New research from Virgin Money and Virgin StartUp has revealed more than three-quarters (77%) of UK entrepreneurs admit to needing more support than anticipated when starting out.
Access to funding, establishing the brand, finding their audience and staying open during Covid are all front of mind for Britain’s entrepreneurs, the study found.
More than one in three (36%) would-be entrepreneurs are concerned about what financial support is out there.
But nearly three quarters (74%) of entrepreneurs feel more confident about the future. Key drivers for increased optimism include the economy bouncing back (45%), customers’ willingness to spend again (44%) and more demand for what their business offers (41%).
The right support is vital for new businesses in those early days, yet many people underestimate how much help they will need.”
Linda Grant, Virgin StartUp
It is the first joint business banking initiative by two Virgin Group companies, who are pooling their expertise to help more businesses start up and grow.
Virgin Money business director Gavin Opperman said: “The pandemic has provided an opportunity for many people to take their passion and turn it into a full-time business, and we’re seeing more people starting out on the road to launch their business.
“That’s why we’ve joined forces with Virgin StartUp to offer the right support and guidance in key areas to help make people’s entrepreneurial dreams a reality.
“We are committed to working with business founders to ensure they not only survive but thrive, and we’re excited to see the difference we can make together.”
Virgin StartUp chairwoman Linda Grant added: “We know the right support is vital for new businesses in those early days, yet many people underestimate how much help they will need. And there is also a pool of would-be entrepreneurs whose concerns may be holding them back from taking that next step and setting up – establishing their brand, finding their audience and access to funding are all areas they feel they need help with.
‘Starting a business isn’t all plain sailing’
“At Virgin StartUp we understand the road to starting a business isn’t all plain sailing, and have a wealth of knowledge of experience in helping founders make their ideas a reality. By working alongside Virgin Money, we can offer this support to even more people who want to start up and scale.”
Companies House data reveals 810,316 companies were incorporated in the UK between March 2020 and March 2021, an increase of 21.8% when compared with the previous 12 months. 2020 to 2021 saw the highest number of incorporations on record.