The business landscape is ever-changing and evolving, shaped and twisted by society and worlds events. We recently saw this with the Covid-19 pandemic. Consequently, in order to stay afloat, it was imperative that businesses needed to operate online or by adhering to the ever-changing guidelines from the government. Businesses evolved, and the lockdowns gave way for many budding entrepreneurs. As a result, people had more time to dedicate to starting a business. Side hustles has become a key phrase in business vocabulary. People can take their passions and hobbies and turn them into a way of earning income as the economic landscape changes. More people than ever are creating additional avenues to make an income. Gov.uk released the statistic that between 500,000-700,000 new start-ups launch in the UK every year. From coffee shops to car washes, the UK is bursting with business.
In the 2019/202o tax year, more than one start-up was made per minute in the UK
The UK provides the environment these businesses need to grow and bloom, with SMEs (small and medium-sized enterprises) accounting for 99.9% of the UK’s business population. London is the epicentre of SMEs, with approximately 1.1 million businesses in the capital. In the UK, we have thousands of aspiring CEO’s and bosses of their own businesses, with 22,00 Google searches for “how to start a business” per month. Additionally, there are 24,800 searches for “business ideas”. Starting your own business gives you the ultimate autonomy over your career. You can make money through an avenue you are passionate about. Create the products you wish to see on the market. Add a layer of economic security during trying times when your venture turns a profit.
Why are more people not making their dream a reality and starting their own business?
The evidence is there that more people want to start their own businesses, which begs the questions, what is stopping them? The UK is a rich ground for starting and growing a side hustle, start-up, or small business. Are we constrained by time now society has re-opened, and many of us are back in the office? Is it the cost-of-living crisis making us nervous to branch out of our 9-5’s or unwilling to take the financial hit of business costs before we make a profit?
The following barriers to maintaining a business in the UK have been found:
- Retaining valuable employees – 25%
- Increasing revenue – 25%
- Embracing technology – 22%
- Maintaining profitability – 14%
- Securing finance – 12%
- Other – 2%
Here at UTP Merchant Services, we don’t want inadequate technology that drains your profits to keep you from transforming your passion project into a money-making machine. Ensure your business embraces technology and works alongside the new norm of payments. Accepting card payments is vital for businesses, with 80% of all retail customers paying with their debit and credit cards. Cash is making way for this new contactless era of payments, and at UTP, we don’t believe any business should be limited by the inability to take card payments. At UTP, we offer fixed, portable, mobile, and online based devices meaning there is an option suitable for every business. If you want to start a business, then have a look at our payment solutions, don’t let technology be a barrier to your business succeeding.