Two-fifths of Brits dream of going self-employed

2nd February 2017

More than two-fifths (42%) of people aspire to become their own boss, according to a report from the Centre for the Modern Family, a new think-tank created by Scottish Widows.

However, only one-in-20 (5%) expect to be able to make this dream a reality. The survey respondents were attracted by the flexibility that self-employment offers, though the financial benefits of full-time employment i.e. workplace pension schemes and paid annual leave were too big a pull for many to go it alone.

The survey does however indicate that more potential entrepreneurs would consider going self-employed if they had better practical support, including dedicated entrepreneur networks, online guidance and online forums.

More than half (53%) of people surveyed who were already self-employed said they quit their full-time jobs to secure personal control and flexibility over their working hours. This has proved particularly useful for those with childcare responsibilities.

However, one-in-five (20%) of people surveyed who are related to a self-employed individual admitted their career move had resulted in additional household stress.

Anita Frew, Chair of the Centre for the Modern Family, said: “To a growing number of people, self-employment offers a chance to structure a rewarding career around family life.

"However, our research suggests that the pressures and stresses of being their own boss may, for some, be too much for a family.

"With more and easier access to practical and financial support, individuals may feel better equipped to make their path in self-employment less stressful for themselves and their families, and bring them more of the benefits which attracted them to self-employment in the first place."

If you're thinking of working as a sole trader, your local TaxAssist Accountant can sit down with you to clearly discuss the necessary processes that need to be followed in order to get started in business.

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