- 1.4 million SME businesses opened in 2019 with 1.8 million new business registrations expected by the end of 2020
- 1 in 7 plan to start their own business this year
- Claire Young co-founded School Speakers and Girls Out Loud after finishing runner-up in The Apprentice and is encouraging other business leaders to follow in her foot-steps
For many UK workers, the thought of being their own boss would be a dream come true and it seems 2020 could be the year in which more SMEs are set up than ever.
With less than a month to go before the government sets out its economic predictions in its first spring budget, new research commissioned by Intuit QuickBooks has revealed a 30% uptake in the number of people planning to start a business this year with registrations expected to rise to 1.8 million after 1.4 million SME Businesses started last year.
There are many hurdles to overcome when taking the plunge particularly in becoming an employer and growing the team around you. About 28% are concerned about being able to consistently afford their first employee’s salary with a further 21% worrying this new employee will not be “good enough” at their job. Brexit uncertainty (18%) and understanding employment and payroll regulations (14%) also rank high as why people do not always follow their heart and set up their own enterprise. Self-doubt is also a barrier – 13% of SME employers do not feel they will stand out from the crowd when it comes to attracting workers to their new business.
Claire Young knows all about conquering those fears and setting out on her own. Young, who reached the final of the TV show The Apprentice in 2008, was dubbed a ‘Rottweiler’ by Lord Sugar for her tenacious approach and mind-set of never giving up!
She started School Speakers in 2010 which has grown to be the UK’s No 1 speaker agency motivating students across the country. She is also an ambassador for Girls Out Load, a multi-award-winning social enterprise dedicated to raising teenage girls’ aspirations.