Four out of five British people would consider starting up their own business but, according to the latest study, fear of failure and the worry over financial risks are holding them back.
The survey, commissioned by self-storage provider Space Station, covered 1,000 aspiring entrepreneurs and revealed that one of the most off-putting parts of setting up a start-up is securing funding. However, despite financial fears, a majority of Brits have a desire to be their own boss, with more women than men aspiring to work for themselves.
With record numbers of businesses entering the market, the survey comes at a pertinent time. According to the House of Commons Library, 2015 saw 383,000 businesses enter the market, the highest number since records began in 2011.
Among the top reasons that aspiring business women want to start out alone are flexible location and working hours. Men are found to be more motivated by making more money and being financially independent, compared to just 22% of women.
Both male and female participants ranked self-achievement and the ability to choose people they want to work with highly and over a quarter of respondents said economic instability was one of the biggest obstacles of starting a business.
Despite differences on what might make owning their own company worthwhile, one aspect of starting up that concerned over a third of respondents is where to start their own business venture. More women feel unsure compared with 28 per cent of men at 33 and 28% respectively.
Business owners are keen to share their experience of starting up. Jeremy Gaisie, Co-director at Pump n Grind Coffee Roasters, said: “It has been an enjoyable but challenging experience to start my own business. We’ve been hit with many unexpected governmental hurdles such as the introduction of rising staff costs and tax changes but we’ve also had incredible support from our local community in Leeds.
“My advice would be to take people up on their assistance when it is offered. A friend of mine wanted to start a web design company and offered to put our website together for free. We’ve also received great furniture from other businesses that are refurbishing their premises and we’ve connected with the local independent scene which greatly helps in free promotion and community involvement.”
Kevin Hall, LEGO Brick Artist and Designer, says, “Finding your niche is the key to small business success. I’ve always wanted to do something creative and I’ve been collecting and building for about 36 years now. I was six years old when I decided I wanted to produce unique LEGO creations as a business.
“‘Although starting up a new business is an exciting prospect, it’s easy to overlook the simple things such as organisation and planning that can have the most impact. Plan where you want to be and stay on top of your finances if you want to make your venture a success.”
Are you someone who is looking to start a new business? Do you need guidance or advice? Get in touch with TaxAssist Accountants today. Call on ::telephone: or use our handy online contact form.