If you are an entrepreneur you will be looking at Brexit as an opportunity, regardless of whether you voted leave or remain. At BiEx we can see the many challenges that BREXIT will bring but we want to focus on the opportunities.
We don’t have a crystal ball and with so many twists and turns to date, who knows where we will end up. Having said that, there are a few areas that we can start to consider. We take a look at a few key factors and opportunities.
The Exchange Rate
This is really important. Whilst very few people can predict currency markets with accuracy, we agree with the short term view of a significant reduction in the value of the pound if we crash out. Some analysts are predicting a massive decline of up to 25%. This seems a bit extreme and may be scaremongering. We agree that the Pound will fall but probably not to this extent. In the medium term, i.e the few years following brexit there is a view that the Pound will remain low as we reastiblish our economy in new trading terms with the EU and the rest of the world. We think this is reasonable view. New business opportunities should factor this in but remain agile and limit exposure to large fluctuations in the exchange rate.
Tariffs, restrictions and regulations have severely impacted the UKs ability to trade freely with the rest of the world. Given that the vast majority of economic growth arises from developing countries outside of the EU, global markets for our products and services represents a huge opportunity.
Throughout history the UK has been a liberal outward looking and entrepreneurial country. Love it or hate it, the EU has greatly compromised these values through increasing regulation and trade restriction on global markets. Our future exit from the EU may well represent an opportunity to reduce the burden of regulation and increase opportunities
Trade with Ourselves
If we enter a very different trading relationship with Europe and indeed the rest of the world, there will be many companies and organisations based in the uk who may need to switch from european suppliers to UK suppliers. UK business should see this as a great opportunity.
Whatever your view, there are going to be massive opportunities for smart entrepreneurs. The Business Development Team at BiEx are watching the progress of BREXIT closely and are developing a number of unique and profitable business opportunities. These will be released on our Business Ideas pages in the autumn once we are clear on the direction the UK will take. Keep an eye out!!
If you want to find out more about post BREXIT Business opportunities, join the discussion on our Business Ideas Forum.