More Brits than ever before want to be their own boss – with more women than men planning to be entrepreneurs

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More Brits that ever before want to be their own boss, according to new research.

The survey, conducted by cloud accounting software provider, FreeAgent, found that 11 per cent of Brits intend to start their own business within the year of 2018.

With over 32 million people currently working in the UK, it means 3.5 million more Brits are expected to become their own boss before the start of 2019.

While 11 per cent of Brits aim to become self-employed by the end of 2018, eight per cent of those surveyed said they would like to work for themselves by the end of 2019, and three per cent by the end of 2020.

Nearly a quarter said they want to start their own business at some point, but don’t yet have any concrete plans to do so.

The survey also revealed that more women than men plan to set up their own business in 2018 – 13 per cent compared to just nine per cent of men. Overall, 52 per cent of women dream of becoming their own boss in comparison with 46 per cent

The survey found that the top three reasons for wanting to start a business were, a better work/life balance; wanting to choose the type of work they do; and attaining a greater sense of achievement.

However, the top three concerns for setting up a business were the financial burden; managing company finances; and a lack of confidence.

Ed Molyneux, CEO and co-founder of FreeAgent, said, “Starting your own business can be an extremely rewarding, if daunting, move for people to make with their career.”

“The desire for a better work/life balance and the ability to choose the type of work they perform are key reasons for many people who want to start a business – it’s interesting to see that the younger generations are the most driven to become their own boss.”

Molyneux continued, “It’s so important for any new business owner to make sure they are fully prepared before they start up.”

“One of the main reasons that new businesses fail is because they cannot maintain a healthy cash flow, so drawing up a detailed business plan and staying on top of your finances is key if you want to make your venture a success.”

About the author

Alison is the Digital Content Editor for WeAreTheCity. She has a BA Honours degree in Journalism and History from the University of Portsmouth. She has previously worked in the marketing sector and in a copywriting role. Alison’s other passions and hobbies include writing, blogging and travelling.

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