help the country move forward and help businesses reduce cost operation. The education system is one of the best. This promise a great future since students is given enough facilities to carry out research and come up with solutions and their own innovation (Nias 2010).
The research centers are promising to divert attention and needs from the non renewable to renewable energy. The non renewable energy is costly in terms of cost in prices and maintenance and also leads to the depletion of resources. The renewable energy sources will bring the cost down and also improve on technological research. The private sectors should be encouraged to participate in this area since the production is clean and doesn’t need high initial cost or capital. It is estimated the private sectors can pump in over $15 in the industry and provide employment to over 1.5 million people in related industries (Nias 2010).
The firms in United Kingdom need energy in their day to day operations hence there is need to invest in the clean energy such as wind and solar since the nuclear plants are getting old and may be shut down anytime. There is an already market for energy sector. Hence investors can invest in electricity sector to boost the one from the government
There is a need for a robust and an efficient system that provides energy at an affordable cost that the nation can rely upon for their long term energy needs. There is need for overall transformation in the sector so that more investors can be encouraged to invest in the country. The monopoly of the government on this area needs to be reduced (Price, Waterhouse 1999).
There is potential threat of terrorism in the country. Many countries which are allies to America are consistently in great danger of being bombed by terrorists. This is a serious threat to business since they can destroy businesses which have no insurance cover on terrorism act completely.
Research has shown that if the old nuclear plants are not shut down, there is a high likelihood that a number of people will fall sick due to breathing related illnesses. In addition, skin cancer occurrences will increase dramatically and the cost of health care will rise coupled with increased suffering to the business people and citizens. This will make the government to spend over $ 3 billion on provision of healthcare.
The business will face competition from local and foreign citizens because of the presence of an open market and a relatively ease of entry into the market (Baron 201). The business will not have the monopoly of the market. This is different from other countries like Russia where the market is regulated by the government.
Baron, Robert A. ( 2012). Entrepreneurship: An Evidence-Based Guide. Cheltenham: Edward
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Carsrud, Alan L, and Malin E. Brannback.( 2007). Entrepreneurship. Westport, Conn.:
Greenwood Press, Print.
International Finance Corporation., & World Bank. (2012). Doing business in a more transparent world: Comparing regulation for domestic firms in 183 countries. Washington: World Bank.
Bank, W. (2012). Doing Business 2012: Doing Business in a More Transparent World. Washington: World Bank Publications.
Price, Waterhouse & Co., Price Waterhouse (Firm), Price Waterhouse (Firm)., & Price Waterhouse World Firm Services BV, Inc. (1999). Doing business in the United Kingdom. New York: Price, Waterhouse.
Nias, P. M. W., & Tax Management Inc. (2010). Business operations in the United Kingdom. Arlington, VA: Tax Management.
Dunn, B., & Hughes, M. (1995). Themes and Issues in the Recognition of Family Businesses in the United Kingdom. Family Business Review, 12(23), 34-45.