With the costs of living and prices of energy rising caused many consumers to tighten their belts and spend significantly less on products other than basic necessities. For business owners, especially for microbusinesses – which are defined as employing less than 10 people, this is a disaster.
Microbusinesses create 96% of all businesses in UK’s private sector, yet now with the cost of living crises getting worse, one eighth of them fear they will have to fold. That means the whole of 630,000 small businesses under threat.
If all of them really did close, it would mean a loss of £12 billion for the country’s economy.
You may have already be thinking about a career switch — well, this could be the right moment to actually do so! Choose a career that will be on demand in years to come, no matter what: learn a trade. Check the offer of ERR retraining courses.
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