NEWS
THE FRESH FACE OF SMALL BUSINESS BRITAIN
SETTING UP YOUR own business is a young person’s game as new research reveals that the average age Brits decide to go it alone is just 27. The analysis by cloud accounting software company Xero found that entrepreneurial spirit is getting younger, revealing 20 as the age that young business owners (18-34) decided they would like to set up shop compared with those aged over 45 who had the same lightbulb moment at 35. In fact, almost seven in 10 (69%) new businesses set up in the past five years have been started by those aged between 18 and 34. The survey of 1,000 small business
owners also found that eight out of 10 start-ups begin life with friends or relatives of the founder being roped in to help out, with the majority of business owners preferring to call on their nearest and dearest than risk taking on unsuitable candidates. The research marks the launch of
Xero’s #behindyourbusiness campaign to
encourage other budding business owners to take the plunge, as it reveals that 82% of small business owners say they are now running the business they always dreamed of. Being their own boss is the best thing about owning a business (51%), followed by being able to control work/life balance (38%) and being able to get things done the way they want to (35%). Nine in 10 small business owners
say setting up shop is one of the accomplishments they are most proud of, as half liken the buzz to the feeling of buying a first home (48%). One in five compare it to the birth of their child (19%) and some even to their wedding day (16%). The research found that entrepreneurs are driven by a need for more flexibility (36%) and to take control (35%), while other reasons include not enjoying working for somebody else (23%) and wanting to make their family proud (19%). Small businesses named making the right hires (32%), the inability to switch
off (29%) and late payments (29%) as their biggest barriers to success. The majority resort to enlisting friends or family to work for their business, because they can trust them (35%), understand each other (34%) and know they will be committed (28%). But despite the stresses and strains of owning your own business, today’s small business owners put a priority on work/life balance – as eight in 10 say they work to live rather than live to work. Gary Turner, MD and co-founder
of Xero, said: “Small business owners don’t always have an easy run of it. But, despite this, every day I see just how passionate and eager they are to turn their dreams into realities. While this passion is fantastic, it will only get you so far. We know that survival rates of small businesses with watertight business plans and the right processes are far greater than those who fail to put the right provisions in place – so it would be a huge shame to see this enthusiasm go to waste.”
SORRY, BUT I WON’T BE IN TODAY… ACCORDING TO A SURVEY by BrightHR, the month with the highest sicknesses logged in 2017 was October. There was some good news for employers with staff named Maxine and Alistair though, as employees with these first names are the least likely to take a sick day. The most popular date to book off outside Christmas was August 25. BrightHR’s Alastair Brown said: “One of the most surprising findings was that Tuesday, not Monday, was the most popular day to call in sick with flu, food poisoning and migraines being the most common reasons for an employee taking sick leave on, what we now call, truancy Tuesday. Some of the stranger reasons for not coming into work included getting a splinter and having to fill in as someone’s birthing partner.”
8 SME
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