Tax & admin · 24 November 2016

Majority of UK startups founded within a 1, 000 budget

Launch 22 is an example of a business that has utlised the Start Up Loans scheme
The news of low budget costscould kick-start a new generation of entrepreneurs
Most entrepreneurs in Britain are able to bring their business idea to life within a 1, 000 budget, according to new research.

A survey of over 1, 500 small UK business owners, undertaken by digital marketing advisor Yell Business, found that 40 per cent of entrepreneurs needed between 1 and 1, 000 to begin trading while 17 per cent claimed it didnt cost them themanything.

The study revealed more positive trends as over a quarter of new businesses turned over a profit within one or two months. On average, it took new companies nine months to register profits.

The news of low budgetcosts may go some way to inspire the three quarters of Britain’s workforce that have entrepreneurial ambitions? of their own.

Commenting on the research, Mark Clisby, marketing director at Yell Business, said that the findings shed a promising new light on starting up and making success of a dream.

while there will likely be long hours in the set-up period, and risks that need to be considered after making that initial leap, we have been told time and time again by our customers that they wouldnt switch from following their dreams.

‘starting your own business means enjoying more freedom, flexibility, and above all, choosing what you do every day, Clisby said in a statement.


 
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ABOUT THE EXPERT

Praseeda Nair is the editorial director of Business Advice, and its sister publication for growing businesses, Real Business. She's an impassioned advocate for women in leadership, and likes to profile business owners, advisors and experts in the field of entrepreneurship and management.

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