Suffolk: ‘Recession Baby’ businesses flourishing despite economic woe, says Barclays
AROUND one in 10 businesses in Suffolk that started up in the tough markets over the last three years is achieving �100,000 turnover, according to new figures from Barclays.
Its study reveals the dream of running your own business is flourishing and potentially lucrative, as “recession baby” businesses continue to grow and succeed.
“Many of us secretly hope to run our own business and escape from nine to five employment,” said Mark Suthern, head of Barclays Business Banking, eastern region.
“These figures show that dream is realistic, and starting your own business can offer a credible, financially rewarding alternative to working for another employer. What makes this so extraordinary is that these businesses are ‘recession babies’ – born, grown and succeeding in the current markets.
“Clearly, there are a lot of opportunities out there for start-ups which our entrepreneurs are aggressively going after. Even if your ambition isn’t to reach the financial stratosphere, there are many, many businesses providing their owners with a good income below �100,000 turnover. Figures like these are part of the reason why Barclays is supporting record numbers of people taking the plunge and starting up a business.”
About one in 20 UK firms started up in the last three years is turning over �200,000.