It’s also enormously challenging. More than 400,000 starts-up will be registered and begin trading this year, but 2017 figures from the Enterprise Research Centre show that on average only 53.7 per cent of UK start-ups will survive the first three years.
Having a plan in place from the start is vital, and getting the right advice is arguably even more important. Earlier this year, Blake Morgan carried out research into where business owners look for advice and support and 44 per cent told us family and friends were their first source of business advice. That’s 10 per cent more than those who seek professional guidance first.
A similar number – 46 per cent – also told us that friends and family had played the greatest role in the success of their business. That’s considerably more than the 14 per cent that told us it was their own hard work that was responsible for their success, and vastly outstrips the six per cent that said their lending institution was the key to their business achievements.
Given the importance of family, it’s perhaps no great surprise to see it play such a role in a growing company, but it’s whether the advice you get over the dinner table is right for you that matters.
Despite almost half of entrepreneurs approaching a friend or family for advice, and potentially reassurance, 46 per cent of those asked said they were worried about how to plan for changes in the economy and the potential impact of Brexit. 27 per cent also said they were worried about how to stay competitive in a changing market, and 12 per cent said they struggle to understand relevant regulatory and compliance issues. This matters, because not having the right advice at the right time can make the difference between success and failure.
In the second of our Life Stages reports, we look at what you need to know to set-up and manage your business and how to best maximise input from family and friends without compromising on your legal obligations and business goals.
Blake Morgan offers a wide range of traditional private client services, including niche offerings that include succession planning, wealth preservation, cross-border and UK/US tax planning, high value residential and leasehold enfranchisement, driver defence and dispute resolution. Our private law team has considerable experience in advising high net-worth individuals, entrepreneurs, owners of estates, and families that require advice on succession and tax, residential property or sensitive family issues.
Our legal experts understand the challenges of modern family life and that for many of our clients their business and personal affairs overlap. As a full service law firm we are able to support you on every aspect of your 'life stage' whether you are starting a family and setting up a business or looking to sell, protect your assets and make plans for retirement. We develop lifetime relationships with our clients providing relevant, realistic legal solutions that help them navigate the complexities of today's world.
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Senior Solicitor Ben Coulson discusses whether the recent changes to the Civil Partnership Act have gone far enough.
The Prime Minister today has announced that the government will legislate to extend Civil Partnerships to heterosexual couples. So what does this mean?