By Marcus Leach
New insight from Experian reveals that the Government’s recently launched start-up push has delivered an immediate increase in the number of people searching online for advice on starting up a business.
There has been proportionally more online interest from people in the North West and the Midlands, and amongst those living in some of the UK’s most remote, rural areas.
Data from Experian shows that searches for start-up advice rose 25 per cent during week ending 2nd April as budding entrepreneurs took to the web following the Government’s ‘Budget for Growth’, along with the launch of StartUp Britain, a Government-backed campaign to accelerate enterprise in the UK.
While the close of a financial year typically causes a dip in entrepreneur-fuelled web searches, Experian’s data shows that searches are already 50 per cent higher than during the same period in 2010, suggesting a growing number of people interested in running their own business.
“Start-ups need all the advice and support they can get if they are to lead the UK into growth,” Simon Streat, Managing Director, SME, at Experian UK & Ireland, said.
“Too many currently decline or cease trading within a few years as their owners do not always possess the business know-how to go with their creative vision.
“It is very encouraging to see a high volume of web traffic fuelled by budding entrepreneurs looking to learn the basics of starting a business. However it is vital for future business owners to look beyond the short-term and seek advice on how to deliver meaningful and sustained growth — giving them a solid grounding on issues such as how to secure funding, win customers, source suppliers and mitigate risks.”
Michael Hayman, co-founder of StartUp Britain, feels that the nation should be doing all they can to support entrepreneurs.
“Entrepreneurs are the beating heart of the economic recovery and everything we can do that encourages more people to think about making jobs rather than taking jobs is great news for Britain,” he said.
“The data from Experian is encouraging because it underpins a central objective for StartUp Britain, which is to raise awareness, ambition and action among more people to go for it with their own businesses. Presently some 50 per cent of people want to start a business but only 5.8 per cent actually do. That is a gap that we will actively campaign to close by celebrating, inspiring and accelerating enterprise in the UK.”
The key questions
Practical advice about the hurdles and processes to negotiate when starting up a business was the biggest area of interest when searching for information online. This was followed by information on how to secure grants for a new business. During Q1 2011, 15.5 per cent of all the searches related to starting up a business contained the word ‘grant’, demonstrating how reliant many new entrepreneurs are on funding assistance from the Government.