The stakes are high for independent companies due to import taxes and connections with Europe. Within the first 18- months of a small business, 80% go bust.
Andrew Wood is a 23-year-old Tiling Contractor and has worked in a partnership with his Dad for two years, working an approximate of 60 to 100 hours a week and earning an above average income.
Brexit has already affected Mr Wood's business due to companies not wanting to spend and invest the same due to uncertainty.
Mr Wood said: "I had a job lined up in Belfast with 'Whitbread' [a hospitality company] but it got postponed 'til after Brexit."
The cost of imported tools and materials have risen due to the weak pound dropping in value, therefore reducing Mr Wood's total earnings over time.
Mr Wood said: "If all else fails, I'd have to do domestic work which can be irregular and is often paid less."
In addition, Mr Wood also said: "Personally, I'm in a position to buy a house for the first time but now I'm nervous and all my decisions rely on the outcome of Brexit."
Photo Credit: Andrew Wood
Although many small businesses will experience a negative impact from Brexit, others may gain a long-term positive outcome.
Sam Marsh, Managing Director of 'Jigsaw Fitness' and a gym equipment inventor, voted to leave during the referendum, confident that his small business will only continue to grow after leaving the EU.
Mr Marsh said: "I started my business four years ago in university, each year since we have doubled our turn-over. I think we will treble our turn-over in the next year."
Mr Marsh's business occasionally imports electronics from China but has little to no affiliation with the EU therefore the import tax does not affect 'Jigsaw Fitness'. All products are assembled and manufactured in England.
'Jigsaw Fitness' supplies to every major gym chain such as 'Fitness First' and 'DW Sports' and similar sports companies like 'Under Armour'.
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