New research by Yell Business has discovered that cost shouldn’t be a barrier for budding entrepreneurs, as 40 per cent of UK business are founded on under £500, while almost a third (32%) are started on £250 or less.
The findings were part of a survey of 1,500 UK small business owners in which 93% stated they recorded a profit last year, with a further 85 per cent, reporting their business was very, or quite successful.
Low start-up costs and high levels of success and profit were found to be in contrast to the perceived barriers from Brits who have considered starting their own business. In a separate survey of 1,500 UK consumers, the main risks were considered to be:
- Lack of money (40 per cent)
- Risk of failure (25 per cent)
- I wouldn’t know where to start (23 per cent)
51 per cent of the UK population said they’ve thought about setting up a business, with an additional 31 per cent, admitting they are not happy in their current employment.
Mark Clisby, Marketing Director of Yell Business said:
“As our research found, the current catalysts for taking the leap and starting a business include inheriting funds (24 per cent) and being made redundant (15 per cent). However hopefully, the positive revelations around low start-up cost and high success, will give the inspiration needed to budding entrepreneurs, so that they don’t wait for scenarios like this to happen to them.
‘For anyone in the process of starting up, my advice would be to thoroughly research your market before making the leap – and to prioritise digital. From a website, social media to reviews, this is essential for any business in 2017”.