Three Ways To Help Your Small Business Survive

A small business functions in exactly the same way a big business does… The only difference is that the resources are much more limited. This should never be seen as a disadvantage, though, as there are various ways a small business can not only survive but also thrive here in Malta – and perhaps even beyond!

Crowdfunding: As Malta and Gozo’s first crowdfunding platform, we’ve helped various entities – be they commercial, cultural or philanthropic – reach their ultimate potential and goal through the help of the hundreds people who backed up their idea through small donations… And there’s no reason why it shouldn’t work for you, too!

The concept here is quite simple: showcase your idea attractively and get like-minded individuals, or people who could benefit from your vision, to invest in what you have to offer. The possibilities are endless and anything can be crowdfunded, be it a new gadget, a music album, a restoration project, or even a charitable endeavor.

Clusters: Competition is vital for industry, but you shouldn’t let it kill your business. In fact, sometimes, there is more to be gained by allying yourself with your competitors or other businesses within your same sector than there is in competing. The idea here is that small business share resources, manpower and talent – meaning that each partner or member will receive more per euro spent on these important elements than they would otherwise.

Locally, one of the most talked about clusters of this kind is the Valletta 2018 flagship project, the Valletta Design Cluster, whose aim is to ‘link education, industry support, awareness building and research and policy initiatives’ to help the socio-economic wellbeing of the capital.

Incubators: Everyone needs a bit of help at the beginning, and incubators provide both invaluable resources and mentorship to help you get your business off the ground. These resources can also be tailored to your needs, and can be anything from the equipment needed to create particular products to the space for the team behind the business to meet up.

TakeOff, which is located at the University of Malta, is one such entity, and has been ‘specifically designed to help innovators and aspiring entrepreneurs create successful science, technology, engineering, creative media and knowledge-based startup business.’ From networking opportunities to office space, and interns to training, TakeOff can be one of the most important steps you take towards securing a successful future for your business.

Want to know more about crowdfunding, clusters or incubators? Then why not get in touch with us? We’re here to help!