We recently surveyed 2,000 sole traders in the UK, to find out what their outlook is for 2018, and we were pleasantly surprised! The results show that, despite British economic growth forecasts, more than three quarters think their business will grow in 2018. We also found that more than four-fifths of sole traders want to invest more in their business this year compared to 2017 and exactly half plan to put up their prices.
The research shows that less than a tenth (9%) said ‘I’m worried about my business’ survival in 2018’ and four-fifths (78%) think their business is stronger than it was two years ago, which is really great to hear.
Sole traders are the fastest growing demographic of working people across the EU* and there was a record 5.7 million private sector businesses in the UK at the start of 2017** – in fact, sole traders make up a huge percentage of the service providers we have on Bidvine.com.
Despite their bullish statement, when asked to name the key threats to their business in 2018, more than half (57%) of business owners said the state of the economy, while more than a fifth (23%) said access to funding and 21% identify Brexit as the biggest threat.
Other insights include more than three-quarters of respondents (77%) feel the government is not doing enough to help sole traders, and two thirds (66%) have seen no change in customer spend since Brexit was announced.
Sohrab Jahanbani, CEO of Bidvine.com, said,
“I’m glad to see that so many business owners have a positive outlook in 2018 with regards to growing their business, the independent and self-employed labour force is bucking the trend of slowing industry growth in the UK, and platforms like Bidvine, where they have easy access to a wide customer base, are seeing massive growth as a result.”