Youngest small businesses could add £360 million to UK economy

The UK’s economy is getting a welcome boost from young, technologically-savvy businesses, which could add £360 million to the economy and create over 70,000 new jobs over the next 12 months, according to a study commissioned by T-Mobile.

Mobile technology is at the heart of most of these new businesses, with 98% using smartphones for email and day planning. Social networking sites such as Twitter, Facebook and LinkedIn are also used regularly to promote products and services on offer, network with potential customers and receive and respond to feedback.

New businesses who are keeping up with new technologies are often growing at a quicker rate than average start-ups, with more than 50% predicting they will increase their current revenues by 30% or more in the next 12 months.

Martin Stiven, Vice President of Business for T-Mobile, said of the study results, "It’s clear that Britain is benefiting from these optimistic young firms that have embraced technology and are creating jobs.

Invoice finance for ambitious new-starts

With young, positive and ambitious new-starts looking set to be the lifeblood of the UK’s economy, we feel it is essential that they get as much as financial help as possible in their early years to help them reach their potential.

Invoice finance solutions are often best suited for these types of businesses who benefit from having increased cash flow and the ability to take on bigger contracts.

Why not see how are specially-designed invoice finance products for new starts could help your business, or give us a call today to talk through your options with our expert staff.