As UK inflation hits a 40-year high of over 9%, more and more people are starting their own businesses. New technology such as online payment systems, digital marketing tools and free online resources are helping to remove the traditional barriers in setting up your own business.
The number of people setting up their own businesses in the UK skyrocketed in the past 12-18 months and this was largely driven by redundancies and furloughing during the pandemic. As a result, firms such as QuickBooks, Xero and Sum Up are thriving as they are geared towards serving tech savvy, small and medium sized owner-managed businesses.
Now, as the cost of living has risen so dramatically, a further wave of entrepreneurs are starting businesses in order to generate some extra income. Helpfully, according to a recent survey, the UK is considered one of the best places for entrepreneurs to start a business thanks to its skilled workforce, tax and legal systems.
The current wave of new entrepreneurs creates opportunities for other businesses that can help startups to get up and running, then grow and develop their new ventures. New entrepreneurs need an array of services such as IT, accounting, tax, banking, premises, logistics, staffing and more.
Sustainability is a key trend among the small and medium-sized business community in the UK. According to a recent report from the Federation of Small Businesses, 56% of small businesses believe the world is facing a climate crisis and 36% have a plan in place. Sustainability is clearly being taken seriously by entrepreneurs and if you intend to sell your products or services to them, sustainability should be top of your agenda too.
What other reasons could be behind the increase in entrepreneurs? We’d love to hear your thoughts over on our LinkedIn.