No-one will be surprised to learn that start-ups and small businesses in the United Kingdom play a crucial role in growing the domestic economy.
In fact, according to the 2017 Business Statistics briefing paper published by the British government, of the country’s 5.7 million registered businesses, more than 99% were small or medium-sized, employing between one and 250 people. What’s more, these businesses were collectively responsible for 51% of the entire private sector turnover.
Why is it that despite numerous government-backed initiatives aimed at encouraging people to start their own businesses and to help existing ones flourish, four out of five new businesses fail within their first year of operating? While there are clearly a number of reasons for the demise of any new venture, in this article I’ll make a few simple suggestions that I’ve gathered over the last few years