Gay and Lesbian Entrepreneurs Set For Growth for the Next Year

November 03, 2009

 

No one has been recession proof, with many gay and lesbian entrepreneurs also feeling the brunt of the current recession caused by the sub-prime mortgage bubble bursting, but things are set to change.

The Business Confidence Index, released by the Business Link is predicting that gay and lesbian business men and women are looking forward to growth for the following financial year.

Business Link found 6 in every 10 gay owned businesses are focusing on growth for 2010, with higher spending in areas such as advertising and marketing, which where of the hardest hit during the recession.

The Business Confidence Index, which focused on 3,300 small-to-medium sized firms for the period of July to September 2009, found that 48 per cent of gay owned businesses had been impacted by the recession. These firms, as a result, will continue focusing on core products and services, while avoiding huge capital ventures that would have immediate capital implications, for the foreseeable future.

Patrick Elliott, Business Link chief executive, said: “Small businesses have always been resilient during times of economic upheaval due to their ability to adapt quickly. This flexibility, combined with their survival strategies and optimism, are likely to have shielded some businesses from the full force of the recession.

“Most small businesses are beginning to recover from the impact of the recession but LGB businesses still face a number of barriers.

“LGB businesses are a vital part of London’s small business community. I am confident the efforts of LGB business owners to lift themselves out of the recession will be effective. I would also advise these businesses to seek readily available business support and guidance to help them on their road to recovery.”

Image Source: http://www.businesslink.gov.uk