1.3 trillion grapes may help you successfully finance your business
What does £1.3 trillion look like? £1,300,000,000,000. That’s a lot of zeros. To understand what 1.3 trillion really looks like, we’ve broken this down into something most business owners can relate to. Wine.
You’d need approximately 800 grapes to make just one bottle of wine. And if you had 1.3 trillion grapes, you could make an incredible 1,625 million bottles of wine. If (being a generous sort of person), you decided to share this wine with everyone in the UK, that would equate to around 24 bottles per person.
Why do 1.3 trillion grapes matter?
Armed with a better understanding of just how huge 1.3 trillion is, we can begin to imagine it as a monetary value.
£1.3 trillion is the amount of money that is contributed to the UK economy every year by the small business community. With Adele’s release of her album 25, she earned revenues over £30 million, and contributed over £4 million of corporation tax. For Adele to contribute the same amount of turnover as the UK’s small businesses, she would need to release over 43,000 albums each matching the performance of her album 25.
But, as a business owner you are probably thinking ‘How does this help me?’.
The more successful businesses we see in the UK, the more taxes are generated. This enables the government to further invest in business growth with schemes like Local Enterprise Partnerships and apprenticeships, where money is injected back into small businesses through various different finance options including the British Business Bank.
The financial help and support available to businesses is constantly evolving to create new opportunities for businesses to start up, scale up and thrive.
Small businesses make all the difference
Back to the £1.3 trillion turnover that’s contributed by the UK’s 5.5 million small businesses. The British Business Bank has launched the Small Wonders campaign to celebrate the economic and social contribution of businesses – like yours – across the UK. As only 2% of people realise the impact of small businesses, the British Business Bank aims to draw attention to the enormous contribution these companies are making. With 200,000 more small businesses in the UK than 2016, the UK is one of the most entrepreneurial countries in the world.
Whatever industry you work in, we understand your passion and enthusiasm. Whether you are an accountant, a boutique hairdresser, or possibly a ground care machinery dealer, the Business Finance Guide is designed to offer you the help you need to achieve your own goals, and to continue your business journey.
It is you and your small business that makes the difference.
This is why your business is being hailed as a ‘Small Wonder’.
Small Wonder: Pip and Nut
Pip and Nut is one of the UK’s ‘Small Wonders’ that has thrived throughout its business journey. Pippa Murray, the founder of Pip and Nut, gives the following advice for start-ups,
“The most important thing a start-up needs to know when they are raising finance for their business is that it’s a long journey with your start up and actually you can raise finance at different stages.”
Initially, Pippa raised money from friends, family and a start-up loan. Once she landed her first contract with a major UK supermarket, crowdfunding equity became the best finance source to help her gain enough investment to get products into production. As she started to scale up into her second year of trading, angel investment became the best option. Pip and Nut was able to benefit from the experience of their angel investor who had already scaled up their own business and had worked within the same market previously.
Taking advantage of finance options
By adapting finance options throughout the businesses journey, Pip and Nut was able to grow and expand to where it is today. For your business to continue reaching its goals, make sure you consider all the finance options available to you, including both equity and debt options.
Wherever you are on your business journey, the Business Finance Guide is here to help you to explore your finance options. Whether you are a retailer looking to fund expansion or a contractor considering external financing to help balance cash flow statements, there is a finance option for you.
To find out more about the finance options available for your business goals, use our simple journey tool.
You can also find out more about other Small Business Wonders by following The Business Finance Guide on Facebook and YouTube, or the British Business Bank on Twitter using the hashtag #SmallBizWonders.