It doesn’t take thousands to get your start-up underway
A quarter of entrepreneurs started their business with less than £1,000, a survey has found.
While 7% of entrepreneurs spent more than £100,000 in their first year, it seems most people didn’t need too much cash to get up and running.
In a survey of 241 entrepreneurs by start-up community Shell LiveWire, 25% said they spent less than £1,000 in their first year. A further 24% spent less than £5,000 and 15% spent between £5,000 and £10,000.
More than half the entrepreneurs started their business alone, however the majority of people surveyed recommended getting a business partner to share support and expertise.
Further diminishing the myth that it takes a lot of money to start a business, a third of first-time business owners in a separate survey by Experian had household incomes of less than £25,000 and 8% lived in social housing.