LONDON, March 31, 2017 /PRNewswire/ --
With nearly half of UK mums saying they admire entrepreneurial businesswomen, APS financial, the most proven digital UK challenger to banks, unveils the barriers Mumpreneurs believe are stopping them from becoming the next 'Baroness Bra'.
52% of the 1,500 UK mums polled by APS financial said the top three reasons for not starting a business were:
- It seemed like too big of a risk (47%)
- Not knowing how to get started (43%)
- The admin and financial aspects involved (35%)
Meanwhile, those who currently own a business (23%) and previously owned a business (25%) named the top challenges they faced when they set up shop:
- Having enough time to do everything (40%)
- Managing the business while raising children (29%)
- The amount of red tape they went through as a start-up (29%)
- Finding a bank who'd support them financially (22%)
These Mumpreneurs also found financial service providers as being far from flexible:
- 41% said that the process of setting up a business bank account had taken longer than expected
- 38% thought it had been a 'long and slow' process
- 38% found the rates and fees were not transparent enough
Worryingly, more than one in ten British Mumpreneurs (12%) admitted they had shut down their businesses due to lengthy admin tasks such as sorting out tax returns, talking to their bank, and, problems with keeping track of business costs and expenses.
Perceived costs of establishing a dream business were also dramatically different from the reality, indicating education about start up fees could be far better. While over a third of those who'd gone it alone had invested up to £1,000 (36%), most of those who'd held back thought an investment of between £10,000 - £50,000 was necessary (23%).
APS financial offers small businesses the chance to get their digital, current accounts up and running within 6 minutes of starting their application. Businesses are provided with a personalised account number and sort code once the account has been approved, helping to get them trading faster. This is in stark contrast to research commissioned by APS financial previously, which revealed that over 15% of UK small businesses had to wait more than 26 days before they were granted access to their business bank account.
APS financial prides itself on providing one of the fastest, easiest platforms to set up a business account in the UK and has helped nearly 80,000 start-ups and small businesses, including nearly a quarter of female entrepreneurs, over the past five years. APS financial also provides businesses access to finance through a suite of credit products and overdrafts, lending up to £2,000, if eligible, which can help fund the cost of starting up a business.
CEO Rich Wagner said "We should be empowering all small businesses, but especially mothers working to set up a business to thrive in our economy by offering fast, easy ways to open up bank accounts and manage cashflow, not throwing up barriers. It is worrying to think that it is fears about admin and financial hassle that stops entrepreneurial mothers going it alone and our experience shows that grassroots entrepreneurs don't need traditional banks to 'bank'."
Notes to Editors
With over a third of Mumpreneurs (38%) claiming they haven't set up a bank account for their business, APS financial are on hand to offer fast, simple and intelligent banking solutions to efficiently manage finances and business cash flow. As a leading challenger to banks who has helped nearly 80,000 start-ups and small businesses in the past 5 years, since launching their business services, APS financial know what works for entrepreneurial Mumpreneurs.
Advanced Payment Solutions Ltd (APS), trading under the name "APS financial," is a data-driven digital banking services pioneer, which aims to transform the UK's banking sector and be the first choice digital challenger to banks for SME and consumer customers. Recently nominated as a finalist for Best Business Account for 2017 by Business Moneyfacts Awards, over the last 10 years, APS has developed a wide range of digital banking products. Through its proprietary technologies, award winning products and superior in house data analytics, APS is able to offer nearly a million customers fast, simple and intelligent banking solutions to efficiently manage their finances and business cash flow.
Authorised and regulated by the Financial Conduct Authority, APS has a full permission credit licence for consumer credit activities (FRN 671140). A subsidiary of APS, APS Financial Ltd ("AFL") is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money (FRN 900002).
AFL was the first non-bank issuer to gain MasterCard membership and is a member of both the Electronic Money and Emerging Payments Associations.
For more information, interviews, photography or further commentary please contact Niki Wheeler, Alex Black or Alice Carr on +44-(0)-20-7758-3900 or APS@launchpr.co.uk
 Survey conducted by Onepoll.com in March 2017. Total number of respondents: 1,500 UK mothers
 Survey conducted by onepoll.com in August 2015. Total number of respondents - 500 UK adults, either self-employed/sole traders or intermediate/higher managers in businesses with 1-250 employees.
SOURCE APS Financial