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The research also highlights a weakness in broader business resilience too . Over one-third of businesses ( 35 %) said they have under £ 1,000 in cash savings . Twelve percent said they had nothing . This reflects Zempler ’ s earlier research highlighting 75 % of businesses are funded by personal savings or from friends and family .

Despite the challenges , businesses have highlighted which policies they ’ d like to see from the new UK government to support them and encourage more businesses .

The top five policies that microbusinesses support are :

• Tax breaks to encourage people to start their own business ( 35 %)

• Cutting VAT on fuel ( 27 %)

• Simplifying access to funding ( 26 %)

• Improving HMRC ’ s response time ( 26 %)

• Increasing the opportunity for SMEs to compete for public sector contracts ( 26 %)

Among female-led businesses and sole traders , there was a greater desire for policies providing more generous benefits such as sick pay , pensions tax relief and child benefits . Women-led businesses also said there is a need to improve access to finance

MOST ENTREPRENEURS KNOW AND ACCEPT THAT STARTING A NEW BUSINESS IS NOT EASY , BUT THIS RESEARCH REVEALS JUST HOW TOUGH THOSE EARLY DAYS CAN BE . be . It ’ s another reminder of just how resilient and determined these business owners are and it ’ s great to see that the majority of founders have no regrets about striking out on their own . These companies need all the support they can get , whether that ’ s access to lending and other crucial services or tax incentives that can ease the burden of those difficult first few years in business .” �

where banks are unwilling to lend . A higher percentage of male-led businesses supported cutting VAT on fuel .

Rich Wagner , CEO , Zempler Bank , said : “ Most entrepreneurs know and accept that starting a new business is not easy , but this research reveals just how tough those early days can

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