Thinking of setting up your own business? O2 names 5th May as the day to do it

Today is the most popular day to start a business in the UK, according to a new study. Analysing Companies House data, O2 Business established that more businesses in the UK were started on this day than any other day, with a total of 3,568 businesses being created. The latest Companies House data also reveals that 2015 had the highest number of new incorporations on record with a total of 608,110 new businesses started, the equivalent of more than one new business being set up every minute of the year.

The data reveals the country’s appetite for entrepreneurship, signalling an increased confidence and willingness to take the risk of starting up their own business. The UK has managed to sustain the growth trend during the economic recovery– suggesting a strong cultural shift towards entrepreneurialism is underway.

Additional research carried out by O2 Business has revealed that just under half of the population are inspired to start their own companies. But those under the age of 25 are particularly entrepreneurial with six in ten wanting to set up their own business. However, many are intimidated by the process. Despite millennials being known for being tech-savvy, they may simply be tech-dependant. Many (34%) feel that their grasp on modern business technology isn’t strong enough to start their own business. And nearly half of those under 25 admitted they may never follow their dreams because they didn’t know where to start (45%) and fear they wouldn’t be able to finance it (44%).

With 2015 having been such a successful year for start-ups, confidence across the UK will continue to rise, helping to create new jobs and economic growth. The Office of National Statistics has revealed that from 2014-2015, in broad industry terms, business administration and support services had the highest business birth rate at 20.7% and accommodation and food services had the highest death rate at 13.1%.

Paul Lawton, General Manager of SMB at O2 Business comments:

“Our research shows that 2015 was a record breaking year for start-ups. It’s fantastic to see so much entrepreneurial spirit throughout the UK. Many of our small business customers are just starting out and we’re passionate about supporting them with the right flexible technology every step of the way. ”

Founder and inventor of Tangle Teezer, Shaun Pulfrey proved he could handle rejection when setting up his business. His business idea was branded as ‘hair branded’ on BBC2’s Dragons’ Den in 2007 before turning his idea into a multimillion pound business.

Shaun said:

‘I started my business in true entrepreneurial style. Whilst working as a colourist in a hair salon, I spent three years researching before Tangle Teezer really began. As an entrepreneur you have so much to consider and new skills to learn before you can get your business off the ground. So the importance of flexibility shouldn’t be underestimated – it’s essential in order to cope with the ups and downs of doing business.’

O2 Business offers a range of products for growing businesses and start-ups, including the first flexible tariff, Business Essentials. Whether it’s the need for the latest device, a tailored data plan or new business apps, the scalable tariff makes it even easier for business owners to put digital technology at the heart of what they do.

Customers will benefit from clear pricing, up to ten of the latest devices on a single contract and a simple 24-month price plan, with the option to change devices*, digital apps and airtime at any time.

For more information on Business Essentials, click here.

For business advice and tips, visit http://businessblog.o2.co.uk/