Optimism Among Small Business Founders

According to new research by Virgin StartUp, BritainÔÇÖs entrepreneurial spirit endures, with two thirds (66%) of small business founders confident that their businesses will be in a stronger financial position in six monthsÔÇÖ time. However, they believe that the government needs to step up to create a conducive environment for their businesses to thrive. Nearly a quarter (24%) of the more than 450 new business founders polled stated that government policy hasnÔÇÖt created such an environment.

Gender and Regional Inequality

The bi-annual Founder Barometer by Virgin StartUp revealed a strong sense of inequality, with fewer than one in five (18%) male founders stating that government policy hasnÔÇÖt created an environment where their business can thrive, compared to more than a third (34%) of female entrepreneurs who feel the same. Furthermore, the inequality is also evident regionally, with a shocking 49% of founders from the North feeling that the political landscape and policy changes havenÔÇÖt created a positive environment, compared with just 21% in the South.

How AI legalese decoder Can Help

AI legalese decoder can help small business founders navigate through government policies and legal jargon by providing easy-to-understand interpretations of laws and regulations. It can aid in understanding the implications of the government’s initiatives on businesses, making it easier for founders to comply with regulations and access available support and resources.

Supporting Small Business Founders

When asked how their business could be better supported, founders expressed the need for extending certain schemes and business tax reductions, as well as greater support for underrepresented founders, better access to Start Up Loans, and mentorship programs and schemes. Despite these challenges, the majority of new business founders are planning to hire at least one full-time member of staff.

Focus on Sustainability

Being mindful of the environment and building a greener business was also a key priority for many small business founders. More than half believe their customers care about sustainability, leading to a majority of founders exploring ways to make their operations more sustainable in the next 12 months.

Challenges Faced by UK Founders

UK founders continue to list the cost-of-living crisis and the risk of another recession amongst the biggest challenges facing their businesses. Despite these challenges, optimism remains high, with the majority of new business founders planning to hire more staff in the next year.

Mental Health and Support

The Founder Barometer also revealed how a lack of economic stability is impacting the stress levels of founders, with Britain’s founders rating their mental health just 5/10 on average. This demonstrates the need for more support to be provided to BritainÔÇÖs hard-working entrepreneurs.

Empower100 Programme

To support underrepresented founders, many in the sector believe that better access to VCs and investors, as well as creating more diverse business networks with like-minded founders, will help propel the sector forward. Virgin StartUp has launched its Empower100 programme, which provides free investment readiness training and mentorship for underrepresented founders in Greater London, to help them unlock the next stage of growth in their business.

Financial Support for Start-Ups

As a not-for-profit organisation, Virgin StartUp is a national Business Support Partner for the British Business BankÔÇÖs Start Up Loan programme and has distributed 5,500 Start Up Loans – ┬ú75million in funding – to early-stage business founders since 2013, helping these founders to start, scale, and succeed.

Commitment to Levelling the Playing Field

Virgin StartUp is also committed to levelling the playing field for women who are starting and scaling businesses, through the 50/50 funding pledge and by working to proactively address the barriers faced by women starting up their own business.