Less than a week to go and small businesses are at an all time high. Just browsing Instagram and attending networking events is enough to tell you that, before you even delve into the impactful statistics. People are inspired to run their own business and now is a better time than ever to set up if you haven’t already done so. With the help of start up support in the form of enterprise initiatives, bank loans, business coaches and the power of ‘free’ social media marketing, there’s never been such an exciting time to be self-employed. Whether you start up small and want to grow and have huge plans, or whether you just want something to do around your life and family – there’s space for everyone.
1. The statistics speak for themselves
In 2016, there were 5.5 million businesses in the UK, 1,000,000 more than in 2010. 99% of the 5.5 million businesses are SMEs (Small Medium Enterprises with less than 250 employees and a turnover of less than €50m) and 96% of which are micro-businesses (a business with less than 9 employees.) A report produced this Summer stated that those figures had risen once again, with the number of SME owners increasing by another 6.4% on the previous year. Seriously staggering data.
Micro businesses actually account for 32% of total UK employment and 19% of total UK turnover. That’s incredible when you think of the key employers, the big brands and the number of people working for big corporations in London.
2. So what does this growth mean for you?
In terms of support, whether that be financial or otherwise, there’s never been so much guidance and choice when it comes to running your own business. With freelance web designers, social media consultants, manufacturers, assistants and accountants, there’s never been a better time to go it alone. Once again, the statistics add up – in 2015, there were 383,000 business births compared to just 252,000 business deaths, showing a growth rate of over 130,000 businesses. A business boom is certainly taking place as we approach the 10 year anniversary of the recession.
Yes it may be a time of uncertainty while the Brexit negotiations continue but let’s look on the positive side – if you’re using British goods, British skill and British manufacturing, you’re less likely to be effected. Since free trade between the UK and the EU is no longer prevalent, then unfortunately the cost of your raw materials is likely to increase. But Buying British is also at an all time high – people want to know, now more than ever, the provenance of their produce and their purchases. Has it been made, grown or developed locally? Are they supporting British businesses in buying this product?
3. Small Business Growth
I’m a little confused why
#SmallBizSatUk is running 7 days later than in the US, but either way this needs embracing – so, if you’re in business and have British roots, shout about it. Small Business Saturday reaches millions of customers and businesses each year – be part of the fifth year and get involved now! There’s never been a better time to be and buy local and British and support your local small businesses.
The Master Fixer
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