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.”
TSB names new general counsel
TSB has announced that Lorna Curry (pictured above) will become its new general counsel in January 2018.
Why business owners need to know about Help to Grow
Last week, I read with interest some new research from the Institute of Directors’ start-up network (the IoD99) which revealed that UK entrepreneurs are feeling confident about growing and developing their businesses in 2018, despite challenges posed by Brexit and new regulatory requirements.
Metro reveals new director of commercial real estate
Metro Bank has announced Gabrielle Berring will join the challenger bank as its new director of commercial real estate on 2nd January 2018.
Aldermore names new chairman
Aldermore Group PLC has announced that Pat Butler will become its new chairman.
Have banks changed their behaviour since the financial crisis?
A quarter of UK SMEs (24%) believe that banks have failed to change their behaviour since the global financial crisis in 2008, according to a new study.
Revolut introduces cryptocurrency feature
Revolut has added a new feature to its mobile app which allows customers to buy and exchange three major cryptocurrencies.
Secure Trust Bank partners with Complete FS
Secure Trust Bank has been added to the Complete FS lending panel.
FCA publishes new rules for current account providers
The FCA has published final rules which will require providers of personal and business current accounts to publish information that will help customers to compare the service they could receive.
Will there be a rise in UK ‘drive-thru’ banks?
Just over half of finance professionals have said they expect to see an increase in ‘drive-thru’ banks, according to a survey conducted by Specialist Banking.
Swedish mobile banking start-up secures new funding
Swedish mobile banking start-up firm Plexian has completed its secondary public offering.