One in ten of us wants to start our own business this year

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    According to a new study by Intuit Quickbooks, 1 in 10 workers in the UK would like to start their own business by 2022. Almost half of UK workers would like to one day own their own business, showing that independent UK workers are struggling to make a difference despite the ongoing impact of the pandemic: in fact, two-thirds of would-be entrepreneurs claim the COVID-19 crisis has impacted their only fueled plans to start a business. The pandemic has spawned new ways of working, like zoom meetings and online conferencing. It has also got millions of people thinking about how they want to organize their personal and work lives.

    Start your own business

    The stats

    84% of UK workers think small businesses are vital to the future of the UK economy, with London as the region with the strongest entrepreneurial skills – 64% wanting to start a business – tied with Northern Ireland (51%) and the North West ( 48%) scores high ) in second and third place.

    As inflation rates continue to rise and incomes fall, 91% of people claim that inflation will force a cut in spending over the next six months… which is exactly why many people want to start their own business: to earn more income and to stay natural with their expenses.

    63% plan to fund their startups with personal savings, while 31% plan to find additional funds once the business is no longer up and running.

    self-employed

    What Jasmine says

    MoneyMagpie’s Jasmine Birtles: “It’s so interesting that according to this study, almost half of UK workers dream of starting their own business. As someone who has always run his own business, I understand the appeal of being your own boss. It’s generally more fulfilling to do your own thing than to work for someone else’s company. However, it is very hard work and generally long hours. You have to really love what you’re doing to compensate. Also, there are many hidden tasks that a small business owner needs to do that can be annoying and costly, such as:

    She continues, «While I applaud anyone who decides to start their own business, I would say it’s not for everyone and the best way to approach it is to build something on the side while still working for someone.» others work and get a regular salary. If you start small, work in your free time and gradually observe how your part-time job is progressing, you will get a feeling for whether your concept works and whether self-employment really suits you. If you’re not sure what side business to build, take a look at the hundreds of articles we have in our make money section for tons of ideas on how to make your own money.

    «If you find running a small business on the side doesn’t suit you, you still have your 9-5 to fall back on and you’ve learned something valuable about yourself. There are many advantages to working for someone else, not the least being that you can forget about work at the end of the day, and also the fact that you get paid for your vacation and put extra into your pension, so enjoy what you have and put your heart and soul into it instead.”



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