Starting a Small Business…

By EasySwitch | 16th November 2017

Isn’t it alarming that over half of start-up businesses fail within the first 5 years in the UK?

Most of them citing high lease costs, rising energy costs and a more complex tax system, as the biggest reasons behind their failures.

Over 68% of SME’s blame rising energy costs for impeding their growth and even more alarmingly, 70% of this market still don’t use any form of outside support or expertise energy brokerage or compare prices.

Businesses who haven’t got the time to test the market open themselves up to the prospect of paying over the odds.

So what’s the alternative?  Go direct to an energy company and get a price? In reality, the chances are they’ll fall into the 45% of businesses that either simply renew at inflated renewal rates or worse, go onto ‘out of contract’ and/or pay on ‘variable’ rates, which are often the highest tariffs.

My advice for anyone starting a business or managing a small/medium business is to get on the phone and get the experts to manage it for you, because in most cases, going direct has not been working for the UK SME market, according to the Competition Markets Authority (CMA) review in 2016, which has led to some key changes to the industry during 2017/18.

REF: CMA Report.

Start-up Business – Utility check list…

  • Always take a meter read as soon as you’ve signed your lease (even if the landlord has told you it’s been done).
  • Find out who is supplying your Gas & Electric as quickly as possible and remember, if you haven’t signed a contract you likely be on ‘out of contract’ rate.
  • Contact a trusted expert, like an energy broker, to test the market for you and remember by signing a Letter of Authority (LOA) your broker will have better ability to work on your behalf.
  • A good energy broker will be there to help, giving good honest advice and assisting with any enquiries you have, managing the whole process, not just getting you a quick price!

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