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Barriers to SME Growth in the UK

This week is Local Business Week and new research has revealed that more than 1 in 3 (36%) people would like to start their own business because they want to earn money for themselves and not for their boss and a third (35%) would like to choose their own working hours. The research into why people would like to start their own business has given a picture of the driving forces behind entrepreneurs and their aims and desires. With the latest figures from the Federation of Small Businesses showing that 3.7 million (63%) UK businesses are sole proprietorships and 99.9% of businesses are in the SME category, how these companies fare is crucial to helping the UK economy to continue growing out of its slump. It was also revealed that taking pride in owning your own business is a leading reason for going it alone, with 1 in 4 (25%) of people polled saying this is why they would start their own company. However, despite the fact that there have been signs of a growing economy in the UK recently, a quarter (25%) of people surveyed would be unsure about starting their own business right now as they aren't sure about the strength of the market. Small businesses account for 99.9% of all private sector businesses and are the backbone of the UK economy. Despite a more positive outlook within the UK economy recently, there are still many challenges remaining for SMEs. From financing to marketing, small and medium businesses need to consider all areas if they are to make the most of the growth opportunities that are now finally beginning to present themselves.