Start up Britain has just announced that 342,927new UK businesses were born between January and June this year, higher than the same time last year which was in itself a record year.
In a time of financial uncertainty, economic nervousness and political instability, it seems the thinking person in the UK is choosing to invest in themselves to safeguard the future of their families.
We are seeing a rapid growth of the over 55 “olderpreneurs” as the relaxation of the rules around drawing down cash out of personal pension plans have allowed many highly experienced retirees with a zest for business to draw on their pension funds to invest in new ventures. Predictions are that £400m of pension funds will be released this year by this sector to fund new enterprises.
At the other end of the age spectrum never has starting a business been so hip. Wary of our stressed-out, corporate-ladder climbing parents over half of millennials would like to start a business. Many of those aged 18-34 are eager to take the leap with one poll showing that one in five of millennials plan to quit their day job to start their own business.
Young couples worried about the current house market are even looking at investing their house deposits in their own businesses as a serious investment option.
“If you build it they will come” is a lovely dream.
Sounds great, however… statisticbrain.com shows that sadly 46% are destined to failure due to incompetence and lack of planning alone.
Business plans are not just for the bank. They are for sanity, for grounding and for profit.
I wish all 342,947 new Entrepreneurs this year the best of luck and I urge them to plan, plan, plan, and to take professional advice wherever they can get it.