If you’re considering growing your business and feeling a mix of fear and excitement – that’s normal according to new research from web-to-print service Avery WePrint. The study has lifted the lid on small business growth in the UK, answering some of the most agonised-over questions about taking the next big step. The report explores everything from the emotional highs and lows to the sacrifices, funding and fears faced during the growth process. The findings make essential reading for anyone hoping to expand their business.

1. OF GROWING A
highs
lows&
SMALL BUSINESS
JUNE 2016
THE

2. Avery WePrint helps small businesses to create branded
stationery and promotional material which helps their
business to grow.
Avery was keen to fully understand the highs and
lows of growing a business and the real challenges small
business owners face when making the decision to grow.
BACKGROUND TO THE
SURVEYbusiness growth

3. Telephone interviews took place with small business owners who have
taken steps to grow their business to establish the key challenges that
were faced during ‘the moment of growth’.
Research was undertaken with Business Owners with 1– 49
employees and Sole Traders who have taken steps to grow their
business in the last 2 years.
350 respondents completed the survey via OnePoll.
BACKGROUND TO THE
SURVEYbusiness growth

4. Avery explored the different ways owners had
grown their business.
HOW CAN YOU
grow your business?
Launching a new product was
the most popular response with
44.6% making this step.

5. 0 12.5 25 37.5 50
%
OTHER
LAUNCHING A
NEW PRODUCT
OPENING ADDITIONAL
BRANCH/SITE
RE-BRANDING
YOUR BUSINESS
TAKING ON
MORE STAFF
EMPLOYING STAFF
FOR THE FIRST TIME
RENTING OR BUYING
NEW PREMISES
BECOMING A
LIMITED COMPANY
WHAT IS THE MOST POPULAR
growth step?

6. Six out of ten business owners felt
a feeling of excitement.
Four out of ten felt pride or
nerves.
make you feel?
HOW DOES GROWING A BUSINESS

7. 0
17.5
35
52.5
70
EXCITEMENT HAPPINESSNERVES CONFIDENCEFEAR PRIDEWORRY STRESS NONE OF THESE
FEELINGS
make you feel?
HOW DOES GROWING A BUSINESS
%

8. I felt nerves, excitement, trepidation and also
confidence as we really believed in what we
were doing.
Phil Wright, Primal Gym
make you feel?
HOW DOES GROWING A BUSINESS

9. I honestly don’t think there has been an emotion
that I’ve not felt while trying to build the business. I
recall thinking I’m going to have to get another job
while we wait for things to happen. At that point I
think there was panic, pain, frustration, hope, fear,
disappointment and gratitude. I questioned whether
I’d done the right thing. Now, it’s a different story,
although there are still certain anxieties, the fear of
failure doesn’t factor today.
Sam Prentice, iWaste
make you feel?
HOW DOES GROWING A BUSINESS

10. WHEN IS THE BEST TIME TO
grow your business?
Between 1 and 2 years of starting
a business is the most popular time
to grow.

11. WHEN IS THE BEST TIME TO
grow your business?
MORE THAN 10 YEARS
LESS THAN ONE YEAR
6 TO 10 YEARS
5 YEARS
3 TO 4 YEARS
1 TO 2 YEARS

12. Fear is a significant factor. The most
common fear business owners cited
was ‘failure’.
Losing money followed this, with
almost a quarter of businesses stating
this was their greatest concern.
WHEN GROWING A BUSINESS?
biggest fears
WHAT ARE THE

13. WHEN GROWING A BUSINESS?
biggest fears
WHAT ARE THE
0 7.5 15 22.5 30
REPUTATION BEING
AFFECTED
TOO SOON/NOT
THE RIGHT TIME
LACK OF TIME
BEING RESPONSIBLE FOR
OTHER PEOPLE’S FINANCES
FAMILY/HOME LIFE
BEING AFFECTED
FAILURE
LOSING MONEY
NONE OF THESE
OTHER FEAR
%

14. We were a little bit worried about whether our
business growth idea would work, mainly from a
reputational point of view. Everything we’ve done
so far has been great and really well received, we
didn’t want to jeopardise that with something that
may not work.
Jamie Smith, Balulas Delicatessen
WHAT ARE THE
WHEN GROWING A BUSINESS?
biggest fears

15. It’s not surprising then that the financial strains were found to be
the hardest part of growing a business…
WHAT IS THE
OF GROWING A BUSINESS?
hardest part
Almost a third of small businesses
reported financial strain was the
hardest part of growing a business.

16. WHAT IS THE
OF GROWING A BUSINESS?
hardest part
NONE OF THESE
OTHER
MARKETING
STAFFING ISSUES
UNDERSTANDING
LEGALITIES
LACK OF
KNOWLEDGE
WITHIN
EXISTING TEAM
LACK OF WORK-
LIFE BALANCE
FEELING THE
PRESSURE OF
CHANGE
ADDITIONAL
WORKLOAD
FINANCIAL
STRAINS

17. There’s any number of things I could have done
better, but these were all part of the learning curve.
Businesses are risky things and they stand and fall on
decision making: I’ve 100% needed the experiences
of tough times and the mistakes. (Although
admittedly it doesn’t feel like that when you’re in the
middle of it!)
Ciaron Dunne, Genie Ventures
HOW CAN YOU
FROM YOUR BUSINESS MISTAKES?
learn

18. Business owners shared where they looked for advice when
growing their business.
WHERE’S THE best place
advice?TO LOOK FOR BUSINESS GROWTH
The Internet and Friends and
Family were the most popular
places to look for advice.

19. TYPE OF ADVICE WHO USED THIS (%)
The Internet 58.6
Friends and family 47.4
A mentor 25.4
Social Media 22.9
Local business network 17.1
A consultant 15.1
Employed additional staff with the expertise needed 14.6
Magazine articles 9.4
Other 6.9
Citizen’s Advice 5.1
WHERE’S THE best place
advice?TO LOOK FOR BUSINESS GROWTH

20. Saving up until growth could be
afforded was the most popular
response, followed by using personal
savings and then a bank loan.
WHAT’S THE MOST COMMON WAY TO FUND
business growth?
Small business owners were asked to share how their small
business had been funded…

21. WHAT’S THE MOST COMMON WAY TO FUND
business growth?
0 15 30 45 60
PERSONAL
SAVINGS
OTHER WAY
APPLIED FOR A
BUSINESS GRANT
GOVERNMENT GRANT/
INITIATIVE
LOAN FROM A COMPANY
OTHER THAN A BANK
BANK LOAN
EXTERNAL INVESTORS
SAVED UP UNTIL COULD
AFFORD TO GROW
%

22. Our productivity has definitely gone up since
growing the business and moving out into an office
space. We’re a team of four now and working in
the same space means we can all learn from one
another. It’s much better for team work.
Lucy Francis, Lucy Francis PA Services
HAS GROWING YOUR BUSINESS MADE YOU
more successful?

23. 56% of small business owners agreed
that their customers had been happy
about the decision to grow.
Almost six out of 10 small business
owners said that growing the
business had attracted new
customers.
IS GROWING YOUR BUSINESS THE
right decision?

24. Almost a quarter (24.3%) agreed they
could provide better customer service
since the growth.
Almost 9 out of 10 business owners
said the growth moment was stressful
with over a quarter of business owners
(26.3%) saying it was VERY stressful.
IS GROWING YOUR BUSINESS THE
right decision?

25. IS GROWING YOUR BUSINESS THE
right decision?
43.1% agreed with the
statements “It was worth the
stress of growing my business
to be where I am today” and “It
has had a positive impact on my
home/personal life.”
82.9% of
respondents said they
had no regrets at all
about growing their
business.

26. The customer service they offer
came out top with 28.3% of
respondents, followed by work/life
balance and financial success.
Business owners were asked what
made them most proud about
running their business.
proud
WHAT MAKES YOU MOST
ABOUT RUNNING YOUR BUSINESS?

27. proud
WHAT MAKES YOU MOST
ABOUT RUNNING YOUR BUSINESS?
NOTHING
YOUR PRODUCTS
YOUR BRAND
FINANCIAL
SUCCESS
AWARDS WON
INDUSTRY
REPUTATION
CUSTOMER
SERVICE
WORK/LIFE
BALANCE
PREMISES
FINANCIAL
SUCCESS
YOUR STAFF

28. Effective marketing as a business grows is critical, over a quarter
of the UK’s small businesses said they plan to increase their sales
and marketing activity in the next two years.
Networking, new websites and
increased social media activity were
cited among the most popular tools of
marketing a growing business.
growing a business?
WHAT MARKETING SHOULD YOU UNDERTAKE WHEN

29. 0 12.5 25 37.5
OTHER
PR CAMPAIGN
SOURCED MARKETING/
PR AGENCY
NETWORKING
EMPLOY DEDICATED
MARKETING STAFF
EVENT
UTILISED SOCIAL MEDIA
DIRECT MAIL
NEW BRAND
NEW WEBSITE
EMPLOYED SALES
STAFF
PROMOTION OR
SPECIAL OFFER
TRAINING COURSE
growing a business?
WHAT MARKETING SHOULD YOU UNDERTAKE WHEN
%

30. Our wonderful senior designer told me that she
wanted to take the time to create a brand which
reflects the Genie culture, which would motivate
and inspire staff and visitors, and which would
make everyone proud. It was a dramatic change
and I love it. I do strongly believe the brand is
important for staff as well as the market: we all
want to work for a business we feel proud of.
Ciaron Dunne, Genie Ventures
growing a business?
WHAT MARKETING SHOULD YOU UNDERTAKE WHEN

31. growing a business?
Business owners were asked what advice they were most
likely to give to those considering growing a business.
Over half of
respondents said “Go
for it, you may regret
it if you don’t.”
Almost a third
of owners said
“Get advice from
specialists.”
WHAT SHOULD YOU DO IF CONSIDERING
35% said “Wait
until you have
enough savings
before you do it.”

32. growing a business?
WHAT SHOULD YOU DO IF CONSIDERING
20% recommended
“Increasing your
sales and marketing
activity to help
cover the costs of
growing”
21% said “Don’t
forget about
branding, it’s
important to have
the right image”
Almost
one fifth
recommended
“Outsourcing
areas you aren’t as
confident in.”
Business owners were asked what advice they were most
likely to give to those considering growing a business.

33. right time
If you’re wondering if you’re ready to grow your business, you
might find that only you have the right answer…
It seems it is very much a personal,
emotional decision as opposed to a
rational one with factors such as having
a product ready or finding the right
premises coming lower down the list.
WHEN IS THE
TO GROW A BUSINESS?

34. right timeWHEN IS THE
0
15
45
60
30
I FELT THE TIME
WAS RIGHT
WE HAD
FINANCES
AVAILABLE TO
HELP GROW
A PREMISES
BECAME
AVAILABLE
IN RIGHT
LOCATION
WE HAD A
PRODUCT
READY TO
LAUNCH
WE FOUND
THE RIGHT
STAFF TO
MAKE IT
HAPPEN
BUSINESS WAS
STRUGGLING
WITHOUT
GROWTH
OPPORTUNITY
IT WAS THE
RIGHT TIME
FOR ME
PERSONALLY
OTHER
%
TO GROW A BUSINESS?

35. I’m so happy now that I’ve made the decision
to grow the business and we are in our own
office. It feels more professional and we’re more
productive. I love saying we have an office and it
adds gravitas to our organisation.
Lucy Francis PA Services
right decision
IS GROWING A BUSINESS THE
FOR YOU?

36. sacrifices
There’s no doubt that the work involved in growing a business does
lead to some sacrifices having to be made. Avery explored what the
biggest ones were and these are shown below.
WHAT
DO BUSINESS OWNERS HAVE TO MAKE?
39% agreed that working longer hours
was one of the biggest sacrifices.
20.9% agreed less family time was a
large sacrifice.

37. sacrifices
WHAT
DO BUSINESS OWNERS HAVE TO MAKE?
SACRIFICE % WHO SAID THIS
Working longer hours 30.9
Less family time 20.9
Less ‘me’ time 18.9
No sacrifice 12.6
Taken a pay cut 7.7
Impact on personal relationships 5.1
Other 1.7
Changing location 1.1
Moving from a premises you love 0.9
Had to lose staff 0.3

38. growing
starting
IS
OR
A BUSINESS HARDER?
50.6% felt the
decision to start a
business was harder
than growing a
business.
22.0% felt it was
about the same for
both starting and
growing a business.
27.4% felt
the decision to
grow was harder
than starting a
business.

39. It has been fantastic to hear the optimism from
Britain’s small businesses in this study. It really seems
as though hard work and trusting your instincts
can pay off when it comes to growth. Our study
found that there’s no feeling quite like growing your
business, so we’d like to encourage anyone at this
stage to celebrate how far they’ve come. If you’re a
passionate small business, it’s worth communicating
this in everything you do, from your business cards to
branding and marketing materials, your packaging,
presentation and your customer service.
Fiona Mills, Marketing Director, Avery WePrint
Celebrating
SMALL BUSINESS GROWTH

40. @UKAVERY
/UKAVERY
WWW.AVERY.CO.UK/WEPRINT
#AveryBizGrowth