100k

When I first started talking about the SME business community at various events around the county 9 years ago there were 58,000 businesses in Kent & Medway.

The latest figures now record that there are more than 100,000 businesses in Kent and Medway. 99.3% of businesses are SME’s.

Medway has the largest number , followed by Sevenoaks and Maidstone. A recent survey by Nominet found that Canterbury is now the top location in the South East for start up businesses.

These figures also probably hide the true number as a lot of sole traders will be below the radar having just started or not having generated revenue yet.

Why is this happening. My opinion is that for some time now more and more people have embraced the flexibility, life/work balance ( 71% cited this as reason in a recent HSBC survey ) and opportunities presented by starting a business. Back in the 1970’s Professor Charles Handy wrote about his predictions for portfolio careers and project based work. As the business landscape, the economy and technology has evolved we have seen this come to fruition. What we now call the “gig economy” is taking off. That is service based businesses that undertake a range of different ad hoc projects in order to generate an income and build their business.

Women ! The UK is seeing a rise in young female entrepreneurs with 59% of business owners under 35 being women. The research shows that the proportion of UK female entrepreneurs is almost doubling with each generation; up from 16% of founders over 55 being female, to 30% of founders between 35-54 being female, to 59% of under 35 year-olds. ( http://startups.co.uk/majority-of-uks-young-entrepreneurs-are-female/ )

In all the time I’ve been in business and having spoken to many different groups of people over the years, the one consistent has always been that a large percentage of people would like to start their own business. In the past what stopped them was the high cost of entry ( capital), the high risk ( emotional and income), the rigid business landscape, lack of access to premises and infrastructure. Technology has basically removed these obstacles. You can start a part time business via Ebay, Etsy, Amazon or your own website. You can grow a business whilst still being employed full time ( UK wide 440,000 businesses do this ).

In Kent & Medway we have a unique environment for SME’s. Our support organisations, such as FSB, IOD and Chambers of Commerce, as well as our events calendar with Grow Kent, Digital in Kent, Get Social, B2B Kent and  Kent Vision Live do a great job supporting local businesses. More than that though its our own willingness to collaborate, network, mentor, support and help each other to grow our businesses that is the key reason for the county being successful economically.

The Business Bunker Radio show is proud to play its part in that, we have been broadcasting our weekly show for 9 years now, showcasing, supporting and encouraging local entrepreneurs, business people and organisations in getting their message out.

What does the future hold? More growth. Technology, renewables,  new working patterns all offer opportunities. We do need as a country to invest in our technology infrastructure and to encourage more home working and local working not least of which to reduce congestion, pollution and environmental impacts. Perhaps the greatest opportunity is to grow our international and overseas trade. Currently only 12% of businesses trade in Europe or further afield.

So in conclusion a massive well done to every business in Kent & Medway, lets keep collaborating, helping, mentoring and supporting each other and look forward to reaching the next milestone

UPDATE

There are  141,800 self-employed people & micro businesses and 77,955 small and medium businesses now in Kent & Medway

Here is a breakdown of the numbers by parliamentary constituency