UK Business Owners' Struggles Unveiled and Region Revealed with Highest Happy Entrepreneurs
In a recent survey of 600 Small and Medium Enterprise (SME) owners across the UK, Superscript, an award-winning digital insurance broker and certified B Corporation, aimed to gain insights into the administrative practices, contingency plans, and thoughts on being a business owner.
The survey, which included regional breakdowns as depicted in the accompanying infographic, revealed some interesting findings. For instance, 73% of SME owners declared becoming a business owner as the best decision they've made, with the happiest SME owners residing in East Sussex, a region known for its strong economy, business support infrastructure, and quality of life factors.
However, the survey also highlighted some challenges faced by SME owners. Managing tax administration was identified as the most time-consuming task by 30% of respondents, while 22% found managing cash flow to be the most challenging. Moreover, one in five SME owners admitted to finding maintaining good mental health a struggle, and 41% acknowledged they would struggle if their business went without work for six months, indicating a lack of emergency funds.
Superscript, committed to building an ecosystem where businesses can thrive, offers advisory and broking services alongside a self-serve online platform. The insurtech, which is the first UK-based company to become a Lloyd's of London broker, has a team of friendly experts to help businesses and landlords navigate insurance products.
Two SME owners shared their experiences. Lucy Robinson, owner of Lucy Locksmith in Wivelsfield Green, East Sussex, values the flexibility of being her own boss and having a strong support network. Steve Mulgrew, owner of Home & Garden Electrics, appreciates the additional time with family and flexibility in taking holidays, but acknowledges the challenge of maintaining a work-life balance if not properly managed.
Superscript's global footprint continues to grow, with proprietary machine-learning technology and a unique multi-carrier model. The company has raised £65m in funding, including Series A in 2020 and Series B in 2022. The company's commitment to providing services to the SME market to help them thrive is evident in these efforts.
Interestingly, 10% of SME owners reported receiving helpful resources for their business from mental health websites. This underscores the importance of addressing mental health issues within the SME community and Superscript's potential role in supporting this aspect.
In conclusion, while being a business owner presents numerous challenges, it is also a rewarding endeavour for many. Superscript's survey serves as a valuable resource for understanding the current landscape and identifying areas where support can be provided to help SME owners thrive.
