The UK is fast becoming one of the best countries to start a business in. With government support and individual entrepreneurial flair you can be set to create the next big, life style business or successful freelance business because the land is fertile and ready. The following statistics tell you why!
The Good News Begins Here
1) In 2014 more than one company was born every minute.
2) More than 606,110 new businesses were launched in 2015.
3)The UK is one of the most entrepreneurial countries in Europe and 9th in the world (Global Entrepreneurship and Development Institute 2016)
4) So far, 418,071 businesses have been launched (August 2016)
5)There are 5.2 million small businesses plus over 4.5 million self-employed people in the UK.
6) Small businesses account for 48% of employment.
7) The combined annual turnover of SMEs was £1.8 trillion, 47% of all private sector turnover (non government spend) in the UK.
8) There were 3.3 million sole proprietorships (62% of the total), 1.6 million companies (30%), and 436,000 ordinary partnerships (8%) in 2015.
9) Three Top Fastest growing businesses in the UK are:
- Independent shops on the High Street
- Outsourced security services
- Knowledge-based products and services
Starting a business from home is legal!
10) It is now easier to start a business from home!
11) There are now more than 2.9 million home-based businesses, contributing over £300 billion to the economy.
12)You can now access a FREE Home Business Guide which sets out your legal position.
There is finance available!
13)Start Up Loans Company offers small loans of around £5,000 to people who have a viable business plan.
14) Online platforms gave £1.3 billion in loans in 2014 (AltFi estimate)
15) The British Business Bank programme has £100 million investment capacity for small businesses.
16) Each year private investors account for between £800 million and £1 billion of early stage investment in the UK.
17)The apprenticeship Grant for Employers provides £1,500 to firms taking on their first apprentice.
18)Peer to peer crowd funding and finance have invested £1.3bn so far.
19) The Seed Enterprise Investment Scheme has helped over 2,000 companies raise more than £175 million
20) Over 500,000 businesses have signed up for a ‘Your Tax Account’ to manage their tax affairs more easily and cheaply.
21) There is now £1.1 billion package of business rates measures, available for small businesses.
22) The internet represents a £19 billion business opportunity for small firms in the UK.
23) You can start a business with just a smart phone, use social media to reach customers and PayPal to handle payments.
24) Without your own website, you can sell products via eBay, amazon & notonthehighstreet.com.
25) 25% of PayPal’s activity in the UK comes from overseas trading.
26) 81% of SMEs on eBay export to five or more countries.
27) Small firms can apply to use one of 80 government sites with 1000 desk spaces available, under the Space for Growth programme.
28) Social enterprises grew in number from 240,000 in 2010 to over 300,000.
29) Today, there is money available: Big Society Capital has invested £150 million in Social enterprises, unlocking a further £50 million from other investors.
30) The introduction of Social Investment Tax Relief in April 2014 has encouraged further investment.
31) The public sector spends nearly a quarter of a trillion pounds each year on goods and services, and offers huge growth opportunities for small businesses
32) SMEs are paid quicker by the government than the private sector.
33) It has become a legal duty to pay invoices within 30 days and to ensure that a 30 day payment terms flows down all public sector supply chains, benefitting sub-contractors (SME’s).
34) The Growth Vouchers scheme allows small businesses to access business support for a fraction of the cost.
35)A huge amount of free, current and accurate online advice is available on www.gov.uk and www.greatbusiness.gov.uk
You can download my FREE Step-by-Step Guide on how to start your own business within the next 30 days. Use it and get amazing results!
For more information:
In the UK: http://startupbritain.org/
In the USA: https://www.sba.gov
- Global Entrepreneurship and Development Institute 2016
- Source: ONS Labour Force Survey, Employment and self-employment & BIS Business Population Estimates for the UK and Regions
- BIS Small Business Survey 2012 and Business Population Estimates
- Crowdfunding Centre
- UK Business Angels Association figures
- British Business Bank data
- Nation of Angels, Centre for Entrepreneurs and UK Business Angels Association, January 2015
- Booz & Co 2012
- Big Society Capital (2014) Annual Report 2013
- City of London (2013) Growing the Social Investment Market: The Landscape and Economic Impact
- See National Audit Office (NAO): Managing Government suppliers (8 November 2013), page 8.
- Paying Suppliers on Time, NAO, January 2015
- Research to understand the barriers to take up and use of business support CEEDR (2011)
- Growth vouchers academic panel