Small Business Advice Week runs from 1st to 7th September and to celebrate, Vonage, proud sponsor of the event, brings you some interesting facts about the state of UK business, one for every day of the week.
Simon Burckhardt, Managing Director of Vonage UK, states: “Small businesses are vital to this economy and Vonage is proud to support Small Business Advice Week. It is important that they have the right tools and advice to support them at every stage of their company’s growth.”
If you are a small business or home business owner then bear these statistics in mind as they paint an interesting picture of the true significance of small business ownership in the UK.
- There are now over 1 million mums running home businesses in the UK – that’s over 186,000 more than the number of babies born in the UK in a year!
- There are 2.9 million home-based businesses in the UK right now, and around 70% of new businesses are starting off in the home. Add to that a record number of new homes being built in 2013 – a total of 67,422 were registered in the first half of the year – and you’ll see that there’s plenty of potential for that number to grow even bigger.
- Government figures show that home businesses bring in £300 billion per year. To put that in perspective, the economy of London – the world’s leading financial centre for international business and commerce – was an estimated £309.3 billion in 2012. This shows just how significant the revenue generated from small businesses is to the UK economy.
- In its annual survey of small businesses, the government revealed that the number employing nine people or fewer now stands at an impressive 4.5m. This means that they’re officially ‘micro’ businesses. Between them, they are involved in over £600bn pounds of commerce.
- Small businesses across Britain are set to create 1.9 million new jobs by the end of 2014, potentially adding up to £27bn to the economy in new small business wages, according to recent findings from Direct Line for Business (DL4B). In total, small businesses account for 47% of private sector employment and an impressive 33.1% of turnover.
- The success rate among small and medium-sized businesses (SMEs) applying for finance has risen to 80% in 2014 up from 71% in 2013, according to a report from Albion Ventures. These percentages eclipse the rates available during the height of the financial crisis in 2008, when lending rates fell significantly to SMEs even with a low or average credit risk.
- More than two-thirds (69%) of SME employers consider good communication a key skill for graduates, according to research by Marbella International University Centre (MIUC).