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June 09 ,2016 | by Helen Gould

One in 30 people are now business owners, according to research

One in 30 people are now business owners

One in 30 people in the UK own a business, according to research from Direct Line for Business.

The research looked at the number of microbusinesses in the UK and found that they represent 89 per cent of all UK businesses.

Findings

According to the research, there are 2.1 million businesses across the UK with less than nine employees.

London was found to have the most microbusinesses at over 400,000, with 47 for every 1,000 people. This was followed by the south east with 337,385 microbusinesses, and the east with 216,700.

According to Direct Line for Business, the research also shows that the success of a business is not necessarily tied to size: over 23,500 microbusinesses operate on a turnover of over £1 million.

Contribution

Commenting on the research, Direct Line for Business head Nick Breton said: “Britain is a nation of entrepreneurs, as highlighted by the fact that there are nearly 34 microbusinesses for every 1,000 people in the UK.

"These enterprises account for 89 per cent of all companies across the UK, which is a huge contribution to the business economy.”

The average turnover for microbusinesses in the UK is currently £286,879, whilst the average turnover for SMEs is £703,419.

Helen Gould

Helen is a News Writer for LSBF who writes about education, careers, sustainable business, and women in business.

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