Small business start ups are relying more and more on help from their family and friends, according to new research. In fact, more than half of those businesses surveyed by CreditPal said their family and friends were the most supportive group when it came to setting up their business.
Jill Pincott, a small business owner, explained: “We never asked anything from my family, but they were always there being quietly supportive in the background. For us, one of the most helpful things was talking to other small businesses that had been through the process. Government agencies can be useful, but I think they should provide more face-to-face meetings.”
Many small business owners flagged similar concerns about a lack of support from government agencies, the survey also revealing that just 4 per cent of respondents cited them as being the most supportive when setting up a new business. Furthermore, only 6 per cent said their bank was the most helpful.
Perhaps most shockingly, the survey also found that 31 per cent of the small businesses who took part said they were unable to obtain any support when starting their business.
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