From seeing that first sale come in to hiring your first employee, there are plenty of milestones to celebrate when you start a business or decide to go freelance. Now a new survey by Current Capital has uncovered the ones that UK business owners say matter to them most.
- The best business credit cards: a comparison guide
- How to save for your pension when you’re self-employed
- What can I claim as self-employed tax deductible expenses?
- What does business insurance cover?
UK entrepreneurs aim for financial goals
The survey, which collected data from 1,000 UK businesses, found that we Brits tend to value financial milestones the most.
47 per cent of respondents said that making their first profit as a business was their most rewarding milestone. Interestingly, the majority of those who put this first were men, while less than 40 per cent of female business owners saw this as their biggest win.
Another financial goal snapped up second place, with 41 per cent of those who participated saying securing a large contract or client came top of their list.
The first year is crucial to small businesses
Unfortunately, many businesses fail within their first year, and though the odds have improved over the last 10 years, it’s still at around the 40 per cent mark.
It’s no big surprise, then, that getting to their first birthday was the most important milestone for 34 per cent of respondents. And it seems life is particularly tough for entrepreneurs in London, as the percentage there was substantially higher than the average at 53 per cent.
Millennials value finding a home for their business
While it might be hard for those in their 20s to get onto the property ladder, it appears that finding a business premises is particularly popular among younger business owners.
Moving into their first office was a crucial step for just under a fifth of most respondents, but 42 per cent of millennials named it their proudest moment.
Kris Bolton, Partner at Current Capital, expressed surprise that only 12 per cent of businesses saw securing funding as a major milestone, but added: “there’s no denying the thrill of seeing your company generate its first ever profit!”
Ready to set up your cover?
As the one of the UK’s biggest business insurance providers, we specialise in public liability insurance and protect more trades than anybody else. Why not take a look now and build a quick, tailored quote?
