1 in 5 entrepreneurs are spending 7 hours or more a day on social media
Hooked on Insta? Addicted to Twitter? It seems British entrepreneurs are fanatical about promoting themselves on social media.
A new study from Intuit QuickBooks reveals the growing importance of social media for startups, with 71% of those who set up during or post lockdown deeming it ‘make or break’ for their business’ success.
The survey shows three quarters (76%) of entrepreneurs say social media is becoming increasingly important for their business. More than four in five (81%) say it was necessary to be able to grow their business.
The study also found that one in five (21%) entrepreneurs are spending more than 7 hours a day on social media for their business. The average entrepreneur spends 4 hours on daily, over half the traditional working day. But despite this, 70% also say they are worried they weren’t using it effectively enough for their business.
The most common reasons entrepreneurs gave for starting their business social media pages were to make market research more accessible (43%) and to build a community invested in the long-term journey of their business (43%).
A similar proportion (42%) also said that they can see the correlation between social media engagement levels and the growth of their business by utilising different platforms.
It's no surprise. Hannah Chapman founded Ava May Aromas three years go a candle brand she launched two years ago from her family kitchen aged just 23. She melted wax on the kitchen hob to pour into molds. She now has 243,000 followers on Instagram and turnover is headed for £10m.
She said: “I talk to my followers like they are family,” she says. “I show my face nearly every day. My followers feel like they are on my journey with me! I have customers from my first days who still check in.”
Viktoria Ruubel, Director of Product Europe at Intuit QuickBooks UK s said: “Our findings show just how important social media has become for entrepreneurs hoping to grow and thrive. The nature of social media means it is perfect for today’s digitally driven, “always on” businesses that are constantly looking to break down barriers and reach new audiences. Our separate Intuit Small Business Insights study shows that revenue from social media makes up almost a third of small business sales and over three quarters agree that small businesses who invest in digital technology are more likely to succeed.
“The importance of adopting digital technology and social media has only increased since the pandemic. As an organisation we are passionate about helping startups to embrace new digital opportunities and work with countless small businesses to do so.”
Emma Jones CBE, founder of Enterprise Nation - the UK's best known activist group for entrepreneurs and small firms, commented: “It has been incredible to witness the startup boom of the past twenty months and how through utilising digital, new business owners have been able to successfully start and grow their businesses with exceptional results.
“Entrepreneurs are able to connect with their customers by embracing low or no cost technology, with the understanding that if they do, their businesses are more likely to prosper. The research that Intuit QuickBooks has done, allows us to see what fuels and will fuel the entrepreneurs of tomorrow; providing further insight into how best we can support them.”