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Published on May 21st, 2014 | by admin

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Small Businesses In Numbers

Did you know that there were a record number of start-up businesses in the UK in 2013? Figures from Companies House confirmed that over half a million new businesses were registered last year. The total figure was 502,068 businesses compared to 482,224 in 2012 and 440,600 in 2011.

And last week Parliament issue their latest Business Statistics report revealing some further interesting facts and trends. Amongst the most fascinating we read is that there are almost 1.5 million more businesses now than there were in 2000 which equates to an increase of around 40% over that time frame. Of course there have been huge technological advances since 2000 and the way we do business has altered beyond all recognition with the emergence of the internet.

It is now far easier than it ever was before to create a business and then start selling globally, even from the comfort of your own home.

SME’s (small and medium enterprises) are usually defined as any business with fewer than 250 employees. We learn that there were 4.9 million SMEs in the UK in 2013 which equates to over 99% of all businesses. SMEs can be broken down into Micro (0-9 employees), Small (10-49 employees) and Medium (50-249 employees).

It is interesting to note that the vast majority of SMEs fall into the Micro category (over 4.6 million) however this sort of business only accounts for 32% of employment and 18% of turnover.

Understanding just how easy it is to start up a micro business it becomes clear just why there are so many SMEs compared to a decade ago. That’s because SMEs have low start up costs, they can utilise powerful social media platforms to help market their product or service and there are also a number of avenues of support available. These include campaigns such as StartUp Britain.

With the relative ease of getting a business off the ground, it is certainly plausible that a poll we read could well be correct. By taking control of their lives, the self-employed are said to be 99% happier than when they worked for someone else, benefiting from the flexible and financial benefits associated with going it alone.

So if you think starting a business is for you, perhaps it is time to dig out a notepad and put pen to paper and start drafting that business plan accordingly.

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patrick.maddison@vowretail.com'



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