91% of startup companies survive first year, but just 40% reach their fifth birthday, according to new research by Ormsby Street.
Those operating in the health sector, information and communication are most likely to last whilst those starting out in insurance and finance are most likely to fail.
Whilst these figures may seem a little daunting there are many attainable opportunities and with commitment and an understanding of the market in which you are operating, anything is possible.
As the UK becomes increasingly entrepreneurial, many startup companies are seeing the rewards for working for themselves. The freedom of expression, the ability to make own choices and the flexibility of time is just some of the main perks that inspire self-employment. The fact that company owners don’t necessarily have to work 9-5 core hours, that they don’t have to ask a boss for a day off or that they can organise childcare around the daily working day is indeed extremely appealing. The reality is that startup companies often end up working longer hours, especially in the early days of establishment and that also the financial strain can put pressure on personal plans whilst re-investing and building the business.
Thinking of becoming a startup or looking into startup companies?
Crendon Insurance Ltd offer the right tools to help you research startup companies to put the right insurance cover in place. If you are thinking of starting a UK business there are some fundamental areas to comply with legislation and consider prior to your launch, these include fundamental aspects of marketing, cyber security, GDPR and technology but may also cover other areas such as employment law, public liability, stock control and buildings insurance. Getting these details right first time will ensure that your brand starts off on the right track and will guarantee far more customer loyalty from day one. Obtaining the right insurance is paramount and so we are on-hand to deliver a bespoke insurance package to suit your business. To find out more and for a confidential review of your start-up business, please get in touch.
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