Overview
- Research of 500 SME owners reports that 80% ran on extremely tight budgets in their early days.
- Some 37% said they did not break even for at least three years after launching.
- Many founders relied on personal savings, family loans, credit cards or small loans, with 55% saying outside financial help was essential.
- Respondents described personal sacrifices in the start-up phase, including giving up social lives (45%) and holidays (40%).
- The survey was released alongside the Santander X Awards naming Aeropod by Muju Earth, Boost Innovations Ltd and Amparo Prosthetics Ltd as winners, with the programme citing more than £1.1 million in support since 2010.