27 June 2024: As we approach the final week of campaigning for the General Election, new data reveals young online entrepreneurs could be a pivotal voting demographic.
Changing Voting Patterns
GoDaddy’s Venture Forward research initiative recently analyzed over 2,000 UK online microbusinesses, defined as having 10 employees or fewer, with a unique domain and active website. The study found that more than one in five (23%) under-30 microbusiness owners plan to change the way they vote in the upcoming election. In contrast, only 9% of over-60s reported a change in their voting intentions since becoming business owners. Additionally, a quarter (25%) of those under 30 have changed their voting preferences since starting their businesses.
Generational Priorities
The research highlights differing public policy priorities among various age groups for supporting small and microbusinesses.
Older Entrepreneurs (Over 60):
- They prioritize tax incentives and reforming the business rates system (60% support).
- They also support the adoption of technology to enhance productivity and competitiveness (41%).
Younger Entrepreneurs (Under 30):
- They emphasize improved access to capital and funding (43% support).
- Additionally, they value the adoption of technology for productivity (33%).
Middle-Aged Entrepreneurs (30-60):
- They show moderate support for tax incentives (55%) and technology adoption (28%).
Policy Preferences for the Next UK Government
| Policy | Under 30 | 30-60 | Over 60 |
| Helping to export to new international markets | 20% | 21% | 24% |
| Support for the adoption of technology to enhance productivity, innovation, and competitiveness | 33% | 28% | 41% |
| Improved access to capital and funding | 43% | 39% | 37% |
| Tax incentives and/or reformation of the business rates system | 36% | 55% | 60% |
| Help to attract and retain talent | 31% | 23% | 28% |
| Access to affordable work and trading places | 32% | 27% | 30% |
Insights from GoDaddy
Andrew Gradon, Head of GoDaddy UK & Ireland, commented: “GoDaddy’s research reveals the experiences and challenges of running small and microbusinesses can shape their voting priorities. Businesses with 10 employees or fewer are often seen as the engine room of the UK economy, with the potential to add billions to the economy. Given their impact on job creation and economic activity in their local communities, their voices should be heard. Understanding their concerns and aspirations will help create an environment that empowers young entrepreneurs to thrive, drive innovation, and contribute to the country’s economic growth.”
The Economic Impact of Microbusinesses
The UK microbusiness sector has grown significantly over the past two decades, from 3.5 million in 2000 to 5.2 million today. Consequently, these businesses now account for up to 32% of private sector employment and contribute £808 billion to the economy. Furthermore, GoDaddy’s research has found that microbusinesses generate seven new jobs per 100 people and raise median income by £1,400.
