15 July 2016 09:00
Biggest start-up regrets revealed
UK small-business owners' biggest start-up regrets are not spending enough time on marketing and finances, according to a survey of 501 small firms by the Association of Accounting Technicians (AAT).
Almost a fifth (19%) of respondents wished they had spent more time on marketing when launching their business, followed by finding out about business finances (11%), IT (8%) and PR and social media (5%).
Two-thirds (65%) of respondents admitted to struggling with at least one key business area when starting their own business, mostly caused by not carrying out enough research, they admitted. More than a quarter (26%) said they started their business less than a month after researching their market.
Out of those who had tried to find business advice, about a fifth (19%) said they had used search engines such as Google, with slightly more (22%) going to an accountant and 11% visiting business advice websites, while 8% had approached business organisations such as the Federation of Small Businesses.
For many of the country's small-business owners, starting up wasn't a process that came naturally, with 27% saying it took them more than a year before they felt confident about running their own business. Perhaps more surprisingly, 4% of business owners admitted to not feeling completely confident when it came to running their business.
Rob Alder, AAT Head of Business Development, commented:
"Starting your own business can be a daunting process. This research shows that many people who want to run their own business may need more help when they're starting out.
"If you have a business idea, it's essential you do as much research as possible to ensure your idea has the best chance to succeed. You should get as much advice as you can, from multiple sources."