The cost of starting up a business is now lower than the average weekly wage, making it an affordable option for many people.
According to new research by PeoplePerHour, the average cost of starting up is just £312, far less than the average UK weekly wage of £442. This has dropped dramatically thanks to the opportunities of social media and widely available business advice.
It’s now easier to start up than ever, as most online businesses can be started from home in your spare time. According to Lord Young’s Growing Your Business report, 86% of the micro-businesses are so-called ‘spare room’ start-ups, with a third starting their businesses while they were still working in another job.
Xenios Thrasyvoulou, founder and CEO of PeoplePerHour, said “The online revolution means it’s never been easier or cheaper to launch a business at any time in life. You can market yourself and find new business leads online, recruit skilled freelance staff online and then manage them remotely, and even see expert advice when you need it through online platforms.”