There is a great deal of doom and gloom about the cost-of-living crisis, inflation and the general state of the economy. However, new research commissioned by Iwoca, a small business lender, shows that 90 new businesses are being created hourly in the UK. This is a figure that defies expectations, and which shows that entrepreneurship is more attractive than ever.
Last year, over 402,000 businesses were registered, with the majority of these being set up in London. These figures were recorded by Companies House, which also noted that the West Midlands was the second most popular spot for new business registrations.
Changing work patterns
Many of these businesses are being set up as side gigs for people reconsidering their career options and moving into their own entrepreneurship models. Others have arisen as a result of the pandemic and a desire to reevaluate priorities.
Companies House noted too that the majority of new business start-ups were being driven by resignations, rather than by redundancies. This figure is backed up by government data which records record highs for people moving into different jobs and careers for 2023.
Advice and support for businesses
Business advisory services from specialists such as www.randall-payne.co.uk/services/business-advisory/ are seeing a corresponding rise in enquiries about how they can help entrepreneurs to succeed and set up their own businesses. A Cheltenham business advisory can support would-be business owners to get their plans off the ground by assisting with a wide range of services, such as access to grants, training and business start-up advice.
Certainly, for would-be entrepreneurs looking to enjoy a better standard of living, a great work-life balance and the chance to achieve their own ambitions, there has never been a better time to take a leap into entrepreneurship and take advantage of all the tools and technologies available to do just that. With more women also moving into entrepreneurship, it’s an exciting world for people who are keen to experience life working for themselves and to move into new business sectors that truly meet their needs and ambitions.