SME workers hold ambitions to start their own small business
One of the most impressive facets to the UK’s private sector is its dynamic small business landscape. SMEs throughout the UK saw impressive growth throughout 2021 and have continued this momentum into 2022 with 56.2% reporting a rise in earnings in the last quarter of 2021 versus the same period of 2020. The small business eco-system is predicted to be a ‘boom’ sector throughout 2022, with small businesses looking to drive employment and investment numbers with 58% predicting an increase in revenue this quarter compared to last year.
After a promising start to the year, the proportion of small businesses looking to hire in the next three months reached the highest point in seven years. During this quarter, one in six small businesses plan to hire new employees – over three times more than the same period last year. The ambition is not only from the businesses, but also from the employees of SMEs with a recent survey finding that 50% of workers within UK small businesses harbour ambitions to start their own business. Younger employees were most likely to hold entrepreneurial ambitions, however 43% of employees aged 55 and over also want to create their own start-up. This shows the impressive entrepreneurial spirit which runs through the UK and is expected to help grow the UK SME eco-system.
SME investing can represent an exciting opportunity for investors, providing them with tax benefits and a realistic chance to maximise their returns. In 2021 there were a record 319,000 new businesses registered in the UK, meaning the number of small businesses now standing at 5.5 million, with recent research showing that two-thirds of the UK workforce want to start their own company. This shows a continued desire, caused by the pandemic, for individuals to start a business of their own in the UK.
The entrepreneurial spirit of SME workers throughout the UK is exciting to see. The desire for workers to start their own small business will offer more opportunities as they continue to be at the forefront of the UK business sector. SMEs have worked so hard throughout the last year, not just to survive but to prosper and with restrictions ending, the small business sector looks set to revel in the opportunity to grow their operations significantly throughout 2022.
To find out how IW Capital could maximise your investment opportunities, please contact the team today on 020 7015 2250, or email info@iwcapital.co.uk.