Home start-ups account for 60% of new businesses

Research reveals home-based ventures contribute £364 to UK economy

Home-based businesses make up nearly a quarter of the UK workforce, new research has revealed.

According to research from BT Business, home-based ventures contribute £364bn to the economy each year. The research also revealed that 60% of all new businesses are now started at home.

The report was released as part of Small Business Week, which was launched at the BT Tower in London today.

Bill Murphy, managing director of BT Business said:

“The world of British business is changing, with hundreds of thousands of new businesses being started every year.

“However, our report demonstrates that there are many areas of concern to small businesses and it’s critical that we provide more support and help these companies to thrive and grow.

“In order to help small businesses take advantage of the world of opportunities that are open to them, we need to get a better understanding of the issues they face.”

The research revealed that three quarters of small business owners think government can do more to support them. Only 7% of those questioned believed the government was doing all it could to help small firms.

Stephen Timms, minister of state for the Department of Business, Enterprise and Regulatory Reform (DBERR) said:

“The increase in [small business] numbers has been a big success for Britain over the last few years. We want to build on that now, and help today’s small businesses grow and take advantage of global markets.”

© Crimson Business Ltd. 2007

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