Partner Article

Olympic impact on small businesses and start-ups

Richie Nanda, Chairman of The Shield Guarding Company Ltd shares his opinion on the upcoming Olympic summer events and the impact on small and start up businesses.

I strongly believe the London 2012 Olympic Games will be a shot in the arm for the country and will provide an extra boost to its economy, infrastructure and of course its sporting prowess, ensuring the UK retains its standing as one of the elite sporting nations in the world.

If you walk around London, particularly East London, which is the hub of all the Olympic activity, you will immediately see the impact that the forthcoming Olympic Games is having on the landscape, from improvements to the infrastructure, such as better roads, cycle routes and bus lanes, improved public transport and enhanced security measure, to the vast re-branding and marketing initiatives that businesses are implementing to cash in on the Games, everything from cafes and shop changing their name to include the word ‘Olympic’, to the myriad new businesses that have sprung up to cater for the demand in Olympic-related services and products.

I feel that the forthcoming Summer Olympics will provide many positive opportunities for small, start-up businesses, like increased employment, particularly targeted at apprentice schemes for the young, ensuring this group is given the change to gain a skill set and utilise their natural talents in order to lift themselves out of poverty and succeed in life.

Another facet of the Olympic Games will be the vastly increased number of tourists who will come to London, and this is no bad thing. With them they will bring increased spending power, which will mean more money spent in the capital’s pubs, bars, restaurants, cafes, as well as the many venues, as thousands of fans throng to see the various sporting events. All this adds up to more money in the coffers of business across London.

The Key to success for start-up businesses is to try and differentiate their brand from other similar products and services on the market. In order to successfully establish a business and indeed survive in the market, one needs to think out of the box and come up with an innovative product or service. It is imperative for fledging start-ups, who are just unfolding their business wings, to carefully research and indentify a niche in the market and play up to this with a methodical and sustainable financial, marketing and publicity plan.

With the forthcoming Olympic Games 2012, there has never been a better opportunity for start-up businesses to capitalise on this great time of excitement and anticipation, as the world’s eyes will be on London and the UK as a whole. The Summer events herald a time of increased investment into the UK, in terms of money, intellectually property and manpower, signifying new development and growth for the economy – much needed after the current economic slump that we are in.

This was posted in Bdaily's Members' News section by Tom Keighley .