the business ladder

A 100% increase over the previous five years has been seen in the number of new business owners establishing limited companies.

Entrepreneurs have increased in number by 117% since 2005, leading to a 41% boost in the overall number of UK businesses according to Experian.

The information gathered by the company also suggests that the small businesses set up over this time period have been able to sustain impressively low insolvency rates, and the second greatest financial score in comparison to other kinds of business frameworks.  

Experian’s database meant they could study the 4.3 million UK directors they have information on, revealing a rise of 146% in males entering one and two man businesses, with the greatest proportion being the younger age group, under 24s seeing a 62% increase, and those aged 25-29 increasing by 54%.

Furthermore, the number of women entering business saw an increase of 72% over five years, with older females leading the rise, in contrast to the male figures; there was a 29% rise in 60-69 year olds entering business, with an additional 13% rise in the over 69 age range.

The research suggests that the management and consultancy areas saw the greatest increase in one and two man businesses, enlarging by 181%. Companies in this sector tended to fall into a few categories: training, consultancy, public relations and marketing.

London was the location with the greatest concentration of these small one and two man businesses, reportedly containing 31,449 companies, a result of a five year 105% growth. Similarly, Birmingham experienced a 188% growth, with the second highest number at 10,207.
 

 

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