According to a nationwide survey commissioned by American Express, small business owners between the ages of 18 and 34 years have experienced above average growth over the last 12 months, with 46 per cent growing their client base compared to 35 per cent for the average small business owner.
More than two in five (42 per cent) have increased their revenue (compared to 33 per cent) and 34 per cent have expanded their product or service offering (compared to 26 per cent).
More than half of this age group (56 per cent) have also seen an increase in profits over the last financial year (compared to an average of 40 per cent).
Business owners under 35 are positive about the year ahead with nearly half (47 per cent) anticipating increased revenue over the next year and one-in-four expecting to take on more staff.
This compares with an average of 41 per cent of all business owners who anticipate revenue increases and just 14 per cent who anticipate staff increases.
Despite their confidence, young business owners accept that there are some areas in which they need assistance.
Their greatest challenges over the past year have included a lack of knowledge about how to grow their business (36 per cent) and access to finance (30 per cent).
