With the cost-of-living squeezing wallets, a landmark national study commissioned by Beasy, the UK startup on a mission to make running a business a walk in the park, has revealed over half of Brits are keen to start a side hustle.
But many hopeful entrepreneurs are left stuck on the sidelines, deterred by the headaches of red tape and business admin commonly associated with starting and running a business.
The study, which surveyed over 1,000 individuals nationwide, found that well over half of Brits (57%) want to launch a side hustle to earn extra income as living costs soar.
Younger people are especially eager to pursue entrepreneurship, with 57% of Gen Zs (16-24-year-olds) saying they would rather ditch university to start a business, highlighting the discontent with conventional education routes.
This is largely because half of Brits (50%) believe self-employment now provides more job security than a regular 9-5 job. This sentiment is strongest among Gen Zs, with 65% agreeing that running their own venture would offer greater financial and job security.
However, while many are motivated to start side hustles for financial reasons, significant hurdles face aspiring entrepreneurs. More than half (53%) admit they don’t know what tools and services they need to get their venture off the ground, while two in five (40%) felt juggling a day job and a side hustle would be too time consuming.
To help unleash startup potential, a vast majority (75%) want to see greater emphasis placed on business education within UK schools and universities. More than half (53%) also want streamlined support when it comes to setting up a business, tailored to first time business owners.
Beasy Co-Founder, Arif Miah, commented: “Our research highlights a fundamental shift in attitudes towards entrepreneurship and self-employment in the UK. With traditional career routes now seen as less secure, especially following a year of high-profile redundancies in may sectors, people are increasingly viewing starting their own business as a path to greater stability and control over their futures. However, there are practical hurdles within this country that are preventing people from taking the leap.
“Startup admin needs to be simplified, the route into business needs to be democratised, and anyone who wants to start a side hustle should be empowered to do it”, continued Arif’s Co-Founder, Ala Uddin. “This will allow us to unlock one of Britain’s most valuable assets – the ingenuity and determination of its people to innovate in the face of adversity – which will drive the next generation of innovative start-ups.”