Federation of Small Businesses Membership — Is it worth it?
In my situation, no, it was completely worthless. That said you need to make your own assessment of whether it will work for you. In my experience, some of the benefits will depend on the size of your business and your turnover.
Case in point…
During my 2nd year as a member of the FSB I was summoned for jury service. As the date approached I contacted the FSB to ascertain how to make a claim. They sent the form with details of all the supporting documentation (certificate of attendance, remittance from the court, proof of earnings etc.).
Unfortunately, in my case, I was told I don’t qualify for any compensation. This particular benefit that my membership of the Federation of Small Businesses provided was completely and utterly worthless. My calculations, based on the feedback from their legal claims department, indicates that for me to receive this benefit I’d need to quadruple the size of my business.
I naively thought my membership would serve as an insurance policy. That it would provide some form of protection in times of need. My jury service was extended into a third week, causing a huge amount of disruption to both me personally and my business.
In hindsight membership of the FSB is akin to buying an insurance policy that will never pay out.
Your situation may well be different. If you’re reading this post, I’d urge you to do your own research and understand what your membership will actually deliver.
£120 per year for membership isn’t a huge investment but it’s a lot of money for something that I now consider totally worthless. I’d estimate that unless your turnover is at least £80k-£100k per year, membership of the Federation of Small Businesses is probably not for you.
This article is based on my own, first hand experience with the FSB. I’d love to hear your stories too, especially I they’ve managed to help you. Leave a comment and let me know.