Andy Jordan speaks out as rising costs and inflation “squeeze” small businesses
As a co-founder of family business Jam Industries, the creative entrepreneur talks about his experience as an entrepreneur in this economic climate
Jam Industries co-founder Andy Jordan believes that higher national insurance contributions threaten to stunt business growth, possibly resulting in fewer jobs.
Jordan’s business is one of thousands that would have been affected by the government’s scrapped rate increases. With budgets disappearing, growth and development fall behind sustainability in the fight for survival.
Jam Industries, a “city surf brand” which sells lifestyle clothing, currently has two stores located in the UK, with plans for a third on the horizon. However, rate increments have made expansion more difficult.
Jordan said: “We want to employ more people and grow the business, but increased costs are making that impossible.
‘’The speed and space for growth is frustrating. We need money to expand, travel around the UK and sponsor events – and ultimately that is our goal.’’
Taking to Twitter after the announcements of rate increases, Andy spoke of the unwelcoming changes set to hit his business.
The economy benefits from business revenue and development, but Jordan said it is hard for new entrepreneurs, as they are entering a difficult business climate.
While it was announced earlier this month that rate increases will be capped and support will be provided to important parts of the country, concerns still linger among small business owners.
Chancellor Phillip Hammond also announced relief plans for small business, but was met with backlash as thousands of self-employed workers faced a hike in national insurance contributions.
David Richardson, of The Federation of Small Businesses, said that many of their members were ‘’bewildered’’ by the chancellor’s revelation, condemning the government for their lack of support.
Small business and entrepreneurs alike are an important part of the UK’s financial development.
Western Isles Scottish National Party (SNP) MP Angus Macneil said: “Entrepreneurs are key to the success of the economy, particularly in fragile economic area… Self-employed people do not have the same protection as employees and an additional tax rise is a betrayal by the UK government who said they would not do this.”
Undeterred, Jordan is optimistic about the future of Jam Industries, despite potential economic hurdles.
While the idea of a surf brand in the UK seems unorthodox, Jam Industries has embraced key entrepreneurial attributes that are proving to be a success. “We do it the way we do it because we love it,” Jordan said.
It’s a key part of why Jam Industries has succeeded, and it’s advice Jordan would give to any young entrepreneur looking to start a business: “Make sure you do what you love and fight the battles.”
To learn more about Jam Industries visit : www.jam-industries.co.uk/pages/our-story
Editors Note: This article was written prior to the Government’s reversal of the National Insurance rise.