Starting a small business was the best decision ever made, say SME owners

10 July 2023 , 13:56

1141     0

Nearly nine in ten small business owners say setting up their enterprise was the best decision they ever made (Image: Amazon UK)

Nearly nine in ten small business owners (87%) say that starting up their own enterprise was the best decision they have ever made, research has found.

The average amount of money invested in their pursuing their entrepreneurial dreams was £2,767 – but three in ten put in over £5,000 to start up their own business, according to the poll of 1,000 SME owners.

And despite feeling overwhelmingly positive about their successes, two-thirds of those polled, via OnePoll, wish they could have spoken to experts before they started their business pursuit.

The top questions they would have asked include how to promote their business (31%), and how to manage finances (30%).

Other top queries included asking about what they need to know to succeed (28%), and knowledge of legal information (27%).

Amazon is selling 32 packs of Walkers ready salted crisps for just £10

Ahead of Prime Day, Amazon is offering the chance to win one-to-one business lessons with business mogul, Sara Davies (SWNS)

The research, commissioned by Amazon ahead of Prime Day, also found fear of failure (41%) was the top reason why SME owners believe others aren’t willing to take a risk – while 25% were stopped by a lack of knowledge on how to start a business.

To help SME owners, one entrepreneur has the chance to secure one-to-one business lessons from Sara Davies MBE, through Prime experiences.

The business mogul, and owner of Crafter’s Companion, will give one customer monthly sessions to consult on their company, and help it boom by the end of 2023.

Starting with a kick-off session at Sara’s offices in Durham, five monthly virtual sessions will take place up until December 2023, to help monitor progress and advise on next steps.

To be in with a chance of securing the experience, budding entrepreneurs or ambitious employees need to buy a Dingbats Wildlife Notebook when it goes live with the experience on Prime Day.

Dingbats is one of the many small businesses selling on Amazon, which launched a business support program in 2020 to support SMEs and start-ups through online learning and bootcamp events.

There are 1.9 million SMEs selling globally on Amazon, and 100,000 in the UK alone, who recorded more than £3.3 billion in export sales in 2022.

John Boumphrey, UK country manager of Amazon, said: “We work really hard to deliver great products at the best prices for customers, from the biggest brands to the 100,000 small British businesses.

“There is a lot to be excited about and a lot of value to find, with a few fun surprises and experiences to help you feel like a big deal along the way.”

Andrew Young