Businesses across the UK have endured a turbulent few years thanks to a perfect storm of Brexit, the coronavirus pandemic and rising inflation rates.
But ex- Dragons Den investor Piers Linney, 50, who appeared on the hit BBC show from 2013 to 2015, is confident there are still plenty of opportunities for aspiring entrepreneurs.
In fact, setting up a business today is "easy in many ways" says Piers, as technology means anyone can start an empire from the comfort of their home.
“You don’t need to have lots of capital and warehouses. All that money you used to need to have to start up a business has kind of gone away," he told The Mirror.
“You can now compete with larger enterprises in your bedroom. That’s the opportunity. The challenge, clearly, is that anyone can do that - so the barrier to entry has been reduced."
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Covid means many workers have taken stock of their lives and are reassessing what they want to do - and Piers says this means you're likely to see more small businesses emerge.
If you've got a bright idea but don't know where to take it, then we've spoken to the ex-Dragon to get his top tips for anyone wanting to launch a small business in 2022 - and all the things to avoid.
But 2022 will hardly be an easy ride for any budding business head, as the UK continues to navigate a changing landscape after the pandemic.
"I’m always in the opinion that, if someone has ambition and ideas and wants to work for themselves, the fact that it is raining isn’t going to stop them," he said.
Have you launched a successful small business and want to share your journey? Let us know: levi.winchester@reachplc.com
"You’re going to see more and more people now going into business. Small businesses, one of their strengths is that they don’t have a lot of assets so they can bounce back pretty quickly.
"But you’ve still got this uncertainty about what you’re bouncing back into."
Piers is currently chief executive of Moblox, a community and network built to help small businesses unlock their potential.
The things you must do... Do your research
Before you get off the ground, make sure you do your research first to check if your product is something people need and will actually sell.
There is no point in starting a business which doesn't have a purpose.
Piers said: "People often forget this and they often think ‘I’ve got an idea’ and they go soldiering on - but they haven’t even done their homework."
Focus on your interest
Chances are, you'll be spending a hell of a lot of time on your business, so try and do something you’re interested in, says Piers.
"It sounds weird but people often don’t do that - they just think of something where they can make money," he added.
"But typically, the amount of hours you’re going to put into it, the blood, sweat and tears, it’s far easier to be successful if you’re putting effort into something you’re interested in."
Automate everything
Wherever you can, go through your business plan and management accounts, and ask yourself: what can I automate to save time and stress?
Piers said: "Look at how you can reduce time spent on bank statements or transferring data from one spreadsheet to another.
"Use technology to make life simpler."
Think of the people you’re hiring
If you’re a small business, be creative in where you can bring in talent, says Piers.
"For example, help them work remotely. Can you offer them a piece of the business, or if it is a company that you’re going to sell can they get some equity?"
Be diverse
The team around you are not only important in terms of productivity and keeping your business going, but they also need to reflect the customers you're targeting.
"Make sure the team you’re putting together are consciously aware that they reflect your customers and the world in which we live," said Piers.
"That can be harder after Brexit."
And now, the things to avoid... Not measuring your performance
It is important to know how well your business is doing, in order for it to grow and so you know where you're at.
So when you start a business, make sure you have a plan that includes some way for you to track your progress.
"Go back to your plan and have a way of measuring your performance," said Piers.
"You need to have an idea of what success looks like to you. If you can’t measure your business, you can’t manage it."
Don’t put all your eggs into one basket
It can be easy to get over-excited and put all your savings into a business, but this can be risky move if you're just starting out.
Instead, you should build up your empire incrementally over time and if necessary, look for external capital.
"Some people remortgage the house and sell the car to set up their business because they think this is the big one," said Piers.
"And it might be - but you won’t know until you’ve tried it. Don’t go betting the farm on your first business."
Don't assume you know it all
Don't just take your own word for it - ask your friends and family for their opinions on your business.
They may spot something you hadn't before, or may have a brilliant idea that could help you push it to the next level.
"It doesn’t need to be an executive director," said Piers.
"Ask your friends and family for objective feedback and don’t think you’ve got all the answers. Also get feedback from your target market as they’re the ones you’re building a business for."
Don't risk it if you're under-capitalised
If you’re thinking of launching a business where you need investment, don’t try to do something where you’re going to need more capital and you haven’t got it.
"If you know in your heart of hearts that you’re under-capitalised, then you’ll be making your life very difficult," said Piers.
Be careful not to confuse your staff
People get involved easily - so you need to make sure they know what you need them to do and that they understand the product, said Piers.
"There are often issues when staff haven't been on-boarded properly," he explained.
"When you’re bringing on anyone they need to understand what you’re trying to do."
