Huge increase in 18-25 business owners since the start of the pandemic
The study by Instant Offices, revealed that since the start of the pandemic, there has been a 11,511% increase in under 25’s starting. E-commerce was the top sector, with 2,492 under 25’s starting a business last year, freight and transport came second with 1,147 in the sector, and third was real estate with 552 entrepreneurs in the sector.
Key findings
- More than 24,000 young people started a business in the UK last year
- 6,386 of the entrepreneurs were from London
- Birmingham and Manchester followed, with 588 and 501 young people starting businesses
- E-commerce was the top sector, with 2492 new business owners
- Freight and transport came second with 1,147 entrepreneurs in the sector
- In 2020, companies started by under 25’s grew by 151%, and last year increased a further 111%
- Companies started by 26-30 year old’s in the same timeframe was 62% slower
The main hotspots for young entrepreneurs can be seen below
The growth rate of young entrepreneurial businesses outranks other age brackets. Compared to under 25s, the pace of new companies created by 26-30-year-olds is 62% slower in the same period. For 31-40-year-olds, the comparison is starker at 86%.
The data suggests that younger people find the opportunity to start a business of their own particularly attractive compared to other generations.
Top tips for budding young entrepreneurs
- Concentrate on what you are passionate about
- Good things do not come easy, so be prepared to make sacrifices
- Have a business plan and stick to it as much as possibly viable
- Stay focused and do not overcome to set backs at the beginning
- Take time management seriously!
- Utilise business social networks like LinkedIn
- Do not be afraid to ask for help
