Many of us have a dream job we'd love to bring to life, but we lack the confidence to take the leap.
Thankfully, there's plenty of help when it comes to turning your business idea into a reality.
The entrepreneurial spirit is alive and well in the UK, with small businesses dominating the economy. In fact, 90% of all businesses are small ventures.
Many of these businesses don't actually have any employees. They're just run by someone working hard to make a go of it.
Related: Young Britons turn to side hustles amid economic headwinds
The dream of working for yourself
While there's something to be said for the security of a traditional job, many Brits would rather not spend their days working for someone else. We have big dreams.
We like the idea of working for ourselves, being our own boss and building something from the ground up.
Now that many of us have had the experience of working from home, the idea of reporting to an office five days a week is even less appealing. No wonder so many are starting side hustles.
According to Venture Forward, GoDaddy's research arm, roughly 43% of last year's record-breaking crop of new businesses started with less than £5,000 of initial funding.
Interestingly, women business owners needed less capital to get started than men. Roughly 80% of women needed £5K or less, compared to 69% of men the study found.
About 17% of digital microbusinesses (those with fewer than 10 employees) now boast a six-figure turnover.
Over half (54%) of these businesses were started in the past three years.
Study shows growth along the coasts
While London has the greatest number of microbusinesses, Felixstowe, Bournemouth and Sidmouth are among the fastest-growing areas for small ventures.
The area dubbed Suffolk Coastal saw 54% growth in its concentration of microbusinesses in 2023, over 10 times the national average.
However, a north-south 'seaside divide' is starting to emerge as towns in northern England and Wales have not seen as much growth.
GoDaddy has unearthed a few interesting facts about these enterprising Brits:
- 50% of Gen Z respondents say that life is better as an entrepreneur
- 69% of Baby Booms even more satisfied with their entrepreneurial life
- Gen Z and baby boomers report making the same annual revenue
And these were the challenges they said they faced when starting their businesses:
- Marketing their business digitally 50%
- Getting a business website online 25%
- Access to funding 22%
If you want to succeed, you will likely need help in at least a few of these areas.
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Asking for help
So where can you turn for help when it comes to starting your own business and making it a success?
The government provides a handy guide to setting up a business, which is an excellent starting point. It covers everything from:
- Registering your business
- Licenses and permits needed
- Rules for selling online
It also details the responsiblities for those running a business from home vs. a rented space.
A chartered accountant can be worth their weight in gold when it comes to tax planning.
It's also worth checking whether there's an industry body or union that offers advice and support for small businesses in your industry. There might even be a local small business owners’ association in your neighbourhood.
GoDaddy is here for you
GoDaddy can help put your business online quickly, but it also offers a wealth of information to help you turn your side hustle into a success.
Helpful articles that ease your way
The GoDaddy blog includes more than 400 how-to blog posts on a variety of topics including:
- Best side business ideas
- Writing a simple business plan
- Mastering digital marketing
You'll also find plenty of great advice on the many other topics small business owners need to succeed.
Videos on starting and growing a business
Building on this are the extensive GoDaddy How To Video Guides, which provide a wide range of courses, each broken into multiple lessons.
These courses cover everything from being an entrepreneur to using social media to grow your business.
Live help by phone or chat, day or night
Finally, you can also turn to the online GoDaddy Help Centre if you get stuck. GoDaddy's trained experts are available 24 hours a day, 7 days a week via chat, WhatsApp or phone.
Ready to make a different future?
Embracing your side hustle and starting your own business can seem like a big project, but there's no need to go it alone.
If you're afraid you don’t know enough to be successful, check out all the great resources GoDaddy offers. Together, we can help your big idea flourish. If you're ready to get started on your idea, you can start with a domain name search, and we'll help you take it from there.
