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One in five Londoners expected to start their own business in 2018

by LLB Reporter
17th Jan 18 10:30 am

New research shows 

New research released today reveals that more Brits than ever before want to start their own business in 2018.

The survey of 1,000 working British people, carried out by award-winning cloud accounting software provider FreeAgent, found that 18 per cent of Londoners intend to start their own business within the year of 2018.

With over 32 million people currently working in the UK, according to ONS statistics, that means 3.5 million (11 per cent) Brits are expected to become their own boss before the start of 2019.

FreeAgent conducted a similar poll last year and found that, by contrast, 3.2 million workers were prepared to start their own companies in 2017.

While 18 per cent of Londoners aim to become self-employed by the end of 2018, 14 per cent said they would like to work for themselves by the end of 2019, and 3 per centby the end of 2020. Two in ten (20 per cent) said they want to start their own business at some point, but don’t yet have any concrete plans to do so.

FreeAgent found that the top three reasons for wanting to start a business were:

  • Wanting to following your passion (49 per cent)
  • Wanting to choose the type of work that you do (48 per cent)
  • Better work / life balance (46 per cent)

While the top three concerns around setting up a business were:

  • Managing company finances (60 per cent)
  • The financial burden of setting up (48 per cent)
  • Dealing with tax (32 per cent)

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