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Three-quarters of UK business owners call for better start-up support

Three-quarters of UK business owners call for better start-up support | Fintech Finance

Three quarters of business owners (75 per cent) wish they had a core business checklist before launching their business to boost their early success, according to new research from entrepreneur launchpad Start My Business.

Start My Business polled 500 business owners and decision makers, via independent polling agency Censuswide, on the challenges they faced when starting their business, and how these issues could be resolved for new entrepreneurs and start-up business owners.

In fact, almost three quarters (72 per cent) said that start-up success was dependent on good advice. This opinion was particularly strong amongst London business owners with 82 per cent highlighting good advice as essential.

With this, almost two thirds (66 per cent) of business owners wished they had received more advice when starting their business, pointing to a lack of guidance channels for early-stage businesses.

It makes sense then that 61 per cent regularly use their personal experiences to give advice to entrepreneurs.

Worryingly, amongst young entrepreneurs, between 18 and 24 years old, it was revealed that 77 per cent felt that the process of starting a business was off-putting. This figure remained high amongst other age groups, with 76 per cent of 35- to 44-year-olds also feeling put off by complicated launch processes.

Shoaib Aslam, Founder of Start My Business, commented:

“Experienced business owners across the country have made their point clear; we need better start-up support structures in place, to aid aspiring entrepreneurs in their business journey.

“Start-ups play a vital role in fuelling the wider economy and driving growth, something which is much needed after more than two years of uncertainty, economic turbulence, and now, sharp inflation. This is why it is to the benefit of everyone that we establish better support structures to ensure that small businesses are given the resources and tools to thrive.

“As a serial entrepreneur myself, I’ve seen first-hand the difficulties that entrepreneurs face which is why I have sought to provide the desperately needed guidance, including a business start-up checklist, for entrepreneurs through Start My Business.”

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