By Daniel Hunter
A new report that suggests many people who would like to set up their own business but don’t do so because they feel they lack the knowledge to make their business successful, shows that even more needs to be done to encourage entrepreneurialism in the UK.
That’s the view of small business advice hub Ingenious Britain after Aviva's bi-annual SME Pulse report revealed that more than a quarter of small business owners (27%) are unsure of how to promote their business while 26% feel their business is not generating enough sales.
“This is a really interesting report,” says Ingenious Britain director Mark Moore. “We have SMEs clamouring for information from us all the time, especially around the issues of finance and social media marketing but there is still more that needs to be done to show potential entrepreneurs that this support is available to them. Previously, when you thought about starting a business, the organisation you went to was Business Link but since they have shut down many potential business owners have found themselves unsure of where to turn.”
It is important, Moore says, that potential entrepreneurs are not lost as Britain seeks to transform itself into a genuine enterprise economy.
“These are the companies responsible for half of the UK’s GDP and 99% of private sector employment. At Ingenious Britain we believe that if we can help SMEs increase their sales by just £30,000 or add one employee, we could make a massive difference. In fact, this would add around £3 billion to the UK economy and create one million new jobs.”
"The Aviva report shows that nearly half of part time business owners started up as a way of supplementing their existing incomes. Nearly 70% do that alongside a full time job with 48% planning to make the step up to a full time business within a year. We have to nurture those fledgling businesses because they will be the wealth generators and the employers of tomorrow,” he adds.
“The message we want to get across is that if you have an idea that you strongly believe can become a business then it is a good time to consider doing it. The process is quick, simple and, dependent on the nature of the business, it doesn’t have to cost a great deal and there is the support and advice out there, free of charge, to help you give it a real go.”
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