More than one million British people want their own business, research reveals

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26th July 2016 12:11 - Business Support

More than one million British people want their own business, research reveals: A recent survey by Direct Line for Business has revealed that more than one million British people would like to start up their own business within the next year.More than one million British people want their own business, research reveals

The market research explored what kinds of companies that British people would like to set up, as well as what barriers are presented for starting a business up.

The most favoured type of business, which the respondents most wanted to set up was a tea room or café. In second place, the respondents ranked either a home based or a shop based arts and crafts business.

The research also discovered that business consultancies, restaurants and animal-related businesses were the most popular type of start-up profession.

Direct Line for Business also explored the key barriers for individuals starting up their own company. Of the respondents, 51 per cent said that having a lack of capital is the biggest barrier for them, whereas more than one in three respondents said that they would not know where to start when planning to start up a company.

The Head of Direct Line, Nick Breton, said that the research highlighted an underlying desire amongst British people to set up their own company and added that it is clear that Brits hope to turn their passions and hobbies into careers, with crafts and cooking being seen as a more popular route than other, more corporate routes, such as technology.

Breton also suggested that capital and funding is a core aspect of starting up a business, however, he added that support and advice is just as important in helping start-ups launch their business and prepare for their future.

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