Home Business NewsBusiness Hurrah! Growing confidence among UK business owners

Hurrah! Growing confidence among UK business owners

12th Apr 17 7:37 am

New study shows

Four out of five Brits would consider starting up their own business, but financial risks (54 per cent) and fear of failure (40 per cent) are holding them back, according to a new study commissioned by self storage provider Space Station.

The survey of 1,000 aspiring entrepreneurs has revealed that the prospect of securing funding for their start-up is one the most off-putting aspects. However, despite financial fears, the majority of Brits (62 per cent) want to be their own boss, with more women (65 per cent) than men (59 per cent) aspiring to work for themselves.

Flexible location (27 per cent) and working hours (58 per cent) were found to be the top reasons why future business women wish to start out on their own. On the other hand, men are more driven by making more money (28 per cent) and being financially independent (38 per cent), compared with just 22 per cent of women.

Self-achievement (54 per cent) and the ability to choose people they want to work with (35 per cent) also ranked highly for both male and female respondents. However, economic instability was one of the biggest obstacles of starting a business, according to over a quarter (28 per cent) of respondents.  

While future entrepreneurs may differ on what might make owning their own company worthwhile, it seems more than a third (35 per cent) of respondents are unsure where to start their own business venture, with more women feeling unsure at 33 per cent compared with 28 per cent of men.

According to the House of Commons Library, 2015 saw 383,000 businesses enter the market, the highest number since records began in 2011.

Vlatka Lake, marketing manager at Space Station, said: “Over the years we have seen many entrepreneurs use our self storage and office facilities to take their first steps in their business venture. It’s great to see more people gaining confidence to start up their new business despite potential barriers.”

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