Small businesses across the UK “have the power to add billions to the economy”, according to the boss of GoDaddy.
It came as new research by GoDaddy and economics consultancy Frontier Economics showed the direct impact of microbusinesses – those with fewer than 10 employees – in local communities.
The data said that each additional microbusiness in regions across the UK raises the median income by around £1,400, representing a 4.4% rise in salaries.
Andrew Gradon, head of GoDaddy UK & Ireland, said: “GoDaddy’s Venture Forward data is unique in its ability to capture and analyse microbusinesses and demonstrates their enormous economic contribution to their local areas.
Collectively, they have the power to add billions to the economy, while providing jobs, improving pay and increasing GDP in their local communities.
“When they thrive, we all do.”
The Venture Forward report also found that additional microbusiness per 100 people is able to contribute £37,000 to local GDP.
Mr Gradon added: “With many microbusiness owners facing difficult market conditions amidst rising costs and falling consumer spending, it’s never been more important to understand their impact and ensure they are properly supported.
“We have very few studies that focus specifically on companies with under 10 employees.
“They are under-researched, misunderstood and often under-served.
“GoDaddy aims to change that, and we are determined to support and empower the everyday entrepreneurs that are the engine of both their local and the British economies.”
