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When is the best time to start a business?

Jordan Williams | 16:29 Wednesday 11th October 2017

Almost nine out of 10 SME owners (88%) who founded their business in the spring have said their company has been a triumph, according to a new study.

The latest Aldermore Future Attitudes report has revealed that over four-fifths of SME bosses (85%) viewed their business as a success.

The data also found that more than nine out of 10 businesses owners (92%) who set up their companies during the early 2000s declared that their organisations were thriving.

However, only three-fifths of SME owners (59%) who launched their business this year or last said that they were currently flourishing.

The data also found that 383,000 businesses were created in 2015, compared with only 275,000 in 2005, an increase of 39% in a decade.

Carl D’Ammassa, group managing director of business finance at Aldermore (pictured above), said: “With more people looking to become their own boss, it is vital they have a clear business plan in place to ensure everything goes as smoothly as possible, both in the run-up to launch and, more importantly, throughout the critical first 12 months of trading.”

Almost half of SME owners (48%) created their business because they wanted to become their own boss, over two-fifths (45%) needed more flexibility in their lives, while 43% wanted to be free to make their own decisions.

More than nine out of 10 SME bosses (92%) were glad they had set up on their own.

However, half (50%) admitted that it was much harder work than they had expected.

“Small- and medium-sized businesses play a critical role in strengthening the UK economy and we must provide them with as much support as possible to ensure they triumph in the long run,” Carl added.

“Establishing or owning a business is a dream for many, however, it is key that all budding entrepreneurs realise the extensive amount of time and effort that will be needed to achieve their goals.”

 

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