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Is your job at risk?

by LLB Reporter
11th May 17 9:30 am

This study shows why

Over 1.4m jobs are at risk as 363,000 small businesses plan to stop trading in the next five years, according to a survey commissioned by business for sale marketplace Bizdaq.

Businesses closing at alarming rate – 363,000 small business owners plan to cease trading in the next five years.

1.4 million jobs under threat – With the average small businesses employing just over 4 employees, there are 1.4m jobs at risk.

Selling also on agenda – A further 510,000 business owners plan on selling in the next five years.

Labour losing 109,000 small business votes – Number of small businesses voting Labour lower than at the last election.

Young entrepreneurs closing due to Brexit fears – 35 per cent of young (18-34 year old) small business owners are closing due to Brexit – the most common reason in the age group.

Britain’s small businesses downsizing or stagnating since last election – 65 per cent  of small businesses say they’ve either seen negative financial growth or no growth at all since the last election.

The research, conducted for Bizdaq by Opinium, found that over 363,000 small businesses plan to cease trading in the next five years, with the average small business employing four people. A further 510,000 small business owners plan to sell their business over the same period.

Of the 1.4m jobs at risk from business closures, 529,000 of those will be at risk in the next 12 months, as businesses cease trading at an alarming rate.Small business owners in the North East were found to be the most likely to leave their business in the next five years, with 29 per cent planning to exit.Those in the West Midlands were revealed to be happiest in their business, with only 14 per cent considering exiting.

The survey found Brexit uncertainty is the leading cause of business closures for young business owners, with 35 per cent of young entrepreneurs (respondents aged 18-34) exiting their business because of Brexit. This figure dropped to nine per cent in 35-54 year olds, and just three per cent for small business owners aged 55+, showing older generations aren’t as concerned by the vote to leave.

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