47% of UK workers revealed they would
like to quit their roles and start their own business venture – and the
majority said they want a better work-life balance
Starting your own business from scratch is an exciting feat. However, it is essential to have a solid business model, budget your costs, know the ins and outs of the industry and have the right team to push your company to greater heights. Launching a business will take a lot of time, money and effort to making it work. More often than not, fear is one of the greatest obstacles in preventing people from taking that leap forward. And in fact, many British workers wish to start their own businesses but are afraid for their finances, research by Holvi and YouGov has revealed.
47% of full-time employees across the UK want to start their own business but 32% fear they wouldn’t able to manage the financial side of it, according to research by Holvi, the digital banking service for freelancers and sole traders. The poll surveyed 1,000 full-time workers, sole traders, freelancers and small business owners. The research found that the majority of workers said their top reason for going self-employed is to would have a better work-life balance. 43% of employees said working for themselves would provide them with more flexibility while 37% of them wanted to pursue their passion and another 32% said they wanted to earn more money. Only 1% of those surveyed said that they’d inherited a family business.
Surprisingly, those who started their own business said they also had similar financial fears, but admit they simply carried on. 47% of sole traders claim they pushed through their worries at launch without calling on additional support. And with great delight, 41% say they didn’t experience any barriers when starting their business at all.
When asked where they would seek advice in time for their entrepreneurship, full-time employees said their first port of call would be online research. 58% of them said they would use the internet while 49% said they would consult experts in the field. 44% said they would seek help from friends and family and the remaining 37% would ask business experts and surprisingly, just over a third (35%) said they would consult their bank.
Research also showed how workers across the country viewed entrepreneurship in a different light. Scottish workers appeared to be more in favour of starting their own business, with 58% saying they would consider launching a venture compared to 41% of employees in the North of England. Also, more males would consider leaving their job to start a business than females, the survey found. 52% of men said they would quit their job to launch their own company compared to just 39% of women. Young people aged 18-24 in full-time work are most likely to leave their role, with 48% wanting to pursue a passion, 43% saying they wanted a better work-life balance and 33% saying they liked the idea of earning more money self-employed. Those working in media and marketing (68%) were most likely to take the leap into self-employment but social media influencers were least fond of the idea. 68% of workers in the media and marketing industry said they would gladly leave their roles, followed by employees in fitness and wellbeing (65%) and trade (63%). Only 29% of social media influencers said they would fly solo.
“There is a large number of people in the UK working full time for their employers who are considering taking the leap into self-employment,” Holvi’s CEO, Antti-Jussi Suominen, said. “However, it’s clear that fear of financial processes is holding them back. When you consider that sole traders are also ignoring their banks when it comes to seeking advice, it’s obvious that there’s something wrong here.”
“Banks and other financial businesses need to make it easier for people to start their own businesses,” Ms Suominen added. “It’s not about simply setting up a bank account, but also supporting them with the day to day aspects of business finance, including when their tax deadline is, what can be claimed on expenses, how to grow sustainably, and more. The status quo clearly isn’t working. Given the impact this section of the workforce has on the economy – and particularly in creating jobs – it is hugely important as much as possible is done to encourage venture creation.”
In one of the most politically and economically challenging times of the generation, it is important the government continue implementing initiatives to support start-ups and SMEs, allowing them to grow and evolve in a changing landscape so as to attract more people to start their own business ventures and add to economic growth.
