What’s the potential impact on a country when its small business sector goes down? It can affect everything from employment rates to economic stability.
Small businesses are vital for local communities, and with over 5 million of them in the UK alone they account for 99% of all private companies here. They also represent 60% of total employees across that Private Sector as well as generating 50 per cent turnover – it makes sense then that their output is fundamental to our economy; with such an important role played by so many different sectors, any threat or decrease could have far-reaching consequences!
The small business sector is a vital element in the UK economy and comprises a diverse group of industries and comprises over 5.9 million (Dec. 2018). This has increased in number by 2.4 million since 2000. The Micro-business (0-9 employees) accounts for over 96% of all businesses; this sort of business accounts for 33% of employment and 22% turnover.
The micro-businesses numbers have increased because of several reasons redundancies and people making life-changing decisions to start their own small business. Over three-quarters of small companies work in the service industries, and of this group, the majority work in the professional, scientific, and technical sector.
Many entrepreneurs have invested in a franchise because the risk associated with starting a new business is considered less risky than starting a business from scratch. This growth of franchises covers all sectors from manufacturing, fast food and retail stores. Over 44,000 franchises are operating across our high streets, which employ over 621,000 people.
Whichever route an entrepreneur takes, the ever-changing employment situation will encourage the individual to look for a new dimension for their skills and talent; the one guarantee when you start a new business is an effort and time involved in developing your business.
Are you one of many potential entrepreneurs who believe you have to be under 30 years of age to be a successful business owner? Well, you are WRONG! Many moreover ’40s are setting up their own business, many of which are online rather than physical stores. The statistics show that the over 40’s are over two times more likely to have a successful long term business than those set up by entrepreneurs in their 20’s Many businesses are being developed by those in their 40 plus age group because of economic circumstances and the real desire to have a company in which they can control and develop for their family’s future. The majority of older entrepreneurs bring a mature skill set to their new business. Those who have little technical knowledge of building websites and e-commerce stores quickly realise large numbers of experienced freelancers complete the tasks we are unsure about. The majority of small business owners will tell you that starting your small enterprise is demanding, tiring, and very rewarding. The majority of all entrepreneurs believe it was all worth the effort.
The Business Hub
In order to be a successful entrepreneur, you need the support of family and friends. They can give you encouragement in developing your business by providing emotional stability that will help when things get tough. Whatever sector your business is in, it’s important for both technical skills as well as soft skills like communication to grow alongside with the rest of the company during its development phase- this way there’ll always be someone ready on deck if anything goes wrong or needs an extra set of hands!
The Small Business Hub will provide you with insightful tips for how to market your business. They’ll also be providing materials and workshops on developing the skills necessary in order to succeed as a small entrepreneur, like communication, leadership and more!
Finding the right candidate for your team can be a daunting process. There are endless interviews and guesswork involved in finding that perfect fit – until now! Fiverr’s Business Success Manager will work closely with you as an expert matchmaker, helping find those candidates ready-to-hire. You’ll never go wrong again when working within our community of experts!