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January 03, 2014

Why now’s the best time to start a business

Why now’s the best time to start a businessMore than 90,000 new British businesses were created in the first half of 2013, up 3.4% year on year. And almost half of those businesses were set up with less than £2,000.

The figures, released by Ingenious Britain, show that Britain’s entrepreneurial culture has developed faster than ever in the past year and the online advice hub claims there has never been a better time to start your own business.

"We are seeing confidence returning to the small business sector,” said Mark Moore, Ingenious Britain director. "Most surveys are now showing optimism among small companies rising, in some cases to the highest levels for many years."

There has also been a marked increase in the number of young people looking to start up their own enterprise. The latest RBS Enterprise Tracker shows that nearly twice as many people aged between 18 and 30 are in the process of starting up in business compared to a year ago.

"Job insecurity seems to have persuaded people that they have less to lose and potentially much to gain from giving their own concept a go," said Moore. "Perhaps because the last few years have been so bleak, we seem to have become more comfortable as a society with taking qualified risks when starting up a business than perhaps we were pre-2008. Business failure no longer has quite the stigma it used to have and more people are using that experience to create more sustainable businesses second time around."

And young people, says Moore, are well-equipped to take advantage of new digital opportunities. "Because they have grown up in a digital world, our young people know the potential that it has to help start up businesses inexpensively, keep overheads low and give new enterprises the best possible chance of success."

"This isn’t just good news for the business owners," added Moore. "It’s potentially good news for the economy. The UK’s five million SMEs are at the heart of economic growth, providing 60% of private sector jobs and half of private sector turnover and if each of them were to create just one new job, we would eradicate unemployment in this country."

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