Small business owners regret not asking for help sooner

Nearly half of small business owners (47%) feel they could have got their enterprise up and running more quickly – if they had asked for more help when they were first starting out, according to research commissioned by Santander UK.

The survey of 500 adults, who run their own business, found that almost eight in 10 (77%) did ask for help in the early days – with 51% saying they sought practical support. This included advice on getting started, managing staff, networking, legal support, tax, payroll, and technology.

While only 27% of businesses have a mentor when starting out, 93% of these said it made starting their own business easier.

Susan Davies, Head of Business Banking at Santander UK said: “In business and in life, asking for help and advice is essential, but it’s not always easy to do. For as hard as it can be, asking for help means you can learn and grow – and hopefully avoid making a few mistakes along the way too.”

According to the research, more than a third of UK adults have had a situation in their career where they have regretted not asking for help at all or sooner, with 50% of these instances leading to a mistake that could have been avoided, and after reaching out for help at work, 57% said it helped them progress their careers.

Davies added “Asking for help is not a burden; it’s an investment in your own growth. That’s why we launched our programme – to match female business owners with experienced business professionals, giving them the opportunity to share insights and experiences. A problem shared is a problem halved, and you’d be surprised how much people are willing to help if they’re only asked for it.”

Almost two thirds of entrepreneurs said that starting a business on their own was one of the hardest things they have ever done, with 47% believing their business would have got off the ground quicker if they had asked for more help in the early days.

Sarah Willingham, entrepreneur, and Dragons Den star said “It’s a no brainer! Asking for help is like pushing on an open door, there are so many people and organisations out there willing to help, guide and support business owners. I know how lonely it can be, but having a mentor is one of the best ways to help you and your business, whatever stage your business is at. At each meeting, agree what you’re going to do and take action – no action means no change.”