It is rapidly becoming apparent that Brexit is changing the business landscape for the UK’s aspiring entrepreneurs. New research recently confirmed this, as almost half of the Britons surveyed said they believe that entrepreneurs will be the biggest winners of Brexit as the UK leaves the EU.
The UK is one of the best places to start a business. It has a massive economy, a business-friendly regulatory climate, consumer-hungry markets, highly developed business, transport and digital infrastructure, and lucrative trading relationships with everyone from the US to China, so if you set up a business in the UK, you have the favourable operating environment you need to succeed.
It is an especially great time to create a business in the UK, as Brexit could bring you benefits as a budding entrepreneur. The UK’s decision to leave the EU, for example, will free Whitehall from the requirement to comply with restrictive European business regulations, so the government is free to implement new rules e.g. cutting corporation tax, which will help you establish a thriving enterprise.
It seems as though the UK public understand just how advantageous Brexit could prove for would-be business owners. In a new poll from Asset Match, an online platform for buying and selling company shares, nearly half (49%) of the 2,000 UK adults questioned admitted that entrepreneurs will be the “champions of the UK’s post-Brexit economy,” as they will have a more favourable trading landscape.
One major reason that this view was popular among the survey’s respondents, was that Brexit could open up new exporting opportunities for UK-based entrepreneurs. Over half (53%) of people argued that Brexit will bring this about, with this number increasing to 65% for those aged 55+. Also 43% and 34% respectively said that Brexit will benefit businesses and scaling companies more than anyone else.
Best of British
The study also indicated that Brexit could be set to bring greater domestic business opportunities for aspiring entrepreneurs. Half of those polled – equating to 25 million people, admitted that they are going to “do their bit” by buying British during the two year period where the Brexit agreement will be negotiated with the EU. Meanwhile, 46% of respondents argued that the UK will emerge from these negotiations in a stronger economic position, benefiting new business owners even further.
Commenting on these momentous results, Asset Match’s CEO Stuart Lucas said: “The data has revealed that society deems last year’s referendum result as a Brexit for business, with the significant majority confident in the path Brexit will forge for private sector prosperity. During this vital time of transition, it will come as welcome news for any British company or brand that consumers are rallying behind them at a time where consumer support could not be more important.”
Start a business
We can argue therefore, that if you choose to set up your company in post-Brexit Britain, you will be able to generate business domestically and internationally, making now a great time for you to take the plunge and become your own boss. If you choose to take advantage of the post-Brexit climate, it is key you adopt the right business model, so you have the infrastructure needed to trade effectively.
It may be wise to form a limited company instead of becoming a sole trader, as the former option affords your personal finances a greater degree of protection, should your firm encounter choppy financial waters later down the line. As experts in these matters, Turner Little can offer you the support you require to form a limited company in the UK, setting you up to build a successful firm in the aftermath of Brexit.
Turner Little was founded in 1998 and it has since become a well-established UK based professional Company Registration Agent, Registered Bank Intermediaries and Business Consultants, as well as Trust provider. You can receive our monthly newsletter by signing up using the form below.