UK Digital Microbusinesses Show Strong Growth Despite Economic Challenges

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A new report reveals a surge in UK digital microbusinesses achieving significant financial success. According to GoDaddy’s Venture Forward report, nearly one in five (17%) digital microbusinesses, defined as companies with less than 10 employees, now boast an annual turnover exceeding £100,000. This represents a remarkable 55% increase compared to 2022, when only 11% of online microbusinesses reached this revenue milestone.

The findings highlight the resilience of British entrepreneurs amidst ongoing economic pressures, including rising living costs and higher interest rates. Interestingly, the report also suggests a trend of traditional brick-and-mortar businesses establishing online presences, potentially a consequence of the COVID-19 pandemic.

Furthermore, the research sheds light on the relatively low initial investments required for launching a successful digital microbusiness. Over half (54%) of the businesses currently exceeding £100,000 in annual turnover were established within the past three years. Additionally, a significant portion (43%) started with less than £5,000 of initial capital.

Commenting on the report’s findings, Andrew Gradon, head of GoDaddy UK & Ireland, expressed his admiration for the achievements of British entrepreneurs. He emphasized the upward trend in digital microbusinesses achieving six-figure revenue, highlighting the minimal initial investment required for many of these successes.

Gradon further emphasized the strength of the UK’s small business community and the entrepreneurial spirit that drives it. He concluded by encouraging traditional brick-and-mortar businesses to consider the potential benefits of expanding their operations online, suggesting it’s an opportune time to “diversify and sell in more ways.”

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