Young entrepreneurs are fighting back against the recession, as new research reveals businesses started by 18-25 year olds have increased by 29% since 2008.
The Simply Business Start-up Index, which gathered information from 750,000 business insurance quote requests, shows a 3.4% increase in applications from new businesses between 2011-12. Throughout 2012, new businesses accounted for 38% of all insurance applications through Simply Business.
The report also revealed that most small businesses start out on a limited budget, with 58% spending less than £1,000 to start up and 39% on less than £500. Most (84%) used their own savings, with 12% turning to their family. Just 5% got any bank funding.
Jason Stockwood, Simply Business CEO, said: “The start-up figures for 2012 are encouraging as they show that enterprise is not being unduly suppressed by ongoing negativity in the economy.”