Planning on starting a business this year? You're not alone as new research commissioned by Intuit QuickBooks has revealed a 30 percent uptick in the number of people in the UK who are planning to start a business or register as self-employed in 2020.
According to data from Companies House, 1.4m limited company or self-employed registrations were filled out in 2019 and that figure has risen to 1.8m new registrations this year.
Intuit QuickBooks' independent research of 2,500 people also identified a number of other indicators of confidence among early-stage entrepreneurs.
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The firm's research found that 10 percent of self-employed people plan to put their first employee on payroll, 23 percent of business owners are likely to move from kitchen table to premises for the first time, 35 percent of established business owners plan to hire at least one new person and 21 percent of business owners are likely to bring in external funding for the first time.
Taking the next step
The self-employed research respondents surveyed by Intuit QuickBooks also had a wide range of low-level concerns when it comes to taking the next big step in their business journey.
These concerns included being able to consistently afford their salary (28%), whether or not the new employee is 'good enough' at their job (21%), Brexit uncertainty (18%), understanding employment and payroll regulations (14%) and standing out from the crowd of employers (13%).
VP and UK country manager at Intuit QuickBooks, Chris Evans provided further insight on the results of the firm's research, saying:
“Our research shows there’s optimism across the country, particularly for those keen to either start or grow their own business. Small businesses are the backbone of our economy – we need to do everything we can to support them, to help them be more productive and prosper.
“I am regularly speaking to small business owners across the country, I understand the challenges they can face on a daily basis, just to keep on an even keel. The prospect of increasing sales or workforce can be both exciting and also daunting, especially if that means taking on more responsibly, or having to run payroll. However, with the right digital tools and support in place, you can run and grow your business with confidence.”
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