![]() Put simply, the more microbusinesses there are in a community, the better the job prospects and finances of the people that live there. Over half of all microbusinesses turn over more than £25,000 a year and three quarters employ at least one other person. Venture Forward clearly shows that with the right policy infrastructures in place, microbusinesses have the power to contribute to levelling up disadvantaged areas. Throughout the country there are budding entrepreneurs with brilliant ideas and energy, key to levelling up, who just need the right support and advice to get started. Around 70 per cent of Mission Diverse sign-ups are women, with the majority coming from black backgrounds, and Cleo wants to have trained 1,000 entrepreneurs over the next five years.Ĭleo’s work is evidence that the UK’s enterprising spirit is not confined to London and the South. One such owner is Birmingham-based Cleo Morris, 28, who set up Mission Diverse in October 2020 to connect minority and under-represented communities with companies through entrepreneurship and employability training, education and mentoring. I’m fortunate to work first-hand with an incredible selection of microbusiness owners. ![]() >See also: 8 ways to save money running your microbusiness This is something we must look to address. Of the 50 constituencies with the highest venture densities, only six are not in London, South East or South West. London is the capital of our microbusiness community, with the top 14 entries all located there. The top three regions where company founders live are the same before and after March 2020: London (21.7 per cent/22.6 per cent), the South East (18.5 per cent/17.0 per cent) and the South West (10.2 per cent/9.8 per cent).īy mapping the concentration of microbusiness owners against local population sizes, GoDaddy has produced a “venture density” ranking for every one of the 650 constituencies in Great Britain. However, the data also shows that the UK’s microbusiness landscape remains dominated by a North-South divide. > See also: Microbusinesses spent 10 weeks handling financial admin in 2019Īt GoDaddy we are focused on empowering entrepreneurs and making opportunity more inclusive for all, so it’s encouraging to see that our enterprise community is becoming more diverse. The corresponding figures for Asian entrepreneurs are 10.1 per cent pre-pandemic and 11.9 per cent after it began. Black founders account for 5.4 per cent of pre-pandemic businesses and 6.6 per cent among those created after March 2020. The representation of business owners from minority ethnic groups is also gradually increasing. The demographics of entrepreneurs have also started to become more diverse, with the proportion of female entrepreneurs increasing from 32 per cent pre-March 2020 to 39.8 per cent in the months since, while the proportion from disadvantaged communities has risen from 13.2 per cent to 15.1 per cent. Among this group, the proportion aged 18-24 has soared from just 1.7 per cent pre-pandemic, to 8.6 per cent in the two years after the Covid-19 outbreak. The percentage of start-up owners aged under 35 has more than doubled since March 2020, rising from 16.4 per cent to 34 per cent. The data shows that among the disruption of the pandemic, a new breed of everyday entrepreneur has emerged. ‘Microbusinesses have the power to contribute to levelling-up disadvantaged areas’ Our Venture Forward study developed in partnership with the University of Kent analysed 2.3 million microbusinesses, looking at how the make-up of British entrepreneurs has changed since the start of the pandemic, and measuring the importance of their businesses to local economies. However, they are rarely analysed as a standalone group and are under-researched, sometimes misunderstood and often under-served.Īt GoDaddy we are trying to change that.
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