ONS figures released last month report that self-employed people now account for around 15% of the workforce, an increase of 182,000 from January to March 2016, and a group it suggests is driving the successes of the labour market and growth in the economy.
Since 2002 BFS has been delivering alternative finance for businesses that have been unable to secure funding through mainstream sources. To date we have lent over £70m to businesses across the UK, a large majority of which is to Start Up Businesses helping to fuel these economic trends- so what are some of the main reasons for people choosing to take the plunge?
- Flexible working life: being a successful business owner can be all consuming, but as you begin to master your work schedule you can start to give yourself a bit more flexibility and freedom which really is invaluable for quality of life.
- Sense of achievement: most entrepreneurs have dreamed and planned their business for years before they make the leap and to create and grow something that is all down to your hard work gives you a sense of pride that is hard to beat.
- Building a network: increasingly entrepreneurs are partnering with other small businesses and suppliers to help each other and spread the word about their services. This can lead to a great new network of business connections, valuable support and opportunities to grow your business in new and different ways.
- Giving back: a surprising and growing number of entrepreneurs are putting a community or charity element at the heart of their business. Often it will have been inspired by personal circumstances and the ability to help others through your own hard work is enormously inspiring.
- Lifelong learning: all small business owners will end up out of their comfort zone at some point but, whether it is mastering finances or becoming a social media ace, everything you learn will be of benefit to you and your business.