A Quarter Of Britons Want To Own Businesses, Survey Finds

Research Reveals Widespread Entrepreneurial Ambitions Among British Workers

11.07.2014

Fergal Dowling, Partner | +44 (0)121 214 5476

More than one in four Britons would like to run their own business, a new survey has revealed.

The Big Issues for Small Businesses report by Lloyds Bank Insurance revealed 26 per cent of people would like to become self-employed, with 51 per cent saying they would move sector as part of this career change.

Becoming a sports player, coach or manager is the most popular dream 'break out' for an employee, followed by working with animals, being a writer and running a restaurant, cafe or B&B.

Other dream self-employed professions included running a shop, being a travel guide, or a career in music.
The motivations for being self-employed are varied, with 51 per cent citing a better work-life balance, 46 per cent wanting to take on a new challenge and 41 per cent wishing to make more money.

Overall motivation levels would be higher for 83 per cent of people, with 79 per cent believing they would get more job satisfaction from running their own business. However, there is a widespread acknowledgement that going self-employed would not be all good news, as 78 per cent said their stress levels would be higher and 71 per cent anticipate taking fewer holidays.

The study found the top priority for new businesses would be to set up a website, listed by 51 per cent of respondents, with other important steps being tax registration and establishing financial processes. However, the biggest concern for those who wish to set up a business is the question of how they would keep it going while they are ill.

Head of Business Insurance at Lloyds Bank Insurance Damien McGarrigle said: "This research shows that we are a nation of aspiring business owners, with the workforce thinking up new ways to break out of their current jobs and become their own boss."

One issue those setting up SMEs may not have to worry about is late payment, a major bugbear of the self-employed down the years.

The announcement in the Queen's Speech last month of the Small Business, Enterprise and Employment Bill - which is designed to curb this problem - was welcomed by the Federation of Small Business, which had campaigned for such legislation.

Expert Opinion
With the economy improving, it is unsurprising to see a number of people thinking seriously about establishing their businesses. A growing number of opportunities are arising in a range of sectors, which means there are an increasing number of chances for ambitious and innovative new organisations to thrive.

"While it is welcome to see people wanting to take on the responsibility of running their own business, it is important for them to remember that it is not something they should do alone. There are a range of issues which entrepreneurs need to seek support on from outside of their business, with legal advice being particularly important.

"Having access to specialist tailored advice on issues from employment law and real estate to corporate and finance issues can make a huge difference in determining whether a business is able to look forward to an exciting future."
Fergal Dowling, Partner