According to a survey by pollsters YouGov, lack of money, followed by red tape and lack of time, were business owners' main obstacles to expanding their ventures.

In addition, preserving the work-life balance was considered a problem by people who had started their businesses to gain greater independence.

Professor Gerry George, from the London Business School, told Freelance UK:

"It's a common misconception, but people often think of the start up phase as most critical, only to discover that growing the business raises a whole different set of challenges they are not always prepared for."