Prior to the recent recession, the majority of new businesses were set up close to the start of the fiscal year. However, during the recession, chosen dates varied widely. In 2012, 11th December was the most popular date, with 22nd June taking the top spot in 2011.
2013 proved to be a record year for entrepreneurial activity, offering a promising sign of a return to pre-recession economic stability. Over half a million businesses were set up during the year, compared to 479,500 in 2012 and 440,600 in 2011. This exceeded the previous high in 2007 (443,800) and represents an increase of 50% since the beginning of the recession in 2008.
Since 2009, the number of start-ups has risen dramatically with an average year-on-year increase of 11 per cent. This rise in the number of UK entrepreneurs is supported by additional research from O2 Business, which found that over a third of us have ambitions to set up our own business. But despite this appetite, budding entrepreneurs are often put off because they feel they don’t have enough money or simply didn’t know where to start.
Rob Law, CEO of Magmatic Ltd, creator of the children’s suitcase brand Trunki, said: “Starting my business was the most rewarding thing I’ve ever done. I had a very clear vision of my product and what I wanted to achieve so I was lucky, but it still took an awful lot of perseverance and hard work.
“Especially in the early years, you spend all of your time trying to get the business off the ground – harnessing the latest technology can help you sell globally but it takes valuable time staying on top of it. Having a dedicated package which gives all you need to get started – along with the support team to help you – frees up your time to concentrate on the number one priority: growing your business.”
Paul Lawton, Head of Small Business for O2 said: “It’s great that more and more people are choosing to start their own business. 2013 proved to be a record year for entrepreneurs and we hope to see this upward trend continue into 2014 and beyond.
“At O2 we understand that starting a business can be an extremely daunting process, so we are doing all we can to help entrepreneurs and small businesses get off the ground quickly and with ease. We give guidance through our small business information hub and deliver essential 4G connectivity, all under the commitment to support our customers become fully equipped for an increasingly digital Britain.”