Growth in UK Start-Up Businesses
Recent media reports reveal that, according to the Department for Business, Innovation and Skills, the number of small businesses operating in the United Kingdom grew by a significant percentage in the year up to the beginning of 2010. The trend means that there are more and more start-up businesses in the country, with more individuals turning into entrepreneurs and building their own private businesses, possibly in an effort to beat the difficult financial times of the recession. The figures have once more prompted comments from government ministers, saying that private businesses are important for the national economy and promising to support entrepreneurs in their efforts.
The Competition Among Start-Up Businesses
While the growing numbers of start-up businesses point to a wider acceptance of self-employment as an entrepreneur as a legitimate position within the national economy, there may also be some people who wonder if it also means greater competition for financing and loans. In particular, in business areas where a large number of start-up businesses are kicking off activities, there may be some challenges in accurately researching the competition and analysing the marketplace when creating the vital business plans that help to get a venture onto its feet. It goes to show that, in business planning, it is good to have access to people who have their fingers on the pulse of the start-up business world as a whole, instead of solely focusing on the enterprise that is starting up. Such knowledge is a help in both accurate planning and in pitching for finance in the face of growing competition.