UK Contractors: Many UK businesses start up quickly and with less than £2,000
New research has shown that many small businesses, such as Limited company contractors, take just a few months to get their company off the ground.
A recent report from jobs board People Per Hour has revealed that of the 3,400 new businesses surveyed, 21% managed to start up within just a matter of six weeks.
Twenty-eight per cent of respondents were up and running within 6-12 weeks, and 19% took around 12-20 weeks. Only 7% of respondents said it took them longer than 12 months to set their business up.
According to the People Per Hour findings, most of those surveyed had confidence in their business, with 45% believing their company would continue to thrive and grow over the next year; 18% said they were ‘cautiously optimistic’.
Many of the business owners managed to start up with a relatively small amount of funding too, with 22% saying they started up with less than £2,000 and 17% having less than £1,000.
Xenios Thrasyvoulou, founder and CEO of PeoplePerHour, said, “A major factor in this growing trend of new small business owners, across generations, is how cheap and easy it is to set up a business and build a client base from day one.
“The barriers of starting a business being lowered is one of the main reasons we’re seeing such a noticeable rise in the nation choosing the self-employment route earlier than ever before in their careers.”
He added, “Starting your own business is far less daunting than it once was. Since the recession, people have ventured into being self-employed through necessity, but with an improving economy many are still seeing this avenue as a more satisfying one than the old 9-5 day job.
“The ever-increasing amount of people deciding to be their own boss indicates self-employment is a trend that is here to stay.”
If you’re interested in making the move from permanent to contracting, why not download our FREE 60 page guide to Contracting through your own Limited company.
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