Brexit. It’s a word that’s been thrown around a lot over the past couple of years. It’s one that instills a fear into those who have got businesses and deal with people within the European Union; others, who voted to remain within the EU, are grumpy at the decision; and then there are those who are elated that we are finally taking back a huge chunk of our nation’s independence by cutting the ties with the rest of the continent. In terms of taking your business to the next level when we’re in such uncertain financial times, what do we need to look out for?
What’s Going On?
Nobody, in the history of the European Union, has ever left. Britain is the first country to bow out of this agreement. Article 50 is essential the terms and conditions of which have been laid out for if and when a country wants to leave the group — something that has never arisen before. The United Kingdom has been part of the single market, which has been essential for doing trade with those overseas. It has meant that deals have been easier to make and, generally speaking, are cheaper too. With the announcement being made that the UK is also withdrawing from the single market, options are limited and traders are unsure about what is going to happen in the future with their business.
What Does This Mean For Me?
If you are a small business owner, it means that there is a lot of uncertainty being thrown around. This is not good news; freelancers, startups and small businesses rely on a degree of certainty to be able to move forward in a positive manner. However, there are positives to consider in this already done deal. The UK has been restricted in its trade with countries such as India and China, which are booming and developing with what they have got to offer businesses around the globe. Being able to tap into that is something that could see rapid expansion if we hit it in the right way — and this doesn’t just cover those who are selling physical items. It may be worth doing a legal search ahead of everybody else, cottoning on to it in the country of your choosing if you are working in law and have those services to offer; it’s not just the traders that need to be considered here. Getting into the ins and outs of Brexit means that even if your small business is selling services, you need to take it into consideration.
How Else Can I Prepare?
There’s not much that’s being done at the moment to solidify plans — that’s a couple of months away yet. The best thing to do at the moment is continue as normal until plans are well underway; you will still have to abide by EU rules and regulations until the process has been completed. Looking for alternative options as to how you will move forward as and when the time arrives is something that you need to keep an open approach to.