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Starting a business? Don’t let the cost-of-living crisis hold you back

Have a brilliant business idea, but not sure if it’s the right time to get going? With rising costs and consumers watching their wallets, it can be intimidating to make major business decisions.

However, it could also be an incredible opportunity. Look at Airbnb, Groupon and Netflix – which were all formed in the recession of 2008.

Here’s a few things to consider before getting off the ground.

What’s your niche?

A good business idea on its own isn’t necessarily enough. It’s also crucial to think about your niche. What’s the gap in the market your product or service will fill? Is there a space where you can provide something no one else is offering?

Researching what similar, existing businesses are doing and working out how you can stand out from the crowd is key.

Research support options  

Most European countries have schemes in place to encourage and support new businesses.

The European Commission provides a good summary of financial incentives available for entrepreneurs here.

It would also be worth investigating start up accelerators – programmes for early stage companies that offer support and access to expertise.

Freelance flexibility

As your business gets going, you will need to bring people on board to support with tasks you can’t do yourself, or where you need additional expertise.

If bringing employees on full-time isn’t an option, there is a diverse pool of freelancers in Europe worth exploring.  Our UK team explains how using contractors could be the key to improving efficiency.

Additional resources

The V-Hub by Vodafone knowledge centre is packed with articles for businesses that are just starting out, with advice on social media, technology, security and more.

Need help now? For one-to-one support, speak to our V-Hub Digital Advisors who are always on-hand to chat through your questions.

For more getting started tips, take a look at how to unlock business growth with tips from serial entrepreneur, Stephen Bartlett, or how to protect your business from cost-of-living price increases.