2022 wasn’t the year of recovery many of us hoped it would be. Inflation, recession fears, supply chain issues and a tighter job market due to high employment deflated many small business owners. And, it’s especially hard when you’re dealing with surviving and thriving in the small business world.
If you’re a small business owner still stepping tentatively into 2023 after a tumultuous couple of years, it’s worth proceeding with caution…
But if the pandemic – and our resilient UKBF community – showed us anything, it’s how innovative, adaptable and hopeful small business owners can be.
So, what can we expect in 2023? Here’s what we think, from our own research, and what’s abuzz in our own UKBF community and in the business world.
In a recent thread about side-hustling, UKBF member ChronovaEng commented: “We're still running our business as a side hustle right now but hoping to grow at least enough for my partner to work on it full-time next year.”
Others have taken side-hustling to another level by having more than one, working alongside each other, such as UKBF moderator fisicx who said:
“All four of my current income streams happened while I was working for someone else. None of them were really start-ups, they just sort of drifted into existence.”
Having more than one side-hustle seems to be a popular move, or as japancool ponders: “I'm in the process of starting up another couple of businesses. Would they be side-side-hustles?"
With such community talk and so many articles and blogs dedicated to side-hustling, it looks like this way of doing business is here to stay.
Indeed, research from insurance provider Aviva found that one in five (19%) adults in the UK have started a side hustle since March 2020 and almost one in six (16%) claim to earn upwards of £1,000 a month from their new venture.
Interested in setting up a side-hustle? Take inspiration from our article Starting a new side hustle? Here are 10 ideas to try in 2023.
Wave Jumper recently started a thread, where he said, “The current scheme which caps the unit cost of gas and electricity for all businesses, expires at the end of March. It will be replaced with a new scheme that offers a discount on wholesale prices rather than a fixed price.”
The response to this recent news seems fairly lukewarm, with the consensus so far being that this new move won’t really help. This means that the pressure to deal with rising costs such as energy hikes will continue to be a big challenge for SMEs in 2023.
The good news is, a new Payment and Cash Flow Review – launched in December 2023 by the Government in response to the long-standing issue of late payments for small businesses – is underway. Be among the first to receive updates on the consultation results, expected soon, by signing up to our newsletter.
Need some advice on not being paid on time? You can start a discussion in our forums or take a look at what other people have to say in threads like this one. We also have a handy guide on how to politely chase overdue invoices.
We’ve heard a lot about ‘greenwashing’ in the last few years, which basically means creating false or misleading claims about how environmentally conscious your company, products or services are. Many companies have come under fire for doing this, and it’s important to avoid over-stating your own ethical credentials.
Other eco-buzzwords to take from 2022 into 2023 are: green IT and green software, which is all about using environmentally friendly tech and parts; and green data centres, which have a much smaller impact on the environment.
Environmental, Social and Governance (ESG), a set of standards measuring a business's impact on society, the environment, and how transparent and accountable it is, is another term you may come across.
From our own experience holding events, we also know how much entrepreneurs and small business owners value networking. It’s a great way to make connections, alongside reaching more clients, collaborators, and even investors and mentors that you may not otherwise have access to!
Don’t forget that our online community forums also offer a form of networking. So many of our members have made fantastic connections by talking to fellow business owners on our different forums and threads and you can too. Take a look here.
For more details on our networking events, please take a look here, and keep a look-out for more networking events in London and other parts of the UK, coming soon.
“That small businesses are facing a variety of economic challenges is a given, but there are things that you can do to weather these uncertainties, such as managing your costs, your supply chain and really looking into the ways you can make cost-savings in your business.
“It’s also important not to focus on the fact that bigger brands have more budget and exposure and, instead, focus on your strengths and qualities as a small business – such as the fact you can offer a much more personalised service, experience and inventory. Stay connected to other SMEs too; lean on, and support each other and you’ll thrive in 2023.”
Make the most of exclusive benefits including premium forums, partner offers and member-only content by upgrading to a Business Membership today. You could save your business up to £400 a year by upgrading your account.
Upgrade now
If you’re a small business owner still stepping tentatively into 2023 after a tumultuous couple of years, it’s worth proceeding with caution…
But if the pandemic – and our resilient UKBF community – showed us anything, it’s how innovative, adaptable and hopeful small business owners can be.
So, what can we expect in 2023? Here’s what we think, from our own research, and what’s abuzz in our own UKBF community and in the business world.
Everybody’s hustlin’
It looks like side-hustles are here to stay post-pandemic, and whilst, for many, this way of starting a small business often happened due to being furloughed or losing a usual source of income, the trend to ‘work on the side’ continues.In a recent thread about side-hustling, UKBF member ChronovaEng commented: “We're still running our business as a side hustle right now but hoping to grow at least enough for my partner to work on it full-time next year.”
Others have taken side-hustling to another level by having more than one, working alongside each other, such as UKBF moderator fisicx who said:
“All four of my current income streams happened while I was working for someone else. None of them were really start-ups, they just sort of drifted into existence.”
Having more than one side-hustle seems to be a popular move, or as japancool ponders: “I'm in the process of starting up another couple of businesses. Would they be side-side-hustles?"
With such community talk and so many articles and blogs dedicated to side-hustling, it looks like this way of doing business is here to stay.
Indeed, research from insurance provider Aviva found that one in five (19%) adults in the UK have started a side hustle since March 2020 and almost one in six (16%) claim to earn upwards of £1,000 a month from their new venture.
Interested in setting up a side-hustle? Take inspiration from our article Starting a new side hustle? Here are 10 ideas to try in 2023.
The rise and rise of business costs
Rising business costs are a popular subject matter within our UKBF community, with threads happening across our boards on various subject matters such as the Energy Bill Relief Scheme.Wave Jumper recently started a thread, where he said, “The current scheme which caps the unit cost of gas and electricity for all businesses, expires at the end of March. It will be replaced with a new scheme that offers a discount on wholesale prices rather than a fixed price.”
The response to this recent news seems fairly lukewarm, with the consensus so far being that this new move won’t really help. This means that the pressure to deal with rising costs such as energy hikes will continue to be a big challenge for SMEs in 2023.
Help to deal with late payments
Getting paid on time isn’t a new problem for SMEs, but the current cost of living crisis certainly doesn’t improve matters. Throw in the fact that an estimated £23.4 billion is owed in outstanding invoices to UK businesses and it’s clear that something needs to be done.The good news is, a new Payment and Cash Flow Review – launched in December 2023 by the Government in response to the long-standing issue of late payments for small businesses – is underway. Be among the first to receive updates on the consultation results, expected soon, by signing up to our newsletter.
Need some advice on not being paid on time? You can start a discussion in our forums or take a look at what other people have to say in threads like this one. We also have a handy guide on how to politely chase overdue invoices.
Showcase your sustainability (but only if you are)
Does your business have green credentials? With more and more businesses of all sizes looking at their impact on the environment, it’s a great time to showcase your own commitments to sustainability as this can make a difference with consumers. But only if you can back it up.We’ve heard a lot about ‘greenwashing’ in the last few years, which basically means creating false or misleading claims about how environmentally conscious your company, products or services are. Many companies have come under fire for doing this, and it’s important to avoid over-stating your own ethical credentials.
Other eco-buzzwords to take from 2022 into 2023 are: green IT and green software, which is all about using environmentally friendly tech and parts; and green data centres, which have a much smaller impact on the environment.
Environmental, Social and Governance (ESG), a set of standards measuring a business's impact on society, the environment, and how transparent and accountable it is, is another term you may come across.
Let’s network
Face-to-face networking is back with a bang in 2023 after making a tentative comeback in 2022, post-Covid. Here at UKBF, we believe that networking is an important move when it comes to growing your business and brand.From our own experience holding events, we also know how much entrepreneurs and small business owners value networking. It’s a great way to make connections, alongside reaching more clients, collaborators, and even investors and mentors that you may not otherwise have access to!
Don’t forget that our online community forums also offer a form of networking. So many of our members have made fantastic connections by talking to fellow business owners on our different forums and threads and you can too. Take a look here.
For more details on our networking events, please take a look here, and keep a look-out for more networking events in London and other parts of the UK, coming soon.
A word from Ozzy
Founder and UKBF CEO Richard (Ozzy) Osborne is optimistic that SMEs will cope just fine in 2023, a sentiment shared by the team here at UKBF:“That small businesses are facing a variety of economic challenges is a given, but there are things that you can do to weather these uncertainties, such as managing your costs, your supply chain and really looking into the ways you can make cost-savings in your business.
“It’s also important not to focus on the fact that bigger brands have more budget and exposure and, instead, focus on your strengths and qualities as a small business – such as the fact you can offer a much more personalised service, experience and inventory. Stay connected to other SMEs too; lean on, and support each other and you’ll thrive in 2023.”
Make the most of exclusive benefits including premium forums, partner offers and member-only content by upgrading to a Business Membership today. You could save your business up to £400 a year by upgrading your account.
Upgrade now
