News | Legal News

16 January 2017

3.2m Britons to start their own business in 2017

The UK is set to become a nation of entrepreneurs, with millions of people looking to set up shop within the year, according to a survey.

Of the 1,000 people surveyed, one in 10 Britons of working age are planning to start their own business in 2017.

With 31.76 million people currently working in the UK, according to recent data from the Office for National Statistics, the results indicate 3.2 million more Brits are looking to become their own boss by 2018.

Of those surveyed, more than half (54%) say they would like to become their own boss at some point during their career, and 25% are aiming to become self-employed within the next few years.

The most common reason for launching a new enterprise is to achieve better work/life balance, with over half (52%) of respondents citing this as a motivator.

Having more choice is the second most important factor (51%). The third reason is to earn more (37%), closely followed by the desire to pursue a passion (36%) and looking for a greater sense of achievement (35%).

A rising trend in 'youngpreneurs' has also been highlighted in the report, with 67% of working 18 to 24-year-olds planning to become their own boss at some point - the largest percentage of any generation

Ed Molyneux, CEO and co-founder of FreeAgent, said: "While it's very pleasing to see so many would-be entrepreneurs thinking about going solo, it's important for any new business owner to make sure they are fully prepared before they start up. One of the main reasons that new businesses fail is because they cannot maintain a healthy cash flow, so drawing up a detailed business plan and staying on top of your finances is key if you want to make your venture a success."

The survey has been commissioned by cloud accounting software provider FreeAgent and carried out by OnePoll.

Dana Eyre

Dana Eyre

Tel: 01753 279048

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