Start with what you know

3 mins

This is what we know:

26% of people started their business because they were ready to be their own boss.

23% started to pursue their passion.

£10,000 is the average amount of startup capital for these business.

One third of these businesses got started with less than £5,000.

92% of entrepreneurs and freelancers said they didn't regret their decision to start a business.

Small business failure has declined by 30% since 1977.

One third had been working for themselves for 2-4 years.

Only 22.5% of small businesses close during their first year.

50% of people have the ambition to turn a new project into their main form of income.

51% of new projects require no outside funding.

71% of people list 'lack of time' as the number one barrier to their latest project being launched.

80% of owners say their business negatively impacts on their personal life.

31% of people suffer from a 'lack of money' in business.

24% feel held back through fear.

38% said they were afraid of having to close get a 'real job'.

18% placed support with the 'business side of things' as their number one need.

43% need help making their business more visible.

92% of small business owners agree that mentors have a direct impact on the growth and survival of their business.

We started here.

A list of fears, pains, wishes and dreams.

Mentors, mindset, funding, time and visibility.

Our entire business is based on this.

Where will you start?

This research is based on research from 2019 containing data from 400 freelancers, owners and entrepreneurs. It was inspired by a conversation with Seth Godin, The Side Project Report from the Do Lectures (there are some strikingly similar results) and a list of questions we ask all our clients. There are a few industry benchmarks thrown in as well.

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