Challenges faced by entrepreneurs in diverse UK regions, as uncovered by SuperScript's subject matter experts, and identification of the region with the most contented business owners
In a recent survey, Superscript, a leading UK-based insurtech, explored the lives of 600 Small and Medium-sized Enterprise (SME) owners across the nation. The survey aimed to understand their administrative practices, contingency plans, and thoughts on being a business owner.
The findings revealed a mix of rewards and challenges. For instance, 73% of the respondents considered becoming a business owner the best decision they've made, while 22% identified managing cash flow as their most challenging task. A staggering 41% of the SME owners admitted they don't have emergency funds and would struggle if they went without work for six months.
Lucy Robinson, owner of Lucy Locksmith in Wivelsfield Green, East Sussex, highlighted the rewarding aspect of being her own boss and the importance of having a strong support network. She emphasised the flexibility that self-employment offers, allowing her more time with family and the ability to take holidays whenever desired. However, she acknowledged the challenge of no work-life separation when not working.
Steve Mulgrew, owner of Home & Garden Electrics, shared similar sentiments. He noted the benefits of being self-employed, such as having more time with family and the ability to take holidays whenever desired, while acknowledging the challenge of no work-life separation when not working.
Superscript, committed to providing services that help SMEs thrive in the UK economy, offers advisory and broking services alongside a self-serve online platform. The insurtech, which is the first UK-based insurtech to become a Lloyd's of London broker and is dual-regulated across Europe, has raised £65m, with investors including BHL UK, The Hartford, Seedcamp, and Concentric.
Superscript's survey also revealed that 30% of the SME owners found managing tax admin to be the most time-consuming. To address this, Superscript aims to offer a seamless experience, whether online or over the phone.
The survey also shed light on the mental health of SME owners. One in five of the respondents found maintaining good mental health a struggle. In response, Superscript offers support through resources on mental health websites and aims to be more than just an insurance provider, championing the spirit of SMEs.
Interestingly, the survey results did not contain specific information about which region in Great Britain has the happiest small and medium-sized business owners. However, the survey did reveal that 45% of SME owners in Scotland, 43% in the North East, 40% in the East of England, 39% in London, 33% in the East Midlands, 31% in Yorkshire & Humber, 27% in the South West, and 25% in the West Midlands said becoming a business owner was the best decision they've made.
Superscript's growing global footprint, with proprietary machine-learning technology and a unique multi-carrier model, continues to support SMEs as they navigate the challenges and reap the rewards of entrepreneurship. The insurtech's commitment to being a certified B Corporation, dedicated to building an ecosystem where businesses can thrive, further cements its role as a champion for SMEs.
Read also:
- Trade Disputes Escalate: Trump Imposes Tariffs, India Retaliates; threatened boycott ranges from McDonald's, Coca-Cola to iPhones
- Aquatech purchases Koch's Direct Lithium Extraction business, merging Li-ProTM DLE technology into the PEARLTM Technology Platform.
- Nepal's Journey: Evolution from Street Life to Political Power
- Li Auto faces scrutiny after crash test involving i8 model and a truck manufacturer sparks controversy
