Subscribe to our newsletter to receive business tips, learn about new funding programmes, join upcoming events, take e-learning courses, and more.
Take the first step to successfully starting and growing your business.
Join for free)
Posted: Wed 13th Mar 2024
Almost a fifth of digital micro-businesses have an annual turnover of more than £100,000, new research reveals.
The 17% figure is up from 11% in 2022, a 55% increase, according to the study of more than half a million small online firms by GoDaddy.
The growth is similar for micro-businesses generating revenue of over £50,000, which stands at 33% in 2024 compared to 25% last year. In comparison, the median annual earnings for full-time employees was around £34,963 in 2023.
Of the businesses turning over six figures, 54% were started in the past three years, demonstrating the speed at which successful digital businesses can be built.
Many micro-businesses require relatively small initial investments, with 43% of founders saying they started with less than £5,000 and 21% spending only £500.
Over four fifths of entrepreneurs who own £100,000+ micro-businesses are optimistic for growth, the survey found. In addition, one in three said they are 'breadwinners' and contribute 51% or more to their household income. This was also the case of around a quarter of micro firms run by women.
Andrew Gradon, head of GoDaddy UK and 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 Britian’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."
