Turner Little discusses new research, which indicates that the majority of UK-based business owners believe that the country’s decision to leave the EU (Brexit) could boost British entrepreneurship.
Brexit benefits
Brexit could provide key benefits for small businesses. Due to the falling value of the Pound, British products are now cheaper for foreign buyers, proving advantageous for exporters. This has also made the UK a cheaper holiday destination for international travellers, bringing more business for the tourism industry and further made UK property more affordable, incentivising foreign buyers.
UK Prime Minister Theresa May plans to pursue a ‘hard’ Brexit, prioritising sovereignty over freedom of movement. This may restrict UK small business’ access to the lucrative EU single market. However, it does suggest that upon completion of Brexit, the UK may abandon EU regulations that many small to medium-sized enterprises see as burdensome, providing new opportunities for business leaders.
Strong entrepreneurship
Consequently, Brexit has not “dampened” entrepreneurial spirit in the UK, according to US-based health and beauty product seller Amway’s latest Global Entrepreneurship Report. Business advice portal Start-ups writes that a majority (55%) of UK business heads believe that Brexit will incentivise more aspiring entrepreneurs to set up their own company going forward.
Amway found that just over two thirds of those questioned believe that a single British economy is good for business. Consequently, four fifths admitted that they are already making plans to set up a new company, while 40% said that they are looking to continue pursuing expansion in the short-term.
Tackling issues
Yet 29% suggested that increasing costs and financial burdens are pressing business concerns right now. Consequently, 38% of respondents are thinking of delaying growth plans, while their families find ways to lower their personal expenditures. Also just over half of company owners see fear of failure as the biggest barrier to entrepreneurship, but this was lower than in 44 other nations polled, with an average of 70%.
In their report, Amway made it clear that Whitehall could implement several policies to boost entrepreneurship in the UK. Of those polled, 44.5% argued that by providing better tax breaks, the government could incentivise more people to set up businesses. Meanwhile, just over half are wanting to set up their own firm within the next year and all of these respondents believe that the government should make business loans a more attractive option to entrepreneurs.
Start a business
Therefore, Amway’s research suggests that if you choose to start a business post-Brexit, you could build a successful venture. There are a number of factors you should take into consideration when launching a new company. It is key that you establish a strong financial infrastructure, so you can manage your start-up and expansion capital effectively. As Registered Bank Intermediaries, Turner Little can supply the UK banking advice you need to become an entrepreneur in post-Brexit Britain.
Turner Little
Turner Little was founded in 1998 and it has since become a well-established UK based professional Company Registration Agent, Registered Bank Intermediaries and Business Consultants, as well as Trust provider. You can receive our monthly newsletter by signing up using the form below.