I meet with many successful entrepreneurs whose growth is truly inspiring. I also remember such people when they were budding start ups. Everyone has to start somewhere. Most start as a sole trader and eventually incorporate a company - 600,000 start-ups were set up in the UK in 2015 alone. The three main benefits of incorporating a company verses operating as a sole trader are limited liability, tax efficiency and status.
Despite a strong economic recovery driven by net job creation and earnings growth, more people than ever are deciding to strike out on their own, suggesting that we are witnessing a sustained cultural shift towards entrepreneurialism rather than a short-term response to the financial crisis and a poor job market.
The reasons for this shift are manifold. Attitudinal changes towards work in many advanced economies mean that autonomy and creativity are increasingly valued above stability and a linear career trajectory. Transformations in working practices, such as the growing popularity of remote and flexible working, are making it easier for budding entrepreneurs to manage their ventures alongside other commitments.
Finally, the UK’s regulatory and policy environment is particularly hospitable towards entrepreneurs, with flexible labour markets, a favourable tax regime and a whole host of government start-up support schemes (e.g. Start Up Loans and the New Enterprise Allowance) all incentivising business activity.
Exciting times ahead for all the budding entrepreneurs out there.
If you need help with incorporating your company, business plans, introduction to finance, trademarking your brand name or logo, feel free to contact me.
Samantha Cameron is launching a new fashion label named Cefinn.