- New research shows 11% of working Brits plan to start their own business by the end of 2018, and 8% plan to start their own business by the end of 2019
- Almost half (49%) say they would like to become their own boss at some point in their career
- More women intend on becoming business owners than men, with 13% of women polled planning to do so within the year, in comparison to 9% of men
- Women are more driven to work for themselves in order to choose what kind of work they do, whilst men are motivated by the prospect of a better work life balance
[UK, 17 January 2018]: New research released today reveals that more Brits than ever before want to start their own business in 2018.
The survey of 1,000 working British people, carried out by award-winning cloud accounting software provider FreeAgent, found that 11% intend to start their own business within the year of 2018.
With over 32 million people currently working in the UK, according to ONS statistics, that means 3.5 million more Brits are expected to become their own boss before the start of 2019.
FreeAgent conducted a similar poll last year and found that, by contrast, 3.2 million workers were prepared to start their own companies in 2017.
While 11% of Brits aim to become self-employed by the end of 2018, 8% said they would like to work for themselves by the end of 2019, and 3% by the end of 2020. Nearly a quarter (24%) said they want to start their own business at some point, but don’t yet have any concrete plans to do so.
FreeAgent found that the top three reasons for wanting to start a business were:
- Better work / life balance (44%)
- Wanting to choose the type of work that you do (43%)
- Attaining a greater sense of achievement (37%)
While the top three concerns around setting up a business were:
- The financial burden of setting up (35%)
- Managing company finances (34%)
- Lack of confidence (30%)
Breakdown By Gender, Location & Age
Notably, more women than men plan to set up their own business in 2018 (13% in comparison to 9% of men). And overall, 52% women dream of becoming their own boss in comparison with 46% of their male counterparts.
London was home to the highest number of budding entrepreneurs looking to start their own business by the end of 2018 (18%), while almost a third (32%) of respondents in Northern Ireland said that they plan on starting their own business by the end of 2020. One in five (20%) of respondents from Wales said that while they do want to start their own business, they have no plans to do so yet.
Of the younger age groups surveyed, 57% of 18-24 year olds and 57% of 25-34 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.
Ed Molyneux, CEO and co-founder of FreeAgent, said: “Starting your own business can be an extremely rewarding, if daunting, move for people to make with their career. The desire for a better work/life balance and the ability to choose the type of work they perform are key reasons for many people who want to start a business – it’s interesting to see that the younger generations are the most driven to become their own boss.
“It’s so 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.”
