Almost half (40%) of aspiring entrepreneurs cited lack of funds as the main barrier to starting a business, according to research.
Out of 1,500 people surveyed by Yell Business, 51% thought about starting their own business but barriers such as risk of failure (25%) and not knowing where to start (23%) were preventing them from doing so.
However, the study found 40% of businesses were started on under £500, while 32% were formed on £250 or less.
Further findings:
- 93% who started a business recorded a profit last year
- 85% considered their business to be successful.
Mark Clisby, marketing director of Yell Business, said:
“As our research found, the current catalysts for taking the leap and starting a business include inheriting funds and being made redundant.
“Hopefully, the positive revelations around low start-up cost and high success will give the inspiration needed to entrepreneurs, so they don’t wait for scenarios like this to happen to them.”
Loans for start-ups
Government funding can help individuals who are unable to obtain investment, mentoring or support to launch their business.
The Start-Up Loan scheme is available if you’ve been trading for less than 12 months. The size of the loan is determined by the direction of your business plan.
There are other regional funding opportunities for start-ups depending on your eligibility, which can be accessed by visiting www.gov.uk/business-finance-support
We can help with your business plan. Contact Andy Oakes.
