UK’s small firms anticipating growth next year despite waning confidence
47% of business owners running companies less than a year old are expecting to achieve double-digit growth
Almost 90% of the UK’s start-ups have said they are expecting to grow sales next year in the face of dissipating business confidence, according to research from the government-backed Start Up Loans Company – the recently announced headline sponsor of the Startups Awards 2017.
The study, which surveyed 630 owners of businesses that have launched within the last 12 months, found that 47% claimed to be forecasting double-digit growth over the next year, with another quarter anticipating their sales to grow by 25%.
Launched in 2012, the Start Up Loans Company claims to have provided more than £300m of funding to 47,000 businesses such as Startups Awards 2016 Women in Business award-winner Pip & Nut, fashion label Tom Cridland, and soft drinks brand Dalston Cola.
Tim Sawyer, CEO of the Start Up Loans Company, commented: “It’s not surprising to see the business community at large pause for thought, given the political uncertainty of recent weeks, but our own research shows that founders of start-ups are a resilient breed and their own ambitions remain almost entirely unaffected.
“Of course there are challenges, but when you’re determined to start and grow a business, nothing stands in your way. What’s more, there’s help at hand, from mentoring schemes and business advice, to ensure start-ups get all the support they need to survive and thrive.”
Duncan O’Brien, founder of Dalston Colas said: “It’s natural to doubt yourself when the orders don’t come rushing in on day one, but you have to stay focused on your plan, and most importantly stay optimistic and keep moving forwards.
“If you’ve done your research and manage to create a great product – and deliver this with great customer service, then you stand every chance of success.”