The UK continues to show its enterprising streak with, at the time of writing, 515,324 new companies incorporated in 2024, according to Enterprise Nation data. That puts it on track for another record-breaking year of company formation. These figures are based on the number of companies registered at Companies House and do not include hundreds of thousands more people who are side hustlers and sole traders.

People of all ages and from all areas are spotting gaps in the market and turning passion projects into profit. An increase in the number of people working from home post-lockdown has given employees time to spend on extra-curricular activities – and self-employment is one of the beneficiaries. Many new businesses will start and stay part-time, but others will be a stepping stone to a full-time venture.

With a rising number of start-ups and a new government in place, what are the opportunities for founders? Here are my top three:

1. Sell to government

On October 28, the long-awaited Procurement Act comes into effect. The act means changes to how the government procures – and this is good news for small firms. Buyers will be encouraged to engage more with the market, and the act will build on progress from the past decade to increase the number of SMEs in the supply chain of the government’s largest contractors.

In Labour’s Plan for Small Business, published before the general election, SME procurement was one of nine listed priorities, with reference to “‘guaranteed shortlisting for smaller firms” on “certain contracts”.

My company, Enterprise Nation, has offered to work with the new government on how such shortlisting could operate to ensure the right result for the taxpayer, namely quality products and services purchased at the right price, and delivered by the right suppliers. Notwithstanding the process, the intent to buy more from small firms is warmly welcomed.

2. Hit the high street

With a new government comes a renewed look at the role of the high street as an economic generator and social connector. Again, referring to Labour’s Plan for Small Business, there is a commitment to “empty shop orders”, which will see the community taking over shops that have been vacant for more than 12 months.

Further details are yet to be published on how this will operate, but it does offer significant potential for small businesses to come together and take on shop units from which they can trade and, in so doing, deliver business advice to neighbours.

3. Access fully-funded support

Support for small businesses to start and grow has come from programmes which received shared prosperity funding from the former Department for Levelling Up, Housing and Communities. This funding is due to end in March 2025 and there is no current replacement.

Based on a 12-month extension to offer the government time to work on a new funding model, my advice to start-ups is to identify the programmes in your area and/or your sector and sign up, as it is hoped they will continue offering support throughout 2025.

To complement public-funded support, there is ample quality provision from the private sector. Examples include Google supporting small businesses to understand and embrace AI; Vodafone enabling firms to identify and embed tech tools and training; Uber delivering cash grants to restaurants; and Sage making the case for businesses to get paid on time with financial and tech education. There are many more examples as trusted brands play a valuable role in boosting the enterprise economy.

As market opportunity expands and support is available to make the most of it, whether you are starting or growing a business, my advice is to seize the moment and make your mark.

Emma Jones is the founder and chief executive of Enterprise Nation.