Assignment on “Clothing Business in UK”
Challenges to be faced:
Risk and challenges are an integral part of a business. Often taking risks in business becomes necessary. For great profits, sometimes taking risks are important. If the setup of business is not in your country, then the challenges are even more. Competition is one of the biggest challenges for an entrepreneur. In the United Kingdom, there are numerous brands which are having great success. With those multiple successful brands, starting a business is a great challenge for an entrepreneur. Coming up with exclusive designs along with cordial materials is another challenge for a newcomer in business. According to Hiller Hopkins, financial management becomes crucial when a small firm needs to compete with larger companies. Also, recruiting talented people is another problem in the UK. Sometimes, there is another challenge to save your own design from others to steal. It is really painful when the entrepreneur pays designers huge money so that he or she can give the customer unique designs, whereas others designers without working just steal the design. Moreover, there can be unforeseen business expenses as well. If it is not handled properly, it can cause huge problems.
Solutions for overcoming challenges:
In business, an entrepreneur might face many problems. With all problems, there are solutions as well. One just needs to know the ways of tackling the challenges. The biggest challenge is competition for an entrepreneur. To deal with it, market research and studying competitors can be one solution. Business market changes time to time. If the entrepreneur is not up to date with the current situation, it might be harmful to his or her business. Along with market research, studying competitors closely can help him or her to make her products more unique or different from the competitors. Using pricing strategies, promotional strategies or social networking tools can help the entrepreneur to reach the customers. He or she can offer different offers to attract the customers. For example, while launching the business the entrepreneur can introduce promotional discounts or buy one get one offer which can attract customers. When it is hard to come up with exclusive designs, one can hire a team of designers for handling the designing part. They will come up with new exclusive designs. Sometimes, buying from an individual designer might help to overcome the challenge. For financial management, the entrepreneur can have finance advisor from whom he or she can get help for financial part. From the beginning of the business, there should be a budget plan for the business. Also, some funds should be kept aside for any uninformed expenses in business so that even if any unexpected costs come up, it will not create any effect on the business. For preventing stealing of designs, Trademarking your own designs can solve the problem. While recruiting new people, the entrepreneur should keep in mind the requirements he or she needs for the business. Along with that, flexible working time, working from home and other facilities can be provided to make candidate interested so that it can be easier to find the right candidate for the company.