Optimism prevails among UK start-ups as 58% forecast increased turnover next year
- More than half of businesses (55%) plan to hire new staff in the next year to meet growth demands
- Growth reflects a continuing trend, as payments data showed small business transactions increased by almost two-fifths (38%) from 2019
UK entrepreneurs forecast strong 37% business growth for 20221, as new research from Barclays Eagle Labs highlights support that could help unlock additional growth for start-ups.
Fifty-eight percent predict an increase in revenue next year, with the South West (72%) being the most optimistic region, followed by London (67%), the South East (66%), Wales (60 percent), East England (60 percent), Midlands (56 percent) and North West (55 percent).
Barclays Eagle Labs, a growing network of business centers across the UK, has found that companies are also set to increase their workforce, as more than half (55%) plan to hire more than staff over the next year, with London (83%) followed by the North West (68%) and North East and Yorkshire (61%) having the highest proportion of companies wishing to do so.
The forecasted growth reflects a continuing trend, as payments data revealed increased activity among small businesses, with transactions with SMEs increasing by almost two-fifths (38%) above pre-pandemic levels. .2.
And, despite the challenges of the past two years, business owners have shown resilience, as 66% of founders would still recommend starting a business to others, with just 11% in the UK responding that they don’t. would not.
However, business founders also highlighted the extra support they need to unlock their potential, as more than a quarter (29%) responded that accessing advice from mentors and investors would help develop their company, 28% would like help accessing networks. and 26 percent would benefit from access to growth programs, such as business accelerators.
Jon Hope, Head of Eagle Labs at Barclays, said: âIt’s great to see the optimism and resilience shown by business owners across the UK, despite the challenges faced over the past two years.
“By discovering how the ambitions of start-ups can be better supported, we are confident that with the right support and guidance, and access to the networks and mentorship that we know to be crucial, UK entrepreneurs will continue to drive business forward. nationwide innovation and economic success. ”
Beobia is a company that has benefited from the support provided by Eagle Labs to start-ups. Winner of the People’s Choice Award at the 2021 Barclays Entrepreneur Awards, BeoBia is a sustainable pet food supplier that has designed a home office capsule to grow insects to feed a range of pets.
Part of the Eagle Labs AgriTech network, the first founder Thomas Constant has benefited from the relationships and mentorship provided by Eagle Labs and after a first round of seed funding in 2021, the company is now preparing to mass-produce its pods and to recruit more employees. , leveraging the support of Barclays Eagle Labs to help grow the business as it seeks to expand into new markets and territories.
Thomas Constant, Founder of BeoBia, said: âAt BeoBia, we really want to make an impact and play a role in improving the world by giving people the tools to live more sustainable lives. our product is.
âHowever, one of the biggest challenges in founding this business was learning as you go, and that’s where Eagle Labs has been so helpful. Looking back, I probably could have condensed the first 12 months of the business in three months because we were wasting a lot of time and energy on unnecessary things.
âIn particular, the networking and mentoring facilitated by Eagle Labs has helped us immensely. As the saying goes, âyour net worth is your networkâ and the cross-pollination between businesses that Eagle Labs enables is its greatest strength.
To learn more about Barclays Eagle Labs and the support network available to UK entrepreneurs, visit labs.uk.barclays
Notes to Editors
1Survey of 538 founders and decision-makers of companies less than five years old, conducted by Opinium between August 25 and September 7, 2021. 37% is an average among all respondents.
2Percentage increase in 2019 and 2021 in transactions accepted by SMEs in the UK, processed by Barclaycard Payments between August 1, 2021 and October 31, 2021.