Latest news with #MichelleOvens
North Wales Live
6 days ago
- Business
- North Wales Live
Drive to accelerate today's side hustles into tomorrow's top UK businesses
A new drive to grow the number of small businesses in the UK through targeted support for side-hustles and start-ups has been announced by Small Business Britain and eBay. The new Side-Hustle Lab - a free, six-week online programme, designed to help people get started, scale up, and build successful businesses – will launch on June 4. With the number of small businesses falling by 9% over the last five years - from a peak of 6 million in 2020 to 5.45 million in 2024 - the organisations are jointly calling for greater support for start-ups, and particularly businesses starting life as side-hustles. Research from Small Business Britain and eBay found that starting a side-hustle is now the leading route into entrepreneurship in the UK, with 39% of small businesses starting-up as side hustles and, of those, 46% growing into full-time ventures. 'As millions of Brits turn their passion projects into income, particularly during the cost of living crisis, we need more support for this section of the economy to accelerate the next generation of businesses and growth for the UK economy,' said Michelle Ovens CBE, Founder of Small Business Britain. 'We know that side-hustles are where so many brilliant businesses begin, but turning a great idea into a great enterprise takes knowledge, confidence and support.' Launching on Wednesday 4 June, the Side Hustle Lab will offer up to 500 aspiring entrepreneurs across the UK hands-on guidance to help kickstart and grow their ventures. The programme will showcase expert-led modules on how to get started, time management, marketing on a budget, including how to sell on eBay effectively, advice on customer service and scaling, as well as legal structures, finance and sustainable growth. A strong focus on building digital skills will be given, due to the growing importance of digital marketing, online platforms, e-commerce and AI. Indeed, despite a general decline in overall small business numbers, there has been a strong shift towards digital-first business models in the UK economy. Programme participants will also join a supportive network of fellow side hustlers and hear real-life success stories from entrepreneurs who turned passion into profit. Ryan Panchoo, who founded his allergy-friendly doughnut business ' Borough 22 ' as a side-hustle in 2014, is an example of a business owner who has successfully scaled his venture from a side-hustle. He says of his journey: "I started in my kitchen, just trying to make doughnuts my kids could actually eat. I had no roadmap, just passion, purpose, and persistence, but I've ended up with a concession in Selfridges and am going from strength to strength. If you've got an idea tugging at you, just make a start. Side-hustles have the power to grow into something life-changing, not just for you, but for the people you serve. We need to make sure we are backing entrepreneurs in the UK starting out this way as they are the future." Eve Williams, VP and GM of eBay UK, added: 'For thousands of entrepreneurs, eBay has turned passions into professions and side-hustles into start-ups. Our aim is for anyone to be able to start and grow their business with no barriers to entry and access to millions of UK customers in a few clicks. 'We know that emerging businesses need more support. The Side-Hustle Lab is one way to help equip emerging entrepreneurs with the tools they need to grow faster and smarter, powering the next wave of small business success across the UK."
North Wales Live
19-05-2025
- Business
- North Wales Live
'Every founder should be using it': Small businesses believe AI will be vital to growth and survival
Small businesses increasingly believe AI will be vital to their survival and growth over the next five years. A new report from Small Business Britain and BT is calling for the UK to boost support to capitalise on the transformative power of AI and avoid smaller firms falling behind. 'The AI Opportunity for Small Businesses' report - which surveyed 2,000 business owners - shows 60% of small firms predict AI will be essential for them to thrive and continue in the next 5 years, with 62% now using AI. With the help of AI, small businesses are automating time-consuming tasks, improving customer service, and streamlining operations, freeing up valuable time to focus on innovation and growth. The most common applications include marketing (47%), operations (17%), and customer service (8%). However, the data also shows the potential of AI is being held back by significant barriers to entry, which disproportionately affect smaller firms. Over two thirds (68%) want more affordable AI solutions, with half of entrepreneurs admitting they lack understanding of the new technology (60%) and want more practical support (51%). With many small firms at vastly different stages of adoption, the report has issued 13 recommendations for Government, technology providers, educators, and business networks to bridge this gap and avoid creating an 'AI disparity' among the nation's 5.45m small businesses. It calls for coordinated, targeted action to open up the AI opportunity for all small businesses, helping them to increase productivity, reduce costs, and open new markets. The recommendations include a need for more cost-effective AI solutions, as well as incentives to encourage early adoption, such as funding, grants and tax-breaks, alongside help for small businesses to measure return on investment. Expanded and simplified AI support and education is also recommended, alongside more promotion of easy-to-use and affordable AI tools. The idea of a centralised, national AI resource hub is also being put forward to pool practical guidance, AI tool reviews, training, and FAQs. This should be accompanied by peer-led learning and mentoring opportunities, which are tailored to individual sectors. Authors of the report also believe increased regulatory clarity is needed, with easy-to-understand guides on compliance and ethics. Michelle Ovens CBE, Founder, Small Business Britain, said, "AI is transforming industries across the UK and is now a critical conversation for small businesses. "While there is excitement, there is also a clear need for expert guidance and support, as entrepreneurs are at vastly different stages of understanding and adoption. "While some have fully integrated AI into their operations, others are still grappling with what AI is and how it can help. We cannot risk any small businesses being left behind." The report further argues that AI has the potential to level the playing field for all entrepreneurs, provided the right resources and training are made available and accessibility and inclusivity are built into the design of tools and support. Under-represented founders, particularly disabled entrepreneurs, show high engagement with AI, with 64% already utilising it, but only 14% reporting a strong understanding of its benefits. Dr. Chris Sims, Chief Commercial Officer, BT Business, said, 'Small businesses are the beating heart of the UK economy, yet our report highlights an uneven adoption of AI, risking a divide where some gain a competitive edge while others are left behind. There is an urgent need for accessible training, affordable tools, and inclusive pathways to AI adoption, helping to democratise the technology. Our goal is to empower businesses of every size to leverage AI for growth and efficiency.' Amelia Peckham, co-founder of Cool Crutches, said, 'Incorporating AI in the right way to have maximum impact is key. Every founder should be using it—we have implemented it into our marketing, and it has transformed the speed at which we can work, as well as efficiency for me as a founder and the team. "With a much bigger output without adding cost, it's a no-brainer - the key is knowing how to use it the right way, from experts who know. That's where Small Business Britain comes in - teaching us what tech to use, when and most importantly what to avoid to ensure we are on the front, not back foot when growing businesses to last!' The report will launch with an event at the Science Museum in London, welcoming entrepreneurs from across the country, AI experts, and other business representatives.
