MORE of us than ever before are considering whether to launch our own businesses…

And with more companies than ever before being established in the UK, the appetite for success is gaining momentum.

For example, the latest NatWest and Beauhurst New Startup Index showed that in 2023, a record 900,000 companies were created.

That figure was up 12 per cent up on the previous year.

When you look at the overall economic picture, with sluggish growth, high inflation and high interest rates, you might think that many would be put off taking a risk, and instead opting for the relative safety and security of full-time employment.

But there are many factors at play here, beyond financial concerns.

Many people see setting up a business not just as a means of supplementing their income in a tough economic climate, but also as a way of improving their overall quality of life.

A study from Enterprise Nation revealed that 24 per cent of aspiring entrepreneurs want to fulfil their dream of becoming their own boss, while 38 per cent want to start a business so they can monetise a skill or hobby.

Of course, many of the new businesses being set up will be fairly modest affairs, with the entrepreneur running a side hustle rather than a full-time source of income.

But this increase in the number of businesses being set up speaks volumes about the entrepreneurial spirit that rests at the heart of the UK.

What’s more, this country has a strong track record of helping new businesses start - and subsequently succeed.

This positivity is excellent for this country’s economy.

Small businesses are often referred to as the lifeblood of the UK economy, and it’s easy to see why.

According to the Federation of Small Businesses, small and medium-sized enterprises accounted for three-fifths of private sector employment last year, and about half of its turnover.

So, at a time when the economy is struggling to grow it’s hugely reassuring to see so many people embracing the idea of entrepreneurship.

But starting up on your own doesn’t mean you should ignore the help that’s out there.

Seek professional advice so you can be confident that you’re managing your finances well, and complying with regulations that affect you, such as tax laws.

By getting guidance from the relevant experts, you’ll be in a position to hit the ground running and get on course to achieve your objectives.

That way, you can proactively shape your own financial future – and that of ‘UK plc’ at the same time.

The team in the Renishaw office of Amber River Leodis Wealth are here to help you at any point on your financial journey. Feel free to call us on 01246 435996.