Over four in 10 UK workers would like to start their own business, survey reveals

Over four in 10 UK workers would like to start their own business: A survey has uncovered that 42% of Brits (around 13.5 million workers) dream of creating their own business. Furthermore, three-quarters said their plans to create a new start-up have been accelerated due to the Covid-19 pandemic.

 

The study, by Quickbooks, polled 14,000 people from the UK (3,500), the U.S. (8,000) and Canada (2,500) in November 2021.

 

In the UK, London was found to be the region with the most aspiring entrepreneurs, with 64% of survey respondents living in the Capital saying they want to start their own company. This was followed by Northern Ireland (51%) and the North West (48%).

 

When asked why they want to start their own company, 84% said that they believe small businesses are critical to maintaining and growing the UK economy. Many respondents also shared that they will try to use smaller companies, with 62% saying they will continue to support their local businesses even if inflation means they will need to reduce their spending. Furthermore, half of Brits, Americans and Canadians are planning to spend more at smaller businesses in 2022, the survey found.

 

More than six in 10 (63%) UK respondents reported that they would use their savings to fund their new company, with a further 31% saying they would seek extra funding once their business was established.

 

In addition to 42% of British workers overall wanting to start their own business, the research found that half of all respondents polled globally had the same plan, with one in 10 planning on carrying out their plan in 2022.

 

Viktoria Ruubel, director of Product Europe at Intuit Quickbooks UK, said: "It's refreshing to see that despite continued uncertainty from Covid-19, small businesses continue to be an increasingly important lifeline to our economy. It can often be hard to know where to begin for new entrepreneurs, yet this research found that businesses born out of this period of uncertainty have much of the knowledge they need already."

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