Click me
Transcribed

Do the numbers add up for your start-up?

DO THE NUMBERS YOUR START-UP? FACTORING BROKERS THE ENTREPRENEURIAL SPIRIT IS CERTAINLY ALIVE AND KICKING IN BRITAIN! WE LAUNCHED A RECORD HALF A MILLION NEW BUSINESSES HERE IN 2013 AND IT SEEMS THAT THE RECESSION, INSTEAD OF REDUCING THE NUMBER OF START-UPS, HAS ACTUALLY INCREASED IT AS EMPLOYEES FACING JOB UNCERTAINTY AND REDUNDANCIES LOOK FOR ALTERNATIVES. BUT DO THE NUMBERS ADD UP FOR YOUR BUSINESS? LAUNCHING A START-UP IS NOT FOR THE FAINT-HEARTED, WITH BARRIERS INCLUDING A HIGH FAILURE RATE, LONG WORKING HOURS AND DIFFICULTIES GETTING FUNDING. SO IF YOU'RE SITTING ON THE NEXT BIG IDEA, WONDERING WHETHER OR NOT TO TAKE THE PLUNGE, OUR INFOGRAPHIC CAN HELP YOU WORK OUT WHETHER YOU HAVE WHAT IT TAKES TO MAKE A FRESH START-UP! NEW BUSINESSES LAUNCHED IN THE UK 502,068 484,224 440,600 2013 2012 2011 95% ...EMPLOYING OVER 7 MILLION PEOPLE OF UK BUSINESSES ARE SMALL FIRMS... 100,000 PEOPLE NUMBER OF COMPANIES" [2] 2013: 3.7 MILLION 2000: 7,200 BUSINESSES WITHOUT LARGE PRIVATE EMPLOYEES SECTOR FIRMS 2000: 2.3 MILLION 2013: 6,600 > EVEN THE STATS FOR ONE-YEAR SURVIVAL CLOSED ARE GETTING LOWER; IN 2007 A STRONG 95.4% OF BUSINESSES SURVIVED THEIR FIRST YEAR, BUT BY 2011 – THE LAST YEAR FOR WHICH FIGURES ARE AVAILABLE – THIS HAD 37% FALLEN TO 93.1%. REASONS FOR FAILURE INCLUDE POOR PLANNING, AN OVER- RELIANCE ONA SMALL POOL OF CLIENTS OF BUSINESSES FAIL WITHIN AND HAVING NO BACK UP PLAN TO COVER FIRST THREE YEARS EMERGENCIES SUCH AS LATE PAYMENTS. 55.4% 93.1% 95.4% OF BUSINESSES FAIL WITHIN FIRST FIVE YEARS 2007 2011 > THEN THERE'S HAVING THE CONFIDENCE TO GO AHEAD WITH YOUR BRIGHT IDEA IN THE FIRST PLACE. A RECENT STUDY BY SHELL LIVEWIRE AND YOUTH BUSINESS INTERNATIONAL (YBI) FOUND THAT ONLY ONE IN 17 YOUNG PEOPLE AGED 18-34 IN THE UK IS IN THE PROCESS OF STARTING THEIR OWN BUSINESS, COMPARED TO ONE IN SEVEN IN AMERICA. UK: 1 IN 17 USA: 1 IN 7 49% OF WOULD-BE ENTREPRENEURS GO ON TO BECOME BUSINESS OWNERS USA NETHERLANDS CHINA SINGAPORE 51% 55% 82% 84% > WITH SUCH OBSTACLES IN THE WAY, WHAT ARE THE BENEFITS OF RUNNING YOUR OWN BUSINESS IN THE UK? WELL, IT SEEMS THAT DESPITE LONGER WORKING HOURS AND FEWER HOLIDAYS, SELF-EMPLOYED PEOPLE ARE MORE FULFILLED. STATISTICS FROM BARCLAYS BUSINESS BANKING[3] SHOW THAT THE AVERAGE ENTREPRENEUR WORKS 44 HOURS PER WEEK COMPARED TO 39 FOR THE AVERAGE EMPLOYEE, AND TAKES AN AVERAGE OF NINE DAYS' HOLIDAY EACH YEAR COMPARED TO AN AVERAGE OF 28 DAYS' STATUTORY ENTITLEMENT FOR EMPLOYEES. AVERAGE WEEKLY WORKING HOURS AVERAGE ANNUAL DAYS HOLIDAY 44 39 BUSINESS OWNER EMPLOYEES BUSINESS OWNER EMPLOYEES SO, IF YOU HAVE A START-UP IDEA TO RIVAL THE 502,068 CREATED IN 2013, WHAT'S STOPPING YOU FROM GETTING IT OF THE GROUND? WELL, PERHAPS YET DEFYING THIS DOWNTURN IS THE THE ANSWER IS FUNDING. BANKS HAVE ASSET-BASED FINANCE SECTOR, BEEN LESS LIKELY TO PROVIDE LOANS WHICH SUPPORTED SALES EXCEEDING £71BN IN THE SAME PERIOD - THE AND OVERDRAFTS THAN THEY WERE BEFORE THE RECESSION AND, STRONGEST-EVER QUARTERLY FIGURE ACCORDING TO THE ASSET BASED AND A 14% INCREASE ON THE SAME FINANCE ASSOCIATION, NET LENDING QUARTER LAST YEAR. THIS SUPPORT HELPED 43,000 WELL-FUNDED TO SMES IN THE UK CONTRACTED BY £1.4BN IN Q3 OF 2013. BUSINESSES, INCLUDING 15,000 SMALL FIRMS WITH A TURNOVER OF BELOW £0.5M. TO FIND OUT MORE ABOUT INVOICE FACTORING, CALL SIMPLY FACTORING BROKERS ON 029 2086 3213 TODAY! > SOURCES [1] Startupbritain.co.uk [2] UK Government business population estimates 2013 [3] Barclays Business: Facts and Figures for Entrepreneurs > IF YOU ARE LOOKING FOR AN ALTERNATIVE TO TRADITIONAL FORMS OF BUSINESS CREDIT, GET IN TOUCH WITH SIMPLY FACTORING BROKERS ON 029 2086 3213 TO SEE IF SIMPLY INVOICE FACTORING IS RIGHT FOR YOU.. www.simplyinvoicefactoring.co.uk FACTORING BROKERS BOBOBO

Do the numbers add up for your start-up?

shared by fairhillonline on Jan 29
104 views
0 shares
0 comments
The entrepreneurial spirit is certainly alive and kicking in Britain! We launched a record half a million new businesses here in 2013 and it seems that the recession, instead of reducing the number of...

Source

Unknown. Add a source

Category

Business
Did you work on this visual? Claim credit!

Get a Quote

Embed Code

For hosted site:

Click the code to copy

For wordpress.com:

Click the code to copy
Customize size