Entrepreneurs struggling to fund start-ups

A new study suggests that sourcing the appropriate funding to get a business idea off the ground is the biggest challenge facing British entrepreneurs.

According to Esme Loans’ SME Study 2017, almost a quarter of small and microbusiness owners believe that securing their initial funding was the biggest hurdle they faced when setting up their business.

The research also suggests that almost half (47 per cent) of business owners decided to fall back on their personal savings in order to get their enterprise up-and-running, while a further 12 per cent approached family or friends for further financial support.

Meanwhile, 14 per cent of small and medium-sized enterprises (SMEs) were set up using a business loan from a high street bank, while a further 24 per cent were set-up using personal credit.

Outside of funding issues, the survey also shed light on some of SMEs’ top fears going into 2018.

It found that more than a third of SMEs are worried that Brexit will have a negative impact on their day-to-day operations, while 21 per cent feel positive about Britain’s upcoming departure from the European Union (EU).

The survey also found that half of businesses are worried that the low value of sterling will have a negative impact on their business going into the New Year, particularly if the pound falls lower than its current level. 

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