Research reveals the best time to launch a business
Research from financial services company Aldermore has revealed the best time for people in the UK to start a business.
The research found that spring is the best season for launching a business, with 88 per cent of SMEs (representing more than 4.8 million companies in the UK) that have done so during this period experiencing success.
The research also revealed the best decade for setting up a business, with more than nine in ten who launched their business during the early 2000s saying their business is thriving.
The worst years for starting a business were found to be 2010 and 2011, with less than nine in ten who did so during this period believing their business is a success. However, the past ten years was found to be the best period for setting up a new business, with more businesses being created between 2007 and 2017 than in the 1990s. In 2015, 383,000 businesses were created - up by 39 per cent from 275,000 businesses in 2005.
The research also identified the main reasons for people deciding to set up their own business, with being your own boss being the main driver, cited by just under half of respondents.
Wanting to make their own decisions was also found to be a top reason for respondents setting up their own business, with this being cited by 43 per cent. 3 in 10 business leaders said that they felt that they could do better on their own.
Aldermore Group Managing Director, Business Finance Carl D’Ammassa commented that with more people aiming to become their own boss, it is vital that they have a clear business plan to ensure everything goes smoothly in the run-up to the launch and throughout the critical first year of trading.