The data, taken from a survey of 1,000 UK entrepreneurs, found that one-in-four (26%) lack the resources and support they need to start their business. 

The primary areas where more support is needed are technology and innovation (31%), closely followed by marketing and branding (30%). Over a quarter (27%) also cited borrowing and financial support as a basic requirement for beginning a business.  

The research coincides with the launch of HSBC UK’s ‘Small Business Growth Programme’. Working in partnership with Microsoft, UpSkill Universe, and WIRED, HSBC UK seeks to support small businesses in their first year and beyond by sharing resources on technology, marketing and financial support.

One-in-five (17%) founders stated that they struggled to find the right support, even after consulting with multiple sources – including government programmes, educational resources and mentoring. 

Even after starting a business, a quarter (26%) continue to struggle, with one-in-ten saying the sources of advice and support they have used don’t meet their full needs.

HSBC UK’s Small Business Growth Programme, which is open to both customers and non-customers, offers free tools, training and webinars designed to boost financial resilience and growth.  

Tom Wood, Head of Business Banking at HSBC UK, said: “The thousands of businesses in the UK that start up each year are a critical part of our commercial landscape. We should never underestimate their value, from both an economic and social impact perspective. 

“Whilst we’re seeing growth in the number of British startups, it’s concerning to see many of these believe their future is uncertain, due to not being able to access the right support.

“Launching a new business can be in equal parts rewarding and stressful. We need to see more collaboration between Government and industry to create accessible tools and tailored advice to help propel startups to success.” 

A lack of resources was particularly challenging for female entrepreneurs and those starting businesses in their 40s and 50s, with over a quarter of women (28%) and a third of those aged 45-55 (33%) reporting difficulties in accessing resources and support for their businesses.

Startup founders Salli Deighton and Kelly Farewell, the entrepreneurs behind LaundRE - the UK’s first sustainable near-shoring and denim reprocessing hub encountered many challenges in accessing essential resources. 

Focused on innovation and environmental responsibility, LaundRE uses UK-first technology to finish denim garments and significantly reduce waste. The business recently secured a pilot partnership with retail giant River Island, marking a major milestone in its mission to transform the fashion industry through sustainability. 

Kelly Farewell, CFO of LaundRE, said: "LaundRE operates using cutting-edge, machinery that allows us to make a meaningful impact in the retail sector. But getting to this point wasn’t easy. Our journey to secure the financial backing we needed was long and filled with challenges. Although our vision was clear and compelling, we had to rely on the support of the overseas equipment producers who let us use the kit to run our trials and pilots so we could demonstrate our business model. This was never a sustainable solution, and we needed funding to get these innovative machines in the UK.

“As female founders, we realised quickly that while our idea was well received by UK investors, support wasn’t readily extended.  This created setbacks, but our resilience and the demand for our services kept us moving forward. That’s why the advice and support from HSBC UK was a turning point. The bank immediately aligned with our goals and shared our passion for bringing this much-needed solution to the UK retail industry. With HSBC UK’s support, we were finally able to secure key funding needed to start LaundRE.

“Support like mentoring and financial guidance is absolutely vital for new businesses and our hope is that such advice becomes more accessible in the future, so startups don’t face the same barriers we did. With the right guidance and resources, businesses like ours can thrive.”

Wood adds: “By offering practical tools, training and expert-led webinars, we hope to boost the financial resilience and growth of these businesses when they need it most – that’s why we’re pledging to reach one million businesses in the initiative’s first year, showcasing HSBC UK’s commitment to supporting entrepreneurs at every stage.”