We got some great insights from our client survey. They told us about their own business journey and their hopes for 2022. We are sharing it here with the broader community to provide some insight and advice for start-ups.
- 2022 outlook – Positivity abounds as 68% of our clients are confident for growth in 2022
- Why did you choose business? – Flexibility, financial opportunity and pursuing your passion were evenly tied
- Family reasons and freedom / autonomy were common themes
- Where did your business idea come from – 57% had previous experience while 34% were following their passion
- Spotting a market opportunity was another notable one
- Things that held you back – The main challenges not expected were employment and relationships
- Financial struggles and changes in the marketplace also featured
- Focus for 2022 – Capturing more market share is the main theme – sales, new markets, new businesses, growth in some shape or form
- Growing and developing the team to support this
- Work life balance and family considerations also feature
- Stop Doing – Most of you are planning to change how you are managing time. ‘On’ the business rather than ‘in’ it. Delegating more, avoiding time wasters and unprofitable work
- A good share of people going to give up procrastination and also checking work life balance
- Advice for Start-Ups – Mostly about believing in yourself and skilling up. Developing a network, learning and getting good advice, mixed with patience and hard work
Why did you choose going into business over a safe job?
Most of our clients are self-employed business people. We gave them a choice of picking one of 3 options of Passion, Financial or Flexibility.
Other notable reasons were the freedom or autonomy that it gave them and also continuing a family business
Where did you get your business idea?
Most respondents got their businesses idea from previous work experience with a significant number following their passion into business.
The other notable response was clients seeing a market opportunity and going for it.
What 1 or 2 things (other than Covid!) set you back in business that you weren’t expecting?
The main unexpected thing that set people back related to the challenges of employing people whether finding good talent or general people management and relationships in business. This was followed by financial issues, like managing cashflow, chasing money and supplier cost increases.
Other items noted were changes in the market place and generally not having strong business experience.
What is your expectation for 2022?
Overwhelmingly our clients are positive about 2022 and this was before the restrictions were lifted last week so hopefully we will all see a return to more normal trading this year.
What 1 or 2 areas will you be focusing on in 2022?
The main things that our clients’ will be focusing on is sales and growing their businesses. Generally exploring new opportunities, markets, businesses and niches for expansion.
This is followed closely by growing and developing the team to support these activities. There are also a few who want to consolidate what they have and others who want to spend more family time.
What are you going to quit doing in 2022?
One of the most common themes here is to try to spend time wisely, not saying yes to everything and focusing on the key priorities. To delegate more.
People also want to become more financially astute and to avoid non-profitable activities. We also have a share of people who are going to give up procrastinating and working too hard !
What 1 or 2 things would you advise someone starting in business?
Some great insights here for starter-uppers. The most common advice is that you need to have belief and back yourself, lean into your strengths and go for it.
Ask questions, develop a strong network, get good advice and continuous learning.
Planning and then working hard with some patience and humility are all great tips.
Thanks to all our respondents who gave such great insights and hopefully it can inspire you to make a difference in 2022