80% of businesses survive following advice from Wenta
According to a BBC news report in 2010, four out of every five business start-ups ends in failure and one of the main reasons comes down to either poor planning or a total lack of it*. Many business support organisations claim that those who seek advice have a better chance of getting their ideas of the ground than those who don’t and that those who do get started have a better chance of survival. A recent study conducted by Wenta has found evidence to support this theory and discovered that both business start-up and survivability rates were greatly increased following advice.
The study conducted by Wenta found that 59% of clients advised by Wenta in 2009 did go on to start their own business and of those that started, 80% were still surviving 2 years on.
The 20% of businesses that started but ceased trade before the 2 year survival period said that the lack of market demand for their product or financial strain of running a business prevented them from continuing.
The majority of the surviving businesses were in the catering, media or retail industries. Those surveyed also stated that despite the risk of working for themselves they enjoyed the flexibility and ease of being their own boss. Many business owners also mentioned that they were considering further training in order to continue developing their business activities and in some cases, expand into wider markets. Lynne Vardon said “I was absolutely delighted with the initial training and all the advice that I have been given by your advisor. This is a fantastic service that I had no idea existed until I was made redundant. I am now self employed, earning more than before and more importantly I have regained my self confidence and self belief.”
Commenting on the survey Wenta’s Head of Marketing Abi Hall said, “We are delighted with the results of this survey. We have always known the support our advisors give is invaluable but now we have the figures to substantiate the value of one-to-one local support. We will be continuing this research and will continue to monitor the survivability of the businesses that started in 2009 as well as determining the numbers who started in 2010.”
Business advice from Wenta ranges from general advice, such as business planning, to specialist tailored advice with experts in the field of legal advice, tax and accountancy guidance and Search Engine Optimisation. For more information please visit www.wenta.co.uk/business-advice.
