80% of Brits have thought about starting their own business

Published On : 11/10/2017

• Lack of money was found to be the biggest barrier for starting up a business
• Londoners were the most entrepreneurial in the UK, with 84% of respondents thinking about starting up on their own
• 25-34 year olds were the age group most likely to think about becoming their own boss 

There were 644,750 company incorporations in the UK in the twelve months to 31 March 2017^[1] and with the popularity of online, handmade marketplaces such at Etsy and Not On The High Street, there are more opportunities than ever to become your own boss. But will this trend continue to grow?

A study of 2,000 UK adults, conducted by the UK’s largest independent tech retailer Ebuyer found that four in five (80%) of Brits have aspired to set up on their own. Londoners were most the entrepreneurial, with 84% claiming they have thought about starting their own business, closely followed by residents of Glasgow (83%), Liverpool (82%) and Leeds (81%).

Sheffield residents were the least likely to start their own business (63%), followed by those in Newcastle and Cardiff (both 67%) and Southampton (69%).

However, although the nation dreams of starting up on their own, there are some barriers that stop Brits handing in their notice and fulfilling the dream.

Lack of money was the biggest barrier to setting up a business (67%), followed by fear of failure (44%), lack of time (26%) and lack of resource or technology (18%).

Cardiff residents anticipated that lack of money would be the biggest barrier to starting their own business, and 19% of residents in Edinburgh felt lack of commitment was the biggest hurdle to overcome. A quarter of residents in Norwich (26%) and Southampton (25%) thought lack of resource or technology was the biggest barrier.

With research finding that millennials will have nine jobs in a lifetime and one complete career change^[2], it is no surprise that this age group is the most likely to think about taking the plunge. Nine in ten (90%) 25-34 year olds have thought about starting their own business, along with 85% of 18-24 year olds.

Amber Smith, Ebuyer Sales Director at Ebuyer.com said: “It comes as no real surprise that four in five adults want to start their own business – especially among young people, who have seen YouTube stars and internet entrepreneurs build a business from their bedroom.

“One in three residents claim lack of money is the biggest barrier to starting up your own business, but with the rise in rentable office space across the UK and the option to lease technology so businesses can afford the equipment they need to kickstart their career, the dream of becoming your own boss in 2018 might be closer than you think”.

To find out more about Ebuyer’s affordable business leasing options visit: https://www.ebuyer.com/shire-leasing

Uma Rajagopal

Uma Rajagopal has been managing the posting of content for multiple platforms since 2021, including Global Banking & Finance Review, Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune. Her role ensures that content is published accurately and efficiently across these diverse publications.