Skip to main content
We're here with practical information for your business. Learn about business planning, running a business and more.

Search

For a successful business, you need a viable business idea, the skills to make it work and the funding. Discover whether your idea has what it takes.

Forming your business correctly is essential to ensure you are protected and you comply with the rules. Learn how to set up your business.

It is likely you will need funding to start your business unless you have your own money. Discover some of the main sources of start up funding.

Businesses and individuals must account for and pay various taxes. Understand your tax obligations and how to file, account and pay any taxes you owe.

Businesses are required to comply with a wide range of business laws. We introduce the main rules and regulations you must comply with.

Learn why business planning is an essential exercise if your business is to start and grow successfully, attract funding or target new markets.

Marketing matters. It drives sales and helps promote your brand and products. Discover how to market your business and reach your target customers.

Some businesses need a high street location whilst others can be run from home. Understand the key factors from cost to location, size to security.

Your employees can your biggest asset. They can also be your biggest challenge. We explain how to recruitment and manage staff successfully.

It is likely your business could not function without some form of IT. Learn how to specify, buy, maintain and secure your business IT.

Few businesses manage the leap from start up to high-growth business. Learn what it takes to scale up and take your business to the next level.

Would-be entrepreneurs lack confidence to start a business

11 February 2020

One in five Brits wants to set up their own business in the next five years but worries about everything from age to money are holding them back.

A new survey by WebsiteToolTester has found that 19% of Brits would like to set up their own business in the next five years and 23% describe themselves as entrepreneurial.

However, the research has found that significant barriers are preventing many would-be entrepreneurs from taking the plunge. Half (49%) of those polled said it would be risky to start a business in the UK today; and 41% said they lacked the confidence to start their own business.

The results of the survey indicate that age is a key factor, with 77% of younger Brits saying they'd start their own business if they were older and 57% of the older generation saying they'd start up if they were younger.

Millennials are regarded as the best age group to start a business, with 51% of those polled agreeing that 25-34 years-old is the optimum age to set up a new venture. The best age to start a business is 30 years old, according to 19% of respondents.

Gender is also an issue for some, it seems. One in ten Brits think that men are better entrepreneurs than women, with a further one in four saying it's harder for women to start a business. Meanwhile, 8.5% of women say they would be more likely to set up a business if they were male.

Another key barrier is money and 24% of respondents said they would not want to invest their own money in a new business. However, almost half (46%) of those surveyed said they would need over £20,000 to start their business; one in 20 said they would need at least £90,000 and 22% of respondents said they could set up a new enterprise without any money at all.

Robert Brandl, ceo of WebsiteToolTester, said: "It's great to see that so many people are keen to nurture their inner entrepreneur, with plans to set up their own business in the next five years. Whilst funding and connections help when setting up a new business, a great idea and enthusiasm need to come first."

Written by Rachel Miller.

Stay up-to-date with business advice and news

Sign up to this lively and colourful newsletter for new and more established small businesses.

Contact us

Make an enquiry