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Take the leap

Yell has surveyed 1,500 entrepreneurs & small businesses in the UK to get the facts of life as a business owner

Have you ever thought of starting your own business?

Considering over 50% of people have thought about starting their own business, 27% have listed fear of failure as being one of the main stumbling blocks. However out of these people, 50% also really admire small business owners and almost 20% envy their ability to ‘be their own boss’. We at Yell Business are encouraging the UK to ‘Take The Leap’ and have delved in to the psyche of small business owners in the UK to see how you can achieve this for yourself.

Be your own boss

The sentiment of being your own boss rings true with small business with 82% agreeing this as a top perk. This was followed by the ability to choose their own hours (62%), making their own decisions (52%), and choosing the clients and colleagues. 17% of Brits say they would work harder if they owned their own business and 13% feel there are more benefits to working for a small business.

So what are the startup costs?

Their level of success also is surprising for many with 68% of our respondents making a profit in their first year. Further to this, over a quarter (27%) said they made a profit within two months which is contrary to the believe that the average a start-up takes nine months to make a profit. Unsurprisingly, 74% consider their business as ‘very’ or ‘quite’ successful.

These initial costs are also astounding with 17% claiming zero startup costs which shows us Brits are a thrifty bunch. A further 40% said it cost them between £1 and £1,000. Out of our respondents who owned a business, the average startup cost was £7,173. Out of the general consumers that were also surveyed, the main reason for not setting up their own business was lack of available funds (61%)

So, take the leap...!

So far in 2016, 479,051 new start-ups have been created[1] which is fantastic news for the UK economy and the above statistics paint a very positive future. So if you’re considering starting your own enterprise, why not take the plunge for yourself?

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All statistics, unless noted are taken from a survey of 1,500 small business owners and 1,500 consumers by Yell Business in February 2016.
[1] According to StartUp Britain, the national enterprise campaign designed to offer guidance and resource to entrepreneurs.