Number of UK Businesses at a Record High

Recent statistics show that the number of business across the UK are booming, with the number of people setting up their own company within the UK at a record high. Currently, London has hit a new record when it comes to the amount of businesses in the city, having grown by a huge 41% since 2010. According to official statistics, there are now a record 5.5 million businesses across the UK, with over one million of those being in the capital city alone.

Official Statistics

According to official statistics, more people are starting their own companies in the UK than ever before. According to Business Population Estimates, there are now almost 1.5 businesses for every ten adults in the capital. At the beginning of 2016, the UK had a million more small businesses, four thousand more medium businesses and almost a thousand more large companies, compared to statistics six years ago in 2012, showing a huge growth rate of 23%.

Economic Impact

The growth of businesses in the UK is definitely a result of the stronger economy and economic recovery since the recession of 2008. Greg Clark, Business and Energy Secretary, describes Britain’s businesses as the ‘heroes’ of the economic revival. He went on to state that the government is committed to ensuring that the UK builds on this economic success and creating a country which is the best place to start and grow your own business.

Benefits of Business Growth

The rapid growth of businesses in the UK has brought about a wide range of different benefits for local communities, individuals, and the country as a whole. One of the main benefits which has been brought about by this increase in UK businesses is the fact that more jobs have been created, helping to combat unemployment and give more people the chance to work and pursue a good career. In turn, this has enabled the national average income to rise, and in the future could even be influential when it comes to tackling issues such as poverty and homelessness in the UK.

Starting a UK Business

With such great growth rates when it comes to the number of businesses which are being started and run in the UK, it’s no surprise that becoming an entrepreneur is a real and achievable dream for more and more UK citizens and residents. If you are from, or have the right to start a business of your own in the UK, this may well be something that you are considering in order to make a living. When it comes to starting a UK business, there are many different routes which you could choose to go down depending on the type of business that you are starting and the industry that you are in. Some of the main things that you will need in order to get set up as a UK business owner include funding, a good business plan, the right technology and upgrades (see offtek.co.uk for more information) and a good marketing strategy.

Do you run a UK business? We’d love to hear about it in the comments.