The UK economy has a remarkable record of nurturing entrepreneurship. With a total of 5.5 million private sector business recorded at the start of 2022, the UK’s business economy is booming. Current trends show that the UK is a place where young businesses can grow to outstanding heights.
Over the past 20 years, the UK has nurtured 72 ‘Unicorn companies’- a startup which has reached a valuation of $1Bn. Companies such as Gymshark, Revolut and Just Eat are examples of British made ventures which have claimed the prestigious unicorn status.
Currently, the UK’s focus on digital growth had and continues to push young businesses to grow rapidly. Why is this the case, in this blog we explore the hows and whys of starting a business in the UK.
Fueling Success: Funding and mentorship opportunities in the UK.
Within the UK, there are a number of world class startup incubators and accelerators available to provide mentorship and capital to innovate businesses. Such as the London based Founders Factory, who are credited for funding over 200+ startups.
Places like London’s Tech City and elsewhere like Brighton or Manchester have made the UK a hotbed of opportunity and a key driver of entrepreneurship. Secondly, both the private and public sectors have an interest in nurturing business, with the UK government also providing help for new ventures. The government funded scheme ‘Start Up Loans’ can provide new businesses with a loan of £500-25,500 along with 12 months of free mentoring.
As you can see, British companies and the government are deeply involved in creating a nourishing environment for young companies – and it’s a key reason why the UK is a great place to benign your venture.
Less red tape, more business freedom.
Businesses set up in the UK enjoy a lot of bureaucratic freedom compared to other countries. Predominantly thanks to the UK Government’s long standing ‘Business Impact Target’ and ‘cutting Red Tape’ review programmes. These reviews aim to keep lower restrictions for UK businesses and make the company creation process a lot easier.
Secondly, thanks to the openness to new businesses in the UK, business owners remain optimistic about growth, even during times of recession and hardship. Small Business Britain’s ‘Moving Forward’ report claims that 60% of business owners expect their business to grow in 2023, despite a tough year previously due to Cost of Living and oncoming recession. UK business owners can remain confidently optimistic as the UK economy is suited for the resilience of small businesses. The ‘Moving Forward’ report argues that small to medium enterprises have a capability for flexibility and growth which is nurtured in the UK’s economic environment.
Looking outwards- trading and talent.
Due to Brexit, the UK is free to establish its own trade laws, allowing for a unified global trade network worldwide. As a business owner in the UK you can take advantage of these, and know that the UK government will continue to establish new routes and networks throughout.
If you are an international business owner looking to trade in the UK, you may be eligible for visa options, which will allow you to live and work in the UK. Options such as the Start-Up Visa are accessible and a lot more affordable than other visa options. By issuing visas as such, the UK regularly invites bright talent to the country, once again aiding the business economy.
Are you ready to start?
Starting your own venture can be a daunting process, but you can make the UK economy work for you. Perhaps it’s time to take the plunge and start your business today. Thanks to the easy process, we can help you get your company registered and trading in as little as three working days. What are you waiting for?