How many of your staff want to be their own boss?

start business
A new report suggests 10% of Britons want to start their own business this year

Research commissioned by cloud accounting software firm FreeAgent found that 10% of respondents plan to start their own business in 2017. With 31.76 million people currently working in the UK, according to recent Office for National Statistics (ONS) figures released in Decemberthat means 3.2 million more Brits are expected to become their own boss by 2018.

Even more employees dream of being their own boss on a longer time scale, with 54% saying they would like to go out on their own at some point in their career.

More females seem to have been bitten by the entrepreneurship bug, with 11% of women, versus 8% of men, wishing to be business owners, with female respondents citing a need for a better work/life balance as their motivation, while  27% of women, in comparison with 16% of men, are in pursuit of fitting work around their family commitments.

Male respondents were more focused on increased earning potential; increased earnings is one of the key drivers for setting up their own business for 41% of men, in comparison with 34% of women.

Other reasons for striking out alone included wanting to choose what work they do (51%), earning more money (37%), following their passion (36%) and having a greater sense of achievement (35%).

Age also appears to be a factor, with the 18-24 age category more keen to be self-employed; 67% of respondents in this age group wish to work for themselves, the largest percentage of any generation.

Ed Molyneux, CEO and co-founder of FreeAgent, said: “Starting your own business can be an extremely rewarding, if daunting, move for people to make with their career – and it’s clear from our research that a significant number of British workers are considering taking this leap into self-employment in 2017.

“However, while it’s very pleasing to see so many would-be entrepreneurs thinking about going solo, it’s important for any new business owner to make sure they are fully prepared before they start up. One of the main reasons that new businesses fail is because they cannot maintain a healthy cash flow, so drawing up a detailed business plan and staying on top of your finances is key if you want to make your venture a success.”

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