- April 1, 2019
- Posted by: Sam Ward
- Category: Uncategorized
Why start-ups are coming out of Eagle Labs stronger than ever
In 2018, SMEs were responsible for over half of the UK’s overall turnover (52%). SMEs make up 99% of all businesses, while micro-businesses and start-ups (those with fewer than ten employees) accounted for 96%. It’s clear why British start-ups are so often referred to as the backbone of the UK. So, when they’re supporting the economy, who’s supporting them?
Walking on shaky ground
While collectively start-ups and SMEs prop up the British economy, individually their stability is constantly under threat. In 2017, 382,000 new businesses arrived on the scene. However, in the same year, 357,000 fell by the wayside, the vast majority of which were start-ups. As a small business, you are left to navigate the tumultuous changes that can throw you off track, and with limited funds to spare to fix large problems, getting back on the right path can be tricky.
Small changes like a turn in the market or a change in consumer behaviour can be costly enough to break a small business if they don’t have the resources, knowledge, and skills available to respond. Then there are the larger changes, like Brexit, that are out of the control of small business directors but still influence their success. SME and start-ups are facing skill shortages and uncertainty in their ability to trade effectively as a result of Brexit, leaving them unable to prepare for the future.
This helplessness only contributes to the stress that start-up owners are under. 73% of business owners have never taken more than a week of holiday, and 73% felt being the head of their business negatively impacts their mental health. On top of this, 47% of small business-owners reported feeling like no one, not even a specialist, could understand the level of pressure they are under.
If we want the British economy to grow and thrive, we need to get behind start-ups. That means supporting the staff and their wellbeing, as well as ensuring the company is operating on the forefront of innovation in their field to keep up with changes in the market and technology. And while there certainly needs to be more emphasis on this, Barclays Eagle Labs are already making a start, helping businesses reach their full potential. After taking a look around one of their labs in Manchester, I could see how.
Barclays Eagle Labs are a revolutionary way for small businesses to become stronger by surrounding themselves with other like-minded people. By converting their unused office space into a place where companies can work and thrive, Eagle Labs are giving British start-ups the resources they need to grow into stable, successful businesses creating a better British economy.
An Eagle Lab is more than just a collaborative workspace. They also offer access to new technologies like 3D printing, where they can create prototypes of their products and ensure a successful entrance to the market. Being surrounded by other’s on a similar journey means being a part of a network of companies that are stronger together – collaborating on projects, sharing ideas, debating, and making helpful introductions for networking. There are workshops, seminars, and business mentoring sessions, all in one unique space, and all beneficial to ensuring these start-ups reach the top of their game.
In the UK, there is a lot of focus on bringing in big business with the hopes of it boosting our economy. The news is full of stories about Apple’s plans to open its new office in London in 2021, and Google opening a new office in Kings Cross. While this is excellent news for employment, there isn’t a lot of focus on the little guys who are just as vital to the UK’s economy as the giants. Investing in our own, local, small businesses is critical in building a strong base of business in the UK, and that’s what Eagle Labs are doing across the country.
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