Hospitality industry witnesses significant growth in Gen Z business directors
New data released by Companies House has revealed that the hospitality sector has the third-largest proportion of Gen Z business directors, with 1,630 registered entities now steered by the under 30 cohort.
Its research indicated that the total number of Gen Z company directors has more than doubled since 2018, with young minds now leading close to 26,000 firms in the UK. Key sectors include retail, manufacturing and IT.
According to the advisory firm www.money.co.uk, this has sparked hope for an industry revival, as the organisation lobbies for greater involvement from the younger demographic.
“In addition to the social barriers Gen Z entrepreneurs face [in terms of assumptions about their capability], their young age combined with their lack of business history can also create other obstacles,” said Joe Phelan, money.co.uk business loans expert.
“These entrepreneurs could be stereotyped and unfairly judged by potential business partners, suppliers or customers, hampering their business prospects. For example, lenders often consider these and other related factors, which can limit young business leaders’ access to vital capital often needed to scale enterprises.
“For the best chance of approval, they should focus on building a credit score, being transparent about income sources, and exploring business loans specifically designed for young entrepreneurs. By developing a robust business plan, detailing potential expenses and how they plan to grow their business, they can reassure lenders that the business is in good hands while giving themselves a clear framework for success.”
As reported in Harpers, 2,657 hospitality venues ceased trading in the nine months to September 2024, while many stakeholders have condemned Labour's October budget as “detrimental to growth”.
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