I have just been browsing through small business statistics – as you do for late night reading. My initial aim was to see how Brexit was affecting small businesses in the UK being as we get closer to a plan for leaving.
Looking at the Federation of Small Business pages it all seems a bit doom and gloom for small business with FSB saying that confidence of small business owners is at an all time low. This is a real setback as those of you who run a small business know just how much of your soul you put into your business. According to the Department for Business, Innovation and Skills, as of the start of 2016 there were 5.5 million businesses in the private sector with 99.3% of them being small – medium businesses. 76% of these businesses did not employ anyone other than the owner. I never really thought about how many people were out there running a business on their own. Being their own boss and being their employee! Wearing every hat possible that comes with running a small business.
Despite the drop in confidence,
55.3% of these businesses are aspiring to grow in 2017.
So that got me thinking about the threat/advantage (whichever side you sit) of Brexit and the confidence that the majority – albeit a small majority – of business holders still hold, not just to be in profit but to actually grow.
Small business owners account for for 47% of all private sector turnover in the UK – we don’t do that by being meek and mild, we do that by being motivated, committed, even ballsy!
Being your own boss and running a small business clearly has it’s downsides at times. There’s the worry about cash flow as the main factor, the dependence on just one person in the vast majority of cases as shown above, the feeling that you are dealing with a petulant child that just won’t do what you want or expect of it and you are floundering as to why on earth not when you have followed your carefully laid out parenting manual!
The upside of running small business
But then there are the upsides – and they are huge. The small business is you. That petulant child is yours who you thought about, dreamed of and created. It’s your management, dreams and motivation. All the reasons why you started your business in the first place are most probably shared by the 99.3% of the 5.5 million other private sector businesses. That’s a hell of a lot of small business owners! So even with Brexit decided, our leave package looming (either now or in 10 years depending which news you favour), there are still an amazing group of small business owners keeping the UK afloat.
There are many advantages to being your own boss, we can help you to make it a reality, come and have a look at what else we can offer too!