There are a lot of questions around what the small business climate is going to be like after Britain leaves the EU, and the uncertainty has been somewhat exacerbated by the snap general election that will be held next month. Of course, wherever there is change and uncertainty, there is also opportunity, and some entrepreneurs are creating entire businesses based around Brexit.
Brexit will undoubtedly have legal and administrative impacts on most businesses in the UK, and affect all kinds of areas from human resources to logistics. Consultants who can keep up to date on Brexit negotiations and help businesses both strategies and implement changes that will help them mitigate risk and ensure they remain compliant with new policies and trade regulations are likely to be in demand in all kinds of sectors.
While demand for help with Brexit is likely to be high, because nothing like this has ever happened before, there isn’t an existing bank of professionals who do this. Entrepreneurs can therefore create new businesses that are focused on Brexit, and this can be done by people with different specialisms to work in different areas. Someone with expertise in employment law, recruitment and human resources could focus on the HR side of keeping or hiring EU staff after Brexit. An experienced finance person could help businesses prepare for how they will invoice and how to apply things like invoice discounting when selling to clients within the EU under the new trade regulations. Logistics people could help businesses create new processes for moving things around in Europe once we have left the single market.
A Short-Term Industry
While, of course, businesses based on helping other companies and individuals prepare for Brexit and understand and manage administrative changes will only work as concepts for the next few years, Brexit preparation services could become an interesting boom industry, much like we saw in the late 1990’s with businesses that worked to help companies prepare their systems for the ‘Millennium Bug’. Those who gain experience as Brexit specialists may also find their skills in demand in other countries later down the line, should any other EU members decide to leave.
Clearly, Brexit creates a lot of potential for change, and this means a lot of help will be needed for businesses to remain stable. Entrepreneurs who have noticed this may well fare well during this unsettled time, by being the people with the answers and plans.
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