More than 17.7 million Brits plan to start their own business, around a third of the population. The majority are willing to work evenings and weekends to get their business off the ground, according to the research conducted to launch the 5th Nectar Business Small Business Awards.
Two thirds (68%) of office hours workers aim to put in at least eight hours (one full working day) outside their working week to get their business off the ground.
The most popular reasons given for Brits wanting to run their own small businesses are:
- Making their own money (47%)
- Being their own boss (46%)
- Taking on new challenges (26%)
- Creating a family business (18%)
With businesswomen becoming more pronounced in the media, an 8% rise in the number of women looking to become entrepreneurs was revealed, with 59% conveying entrepreneurial ambitions compared to 5% five years ago.
The poll of 2,900 UK adults revealed the most popular startup ideas to be jewellery and craft stores (7%) and restaurants and cafes (6%). Unsurprisingly, 45% of people are looking to be paid for their passions and make a living from a current hobby or interest. Only 16% of would-be entrepreneurs want to set up a business within their current employment sector.
Nectar Business Small Business Awards judge and The Apprentice star Karren Brady says “This research is really encouraging and shows that Brits are more determined than ever to reach their business potential – even giving up their precious spare time to do so.”
Clearly there are huge numbers of would-be entrepreneurs across the country, but it’s questionable how many will carry out their ambitions. What made you take the plunge into starting your own business?