Around 500,000 new businesses have begun trading in 2016 so far, and the latest research suggests that almost 80 per cent of all start-ups have managed to turn over a profit within their first year of doing business.
According to business directory Yell.com, 79 per cent of small business owners achieved profitability within their first year, while an additional 27 per cent managed to make a profit within the first one to two months of setting up shop.
Their survey found that 40 per cent of Britons have considered starting up a new business, but 61 per cent believe that they do not have enough money to do so – despite the fact that almost half (40 per cent) of all people who did chase their entrepreneurial dreams said that their small business cost them less than £1,000 to set up.
The study also shed light on some of the reasons why people decide to set up their own business. 82 per cent of those quizzed said that being their own boss was the most attractive aspect of starting up a new firm, while 62 per cent of respondents thought that choosing their own hours was the top perk of entrepreneurialism.
A further 33 per cent said that they were attracted to being able to choose the clients they work with, while 27 per cent said that being able to choose the people they work with was just as important.
If you are a small business owner seeking expansion, or you are setting up a new firm and establishing yourself in the business world, it is crucial to make sure that you are supported by expert business advice.
Wilson Wright are here to help. For more information about our services and support for start-up businesses, please contact us. We can help you to get ahead in the business world, effectively manage your spending and day-to-day costs, explore funding and expansion options and tax-efficient business structures, and find your feet on the pathway to success.
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