Entrepreneurs choose bank holiday to start business
Today is the most popular today for budding entrepreneurs to start a new business adventure, research has claimed.
O2 Business came up with the findings after reviewing data from Companies House which showed that more businesses were started on this day than on any other last year.
In fact, a total of 4,794 businesses were created on 28 August 2014 – a massive 185% more than the busiest day in 2013 when only 1,679 new businesses were started.
A record year for entrepreneurialism
While 28 August was the most popular day to start a business it was far from the only busy day in this regard. In fact, the study by O2 Business found that the number of businesses registered in 2014 hit a record level with 581,000 created compared to just 526,400 in 2013.
Overall the number of businesses in the UK rose by 11% year on year from 2009 to 2013 – a massive increase on the annual rate of 3% recorded before that.
And with 46% of Brits still claiming that they have a desire to start their own company someday it is a figure that is likely to continue increasing for many years to come.
Starting your business at the right time
Of course, for anyone thinking of starting their own business it is important to make sure that such action is only taken if the time is right for them.
That means evaluating the start-up costs and initial running fees and ensuring that the market being entered is capable of supporting another SME and of providing a decent change of income and profit.
Many small business will end their first years of trading with flat or at a slight loss due to start-up costs and it is important to give this sufficient consideration and be prepared for it.
Failure to take control of finances from the outset could leave British entrepreneurs in a difficult situation and even facing emergency business rescue if they’re not careful.
By Phil SmithView all Business Insights