Small business owners invest an average of £2,767 to achieve their dream of starting their own company, according to new research. A survey of 1,000 SME owners also found that 30 per cent invested more than £5,000 to kickstart their businesses. The majority of respondents (87 per cent) said that starting their own business was the best decision they ever made. However, two-thirds of them wished they had consulted with experts before embarking on their entrepreneurial journey. The study, commissioned by Amazon ahead of Prime Day, also revealed that fear of failure (41 per cent) and a lack of knowledge on how to start a business (25 per cent) were the main reasons why others were reluctant to take risks.
To address these concerns, Amazon is offering the opportunity for one lucky entrepreneur to win one-to-one business lessons with Sara Davies MBE, the owner of Crafter’s Companion. The winner will receive monthly sessions with Davies to receive advice and guidance on how to grow their company by the end of 2023. The experience will begin with a kick-off session at Davies’ offices in Durham, followed by five virtual sessions over the course of the year. To enter the competition, aspiring entrepreneurs or ambitious employees need to purchase a Dingbats Wildlife Notebook when it becomes available on Prime Day. Dingbats is one of the small businesses selling on Amazon, which launched a business support program in 2020 to assist SMEs and start-ups through online learning and bootcamp events. Amazon currently has 1.9 million SMEs selling globally, with 100,000 in the UK alone, generating over £3.3 billion in export sales in 2022.
John Boumphrey, UK country manager of Amazon, expressed excitement about the opportunities available for customers and the value provided by small British businesses. He emphasized Amazon’s commitment to delivering great products at the best prices and providing surprises and experiences to make customers feel special along the way.