With a rapid rise in start-ups in 2013, it looks to be following much the same pattern for 2014.
And there’s no wonder why; there’s an abundance of help and advice on hand for entrepreneurs, cheaper office alternatives such as hot desking are available and there is an ability to advertise to a wide audience without a cost with social media.
Enterprise Nation looked at the reasons for further growth in businesses in 2014. They noted factors favouring entrepreneurial traders, such as how important small businesses are for the growth and up to date knowledge of big businesses, now more than ever.
In an interview with YHP, brothers Nic and James Auckland, who run the successful ‘Trade Radiators’ commented on how the ease and progressive nature of the internet helped their business grow.
Nic says, “We had been discussing setting up a business together and realised the internet was the ideal platform on which to trial our ideas. We both had other full time work commitments so it seemed the most logical and cost effective way in which to get things started.
We initially ‘tested the water’ with a £1 product listing on eBay, it blossomed from there with reinvesting the profits to list more and more products, whilst at the same time developing our own website. We now have a large customer base, with many ordering from us time and time again.”
The web has opened many doors for companies with popular social media sites too, such as Facebook, Twitter and LinkedIn. A new survey from LinkedIn shows that 81% of small and midsize businesses are current users of Social Media, with 94% claiming they used it primarily for marketing.
With so much support on hand for entrepreneurs, it’s no wonder many are taking the plunge into business. One such organisation offering a selection of services both locally and nationally is Start Up Britain, founded by eight entrepreneurs and launched by the Prime Minister in 2011. Their website says they are, “harnessing the expertise and passion of Britain’s leading business people to celebrate, inspire and accelerate enterprise in the UK.”
More localised organisations have also been popping up, such as Cambridge University Entrepreneurs. Working within the student city, they say, “Our business creation competition, along with the training, mentoring and networking events in support of it, take you from idea to business in under a year.”
For now, it seems the entrepreneurial spirit is spreading. New areas popped up in the 2013 rankings; Brighton, Bristol and Warrington were amongst UK towns that have had over 6500 new businesses in the last year. With almost 57,000 businesses set up already this year (as of Feb 12th), if start-up’s sign ups continue at the same monthly growth rate, there will be just under 7% more this year than last.