More small digital firms making £100,000-plus across the UK, data shows

26 February 2024, 00:04

Woman using a laptop computer
Business woman using laptop computer do online activity on wood table at home office. Picture: PA

Around 17% of digital microbusinesses, companies with fewer than 10 employees, now have a six-figure turnover, according to a GoDaddy report.

The UK witnessed a surge in small digital businesses making more than £100,000 last year despite continued economic pressures, according to new data.

Around 17% of digital microbusinesses, companies with fewer than 10 employees, now have a six-figure turnover, according to GoDaddy’s latest Venture Forward report.

This represents a 55% increase on 2022, when 11% of microbusinesses operating online recorded this level of turnover.

It comes amid a rise in small bricks and mortar businesses, such as independent shops, adding online operations following the Covid-19 pandemic.

GoDaddy said the findings point towards “resilience from UK entrepreneurs” amid a backdrop of the increased cost of living and higher interest rates.

The research also found that, of businesses that are now turning over more than £100,000-a-year, over half (54%) were started in the past three years.

It also showed that many digital microbusinesses required relatively small initial investments, with 43% starting with less than £5,000 of initial capital.

Andrew Gradon, head of GoDaddy UK & Ireland said: “It is remarkable to see that so many entrepreneurs have built six figure businesses – many with very minor initial investment – and that the trend is going upwards, as we’ve seen an increase of 55% on digital microbusinesses bringing in over £100,000 revenue.

“It is testament to the strength of Britain’s small business community, and the fact that British entrepreneurs really are unstoppable.

“Entrepreneurs who operate bricks and mortar only businesses are potentially missing out on huge growth at minimal cost, so there has never been a better time to diversify and sell in more ways.”

By Press Association

More Technology News

See more More Technology News

Cyber fraud

Creating ‘deepfake’ sexual images to be criminal offence under new legislation

A hand on a laptop

Criminals ramp up social engineering and AI tactics to steal consumer details

A woman’s hand presses a key of a laptop keyboard

Data regulator issues new guidance for healthcare sector on transparency

A Samsung sign spelled out in drones

Samsung takes top phone-maker spot back from Apple

Apple devices

Apple to allow iPhone repairs with used parts

TikTok research

TikTok launches campaign urging users to get MMR jab

WhatsApp has been criticised after lowering its age limit

Meta under fire after WhatsApp lowers age restriction from 16 to 13

Attendees pose for a group photograph at the AI safety summit

Next AI summit to be hosted by UK and South Korea in May

Social media apps

Meta under fire for ‘tone deaf’ minimum age change on WhatsApp

Social media apps

Q&A: Social media apps and minimum age requirements

Bafta Games Awards

Baldur’s Gate 3 dominates Bafta Games Awards with five wins

UK’s media habits

Government needs TikTok strategy to combat misinformation, say MPs

ChatGPT study

Growing concerns over AI foundation model market, competition regulator says

Tesco shopper joins competitors in launching ‘Best of British’ page

Instagram's new safety tools to combat so-called sextortion and intimate image abuse

Meta announces new tools to tackle sextortion and intimate image abuse

A teenager using a tablet

Nearly fifth of teenagers say internet main information source on sexual health