Issue #93 - The Startup Issue 🆕
UK startup and small business stats | Beginners guide to starting a small business | How to register a business | How to sort a Start Up Loan | How did you start your business? | Words | Tunes | More
The UK’s small business success story
Welcome to Issue #93 of The Backbone - the fortnightly newsletter from Bionic.
It’s been an incredible couple of years for small businesses and startups.
2023 started with 19.5% (39,966) more new startups than in the previous 12 weeks. This worked out at 6.5% (12,379) more than in the first 12 weeks of 2022
So far in 2024, small businesses have created 300,000 new jobs.
If we go back even further, we find that small businesses have created two out of every three jobs in the UK over the last 25 years.
But while small businesses are a real success story for the UK, not every small business will be considered a ‘success’ (we’ll come back to this term shortly) story. Stats from Equifax show that:
Around 4% of new businesses cease trading by the end of the first year
More than a third (34%) cease trading by the end of the second
Half (50%) cease trading within three years of opening
Clearly, not every business makes it in the long run. But the reasons for closing will be as varied as the reasons for starting up in the first place.
That’s why no business owner (or former business owner) should ever say they’ve not been a success because they’ve had to close their business.
Having the courage to go it alone is a success. Getting the business up and running is a success. First customer? Success! Repeat customers? Back of the net!
As the decade reaches its halfway point (seriously, where does the time go?), it’s fair to say business owners have had to make it through some of the toughest trading conditions in living memory.
Whether your business made it through the pandemic or you started it once we were out the other side, the cost of most things is now so high, and money so tight for most people, that trading conditions are still tough.
But your business is one in 5.51 million. It has its own unique story. It has its own unique customers. It may not always be easy. It may not last forever. But it is a success.
🤝 COMMUNITY
Join our community of small business superheroes 🦸♀️
Small business owners are the superheroes of the high street. But small business owners rarely get their voices heard. Now there’s a place where they can chat, share advice and help each other through the lows and highs of running a business. To get involved, scan or click the QR code above or click the button below to sign up.
🗞 READ
Beginners guide to starting a small business in the UK ⭐
Starting a small business isn’t all that straightforward. So, it’s best to arm yourself with as much information as possible before you begin. This guide answers some of the most commonly googled questions on how to start a small business. It also looks at which UK cities and industries have the highest survival rate, and where in the UK has the greatest industry gaps.
An easy guide to registering your business 📝
You’ve chosen a great product or service to sell and you’ve written a winning business plan. You now need to register your business. But do you know whether you need to register it before you can start trading?
Or if you’ve already started up your own business without registering it, should you consider doing so? Read our guide to find out.
How to sort a Start Up Loan for your business 💷
Start Up Loans are unsecured UK government-backed personal loans of up to £25,000. They’re available for new business owners during their first two years of operating, not just to those yet to start trading.
These loans can be spent on a wide range of things related to your business, such as equipment and stock, business premises, or marketing and promotional expenses. Here’s all you need to know.
🗣 SHOUTOUT
#BionicBusinessStory - 5 businesses, 1 question 🤔
There’s a startup story behind every business. Each is different and personal to the owner of that business. And each offers a fascinating insight into what makes British business owners tick. We asked five business owners to share their startup stories with us.
🦾 Bionic - How did you start your business?
🐶 “I started Pup Up about three years ago, and the pun is still going strong! I’ve worked in the event sector for the last ten years but always wanted to get into the pet industry. So, a few years ago I decided to try mixing my love of events with dogs.” Marcus Akford, The Pup Up Café
😱 “I remember going to a Punch Drunk show and loving it, but I was a little frustrated that some of the storytelling details didn’t come through to combine with the action. So, for Bloodbath, I had the idea to take that event format and base it around the storytelling element, making it into a hybrid, immersive event. My background is in scare attractions, but I also used to run a travelling circus, so I’ve always been interested in the production side of events.” Gary Stocker, Screamworks
💈 “I worked as a carpenter when I left school but then about two years ago, I decided to try barbering while I was still young enough to do something new. I went to the London School of Barbering and completed a nine-week course then started working at a local barber. When the pandemic hit, I decided to build my own barbers in my back garden, and I've been enjoying hundreds of clients ever since.” Jamie Stenning, Jamie Stenning Barber
😸 “I decided when I turned 55, I’d have a career change as my job was very stressful. But I reached my 55th birthday and realised I hadn’t got a move on with my plan. I was going on holiday to the Lake District and spent some time with friends on the way. Unbeknown to me they’d booked a slot at a local cat café! It was a concept I hadn’t heard of before and the seed was sown! As a cat lover and with a love of baking I thought this was a dream venture for me.” Kay Allen, Whiskers & Cream
🍫 “My parents had run a few businesses when I was younger, so I always thought it was the normal thing to do, be your own boss, run your own business. Goupie actually happened almost by accident, we’d taken some samples to a few local farm shops on a whim, and they’d decided to order some. We kind of had to scramble a bit then to design packaging and make it look like a product to sell, the business grew quite naturally after that.” Grace Simpson, Goupie
📊 BUSINESS
Get your business costs sorted 💷
Bionic is the comparison site for your small business. We compare a range of business essentials to help you save time, money, and hassle.
Our tech-enabled team will answer all your questions in simple terms, and help you find the best deal on business energy, insurance, phone, broadband, or finance. No jargon. No-fuss. #BeABionicBusiness 🦾
🎧 LISTEN
Playlist 🎶
We thought the Startup Issue needed a start-up playlist, and we stumbled across Good Morning Jazz on Spotify - Jazz for breakfast to start your day right (we still recommend something involving eggs and toast though). Don’t worry, it’s not manic free-form jazz that could burn your head out before the day has begun, it’s very chilled (almost classical in parts) and seems a decent way to start any autumnal day.
Podcast 🎙
This week’s podcast was a tap-in - The Start-Up Diaries Podcast sees hosts talk to business founders and leaders about starting up and scaling up businesses. The first “Insights” spin-off featured the CTO of Bionic, James Lomas. You can listen to that episode and more, below.
👩🤝👩🏾 SHARE
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🏡 HOUSEKEEPING
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🚫 STOP
Thanks for making it to the end of another Bionic small business bulletin 🤝🏻
Carry on the conversation at our Bionic socials 🤳
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