Cost of starting a firm in ‘Year of Entrepreneur’

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NEW research has shown that it could cost as little as £30,000 to open a business in Portsmouth.

The study, carried out by business energy price comparison site Quotemyenergy, found 2018 to be the ‘Year of the Entrepreneur’.

The highest number of would-be business owners ever are set to take the plunge.

The firm has tallied the cost of starting up a variety of businesses.

It predicts that ‘Solopreneurs’, or those going it alone, have the cheapest starting point at £30k, with office rental costing around £3.5k in a co-working space.

According to the research, Portsmouth residents with a dream of starting a retail business will need £172k in capital.

The most expensive start-up was revealed to be in the tech industry, which the site says requires a £380k outlay for the first year.

Office spaces are likely to be the biggest first year expense for new firms, with employees being the second biggest drain on a founder’s purse strings.

To use Quotemyenergy’s business calculator, visit quotemyenergy.co.uk/business-calculator/.