Skip to main content
Guiding you to a better future

Search

For a successful business, you need a viable business idea, the skills to make it work and the funding. Discover whether your idea has what it takes.

Forming your business correctly is essential to ensure you are protected and you comply with the rules. Learn how to set up your business.

Advice on protecting your wellbeing, self-confidence and mental health from the pressures of starting and running a business.

Learn why business planning is an essential exercise if your business is to start and grow successfully, attract funding or target new markets.

It is likely you will need funding to start your business unless you have your own money. Discover some of the main sources of start up funding.

Businesses and individuals must account for and pay various taxes. Understand your tax obligations and how to file, account and pay any taxes you owe.

Businesses are required to comply with a wide range of business laws. We introduce the main rules and regulations you must comply with.

Marketing matters. It drives sales and helps promote your brand and products. Discover how to market your business and reach your target customers.

Some businesses need a high street location whilst others can be run from home. Understand the key factors from cost to location, size to security.

Your employees can your biggest asset. They can also be your biggest challenge. We explain how to recruitment and manage staff successfully.

It is likely your business could not function without some form of IT. Learn how to specify, buy, maintain and secure your business IT.

Few businesses manage the leap from start up to high-growth business. Learn what it takes to scale up and take your business to the next level.

Would-be entrepreneurs delay start-up plans as election looms

23 April 2024

New research has found that while many Brits want to start a business, nearly half say that economic instability and uncertainty ahead of the next general election is deterring them from starting up.

With no date yet set for the upcoming general election, it seems that the uncertainty caused by potential political and legislative changes is making aspiring entrepreneurs nervous. It means that many Brits with ambitions to work for themselves are being deterred from starting a business at this time, according to research by accounting software firm FreeAgent.

Its poll of working Brits has found that the majority of respondents have had thoughts of starting their own business at some point and one in five say they'd like to start a business in the next six months. However, 58% say their decision has been "significantly" or "somewhat" affected by the prospect of a general election in 2024.

Nearly half of respondents (49%) say they have been deterred from starting a business due to economic instability caused by uncertainty around the next election; prospective business owners are also worried about the ongoing cost-of-living crisis as well as a lack of government support for small businesses.

Uncertainty dampens entrepreneurial ambitions

Over a third (35%) of respondents say they have been put off from starting their own business due to uncertainty around changes in tax, with 30% worried about changes in small business funding and 28% concerned about changes in legislation and regulation with the prospect of a new government.

Furthermore, many potential business owners are anxious about the financial burdens of setting up a business, with a fifth (21%) of those surveyed concerned about start-up costs, while 18% say a lack of personal savings is a particular worry.

"Many budding entrepreneurs are clearly considering the possibility that there may be big political and economic changes on the way, particularly if there is a change in government, and are waiting to make any concrete plans to start their own businesses. However, this uncertainty is only going to continue until we have some kind of clear indication over when the next election will actually be held - and what the various political parties' priorities are for the small business sector. Although we may have to wait for the main parties to reveal their actual election manifesto pledges, I hope that they will start to give some indication over their plans for the small business sector. By having clarity over issues such as small business taxes, late payment and access to support, SMEs will be able to better plan for the future and would-be entrepreneurs will have more confidence in taking the plunge and setting up for themselves." Roan Lavery, ceo and co-founder of FreeAgent.

Brits want a better work/life balance

Despite these concerns, however, 39% of people said they still hoped to set up a business within the next 12 months. The top reasons for this are:

  • Achieving a better work/life balance (46%);
  • Being able to choose the work done (34%);
  • Being able to follow passions (34%);
  • Having a greater sense of achievement at work (33%).

Aspiring business owners are not short of confidence in their own abilities, it seems. Six in ten (62%) of those polled say that although they have moderate concerns about the potential failure of their business, they believe they can overcome these challenges.

Written by Rachel Miller.

Stay up-to-date with business advice and news

Sign up to this lively and colourful newsletter for new and more established small businesses.