Number of UK start-up hits record

Lady with her new start-up business

According to The Independent, record numbers of people are starting new businesses. Also an increasing number are being set up by women or minorities. New business applications jumped in 2020 as the pandemic and ‘Lockdown’ started. New registrations are being filed at a record pace. In a recent survey of 1,300 owners who started their small business last year, women made up 49% . Black entrepreneurs made up 6% of new business owners in 2023. This was double the rate seen before the pandemic. Hispanic entrepreneurs made up 13% of new owners, compared to 8% last year. Meanwhile, 44% of these businesses are being started as “moonlighting”. In other words, entrepreneurs starting a new business while working another job.

BFS Comment:

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