Most SME Owners Believe Business Is Booming

More new businesses were launched between 2007 and 2017 than those formed in the 1990s, according to research.

Figures from the ONS show 383,000 business start-ups were launched in 2015, compared to 275,000 in 2005 – an increase of 39% in a decade.

And most small business owners are more than satisfied with the performance of their entities.

Banking group Aldemore surveyed 1,003 SME owners and found 85% view their business as a success.

Of firms launched in the early 2000s, 92% of owners reported their business to be thriving with the number falling slightly to 86% for entities formed between 2010 and 2011.

However, only 59% of business owners who launched their business in the last two years stated they are flourishing.

In addition, 88% of owners believe spring is the best time to start a business.

Carl D’Ammassa, group managing director of business finance at Aldermore, said:

“With more people looking to become their own boss, it is vital they have a clear business plan to ensure everything goes as smoothly as possible – both in the run-up to launch and throughout the critical first 12 months of trading.

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