The next generation of
small businesses need our help
We’re working with the Federation of Small Businesses to support
young entrepreneurs and help them realise their dreams
Entrepreneurship offers young people a great opportunity to realise their dreams and contribute to their local communities. By starting their own businesses, they can unleash their creativity and turn their passions into successful ventures. Almost two thirds of young people dream of running their own business, but only 16% are actually getting started.
This gap between aspirations and reality indicates that there are significant barriers to entry when it comes to entrepreneurship. This is exactly why we’ve launched a joint research paper with the Federation of Small Businesses (FSB) to pinpoint the most glaring challenges for young entrepreneurs, and advocate for their success.
of young people (aged 18-35) currently own, or are interested in owning, a business
of young people have
a business or are in the process of setting
one up
Barriers facing the next generation of small businesses
of young people who attended secondary school in England were provided with knowledge, guidance, and support around setting up a business.
of young entrepreneurs struggle to access finance when starting a business.
of young entrepreneurs say they struggle with knowledge and understanding of marketing.
of young people say they were discouraged from starting a business while at school. This figure rises to 25% in Wales.
of young entrepreneurs say that they are using payday loans to fund their business, indicating financial vulnerability.
of young entrepreneurs feel that they don’t have access to networking opportunities.
What do young entrepreneurs need to succeed?
Our joint research report with the FSB offers in-depth recommendations to government bodies, local councils, and industry bodies like the Competition Markets Authority that will make it easier for young entrepreneurs to launch, run, and grow their own business. For example:
- Making changes to the curriculum to make sure it supports the teaching of enterprise education.
- Offering young people easier to access finance when starting
a business and investing in its growth.
- Promoting relevant free guidance and advice for young entrepreneurs and influencers operating on social media platforms and online marketplaces.
- Joining up careers advice and guidance with disability support to
help all young people move from education to entrepreneurship more easily. - Empowering young entrepreneurs to thrive on the high street by providing tailored business support that bridges the gap between physical stores and online marketplaces.
Hear what today’s young entrepreneurs have to say
about launching their own business
“I feel like schools, colleges, and universities should encourage young people to build something for themselves rather than working to build something for someone else. I was completely unprepared until I met other business owners who helped me.”
Jasmine Williams
Starfish Virtual Assistance Ltd, Hampshire
“While there are many resources available in the UK to help individuals start businesses, there’s a noticeable gap when it comes to scaling these ventures. From my experience as a black entrepreneur, scaling is often the most challenging part of the journey. Access to growth capital, specialised mentorship, and scaling resources are crucial for ensuring businesses not only survive but thrive. Interestingly, I’ve noticed that in the US, there is a much greater emphasis on scaling businesses, which is why I’ve started joining US-based communities to support me on my own journey.”
Stephanie Itimi
Seidea CIC, London
Young people are more entrepreneurial than ever. Our research clearly highlights their boundless creativity, resilience, and passion for business.
There is a gold mine of young enterprise potential across the country – and it’s incumbent on all of us to play a role in ensuring this promise is realised. We must invest in this next generation as the future backbone of Britain. Our economy, communities, and prosperity depend on it.”
Julie Fisher
UK CEO, Simply Business
This is the moment for civil society, business, government, finance, and the education sector to come together to move the dial.
This report provides a voice for our youngest business owners – they’ve set the vision and FSB and our partners at Simply Business have listened. We call on the Government to work with us to empower young people now and in the future.
Tina McKenzie MBE
Policy and Advocacy Chair, Federation of Small Businesses
What we’re doing to support the next generation of entrepreneurs
Simply Business was founded with a strong responsibility to our people, our customers, and the communities we operate in. We demonstrate this commitment across our business, including direct support initiatives for supporting young entrepreneurs as they establish businesses.
Over the next three years, we’ll be teaming up with The King’s Trust in a non-profit partnership to advance inclusive entrepreneurship with communities across the UK. To date, we have raised £175,000 for the Kings Trust.
Working with The Prince’s Trust’s Enterprise programme is a chance for Simply Business to champion the next generation of small business owners and achieve our ambition of creating a more inclusive and resilient small business community.
“I used to work for a bank and didn’t want to anymore. I loved the idea that we could inspire businesses and show them that you can run a successful and profitable business and donate to charity.”
Lucy Jeffrey
Bare Kind, Maidstone
About Simply Business
Simply Business is one of the UK’s largest business insurance providers, specialising in public liability insurance for SMEs and insuring nearly 1 million small businesses and landlords across the UK.
Launched in 2005, Simply Business provides an online brokerage service, delivering policies tailored to individual business requirements. Using the power of tech and data to create the best possible customer experiences, Simply Business employs over 1,000 people across offices in London and Northampton UK, Boston, Massachusetts and Atlanta Georgia in the US.
Owing to its internal underwriting capability and expert panel of insurers, Simply Business can cover over 1,200 trade types – ranging from plumbers
to accountants to dog walkers.
An accredited B Corp for their positive social impact, Simply Business has also been voted the Sunday Times Best Company To Work For twice in a row.
About The Federation of Small Businesses
The Federation of Small Businesses (FSB) is a non-profit, non-party-political grassroots business organisation that represents small business and self-employed members in every nation and region.
FSB provides its members with a wide range of vital business services including advice, financial expertise, legal support and a powerful voice heard in Government for over 50 years.
We are the UK’s largest business group and leading business campaigner, focused on achieving change which supports smaller businesses to grow and succeed. Our local, national and international activism helps shape policy decisions that have a direct impact on the day-to-day running of smaller businesses. Our advocacy work starts with our expert external affairs team in Westminster, which focuses on UK and England policy issues, the UK Government, Parliament and media and communications engagement. Further to this, our teams in Glasgow, Cardiff and Belfast work with governments, elected representatives and media in Scotland, Wales and Northern Ireland.
