Small business owners forced to raise prices A report by small business insurer Simply Business shows seven in 10 small business owners believe soaring costs are their single biggest challenge in 2022. Almost half of the 1,000 firms surveyed say they will increase their prices over the next six months as part of attempts to stay afloat. Two in five are holding off on opening new premises with 48% unlikely to hire additional employees. “The temperature of the nation's self-employed is absolutely clear in our latest research,' said Alan Thomas, boss of Simply Business. “With almost six million SMEs in the UK – accounting for over 99% of all businesses, 33% of employment and 21% of all turnover – it's vital for all of us that they can weather this summer of uncertainty and beyond.”