News

19 Jan 2018

Increasing number of the Brits plan to start their own business this year

New research has shown that 11% of the British population plan to start a business in 2018.

With over 32 million people currently working in the UK* this means 3.5 million more Brits could become their own boss in the next 12 months.

The survey, conducted by FreeAgent, also found that 8% of the population plan to start their own business by the end of 2019 and 3% by the end of 2020.

The survey revealed that the top three reasons for wanting to start a business include; a better work/life balance (44%); wanting to choose the type of work they do (43%); and attaining a greater sense of achievement (37%).

However, on the flip side, the three main concerns around setting up a business are; the financial burden of setting up (35%); managing company finances (34%); and lack of confidence (30%).

More women than men plan to set up their own business in 2018 (13% of women compared to 9% of men), and of the younger age groups surveyed, 57% of 18-34 year-olds said that they planned to become their own boss at some point. By comparison, 54% of 35-44 year olds, 45% of 45-54 year olds and 39% of over 55 year olds, said they wanted to start their own business.

If you’re looking to start your own rural business this year, take a look at The Business Barn to get you started. The first of its kind, The Business Barn hosts a wealth of expertly written content to help get ideas flowing and provide advice and guidance that is specific to the rural sector.

Read more like this here

*Office of national statistics