Brexit, Covid, war, rising energy prices, a cost of living crisis and something of a revolving door at 10 Downing Street has made for pretty unpleasant news reading over the last few years.
For businesses (and, well, humans in general) life in the UK has been challenging to say the least.
But how confident are Britain’s business owners in light of the political and economic environment in the UK?
Moneypenny surveyed 500 current and aspiring business owners to find out how they’re feeling about their future prospects and those of their business.
Here are the key findings we found most interesting.
Confidence of Business Owners Remains High
An impressive 82% of business owners are somewhat (50%) or very (32%) confident about the future of their business despite the current cost of living crisis.
What Worries Business Owners?
That’s not to say business owners don’t have their concerns. 85% have some concerns at least (with only 15% of respondants stating that nothing worries them about the future of their companies).
Cost of living is at an all time high and rising uncontrollably and with yet another PM on the way out, political instability is on the minds of most.
But what are the things that worry business owners about the future of their businesses?
Well, according to the survey the primary ones are:
- Covid 19 (many business owners still feeling the effects of 2 years of restricted trading)
- The Cost of living crisis
- The fuel crisis
- Increase in energy prices
Image via Moneypenny.com
Do people still aspire to set up a business?
Our survey a coupe of years ago found almost two thirds of UK adults aspire to start a business.
Has that changed?
Moneypenny also survey 1,000 UK adults to find out about business aspirations in light of the current situation.
37% of respondents claim to have considered starting a business – a considerable reduction against the 65% who stated this just a couple of years ago (though note the different panel and question wording).
Of those who want to start their own business, Moneypenny also asked what’s stopped them so far and this is what they answered:
For 23% of aspiring business owners, cost of living increases are stopping them.
For 30% it’s the cost and for 30% again, their own confidence.
In a Nutshell
So, in a nutshell, the current climate doesn’t appear to be hampering the confidence of current business owners in the future of their businesses.
But the cost of living crisis and rising energy prices are certainly worries on their minds.
It does, however, appear to have diminished aspirations of those setting up a business.
