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Millions of Brits planning to start businesses in 2017
December 13, 2016
With the number of small businesses in the UK reaching 5.4 million, an increasing number of UK adults are looking to get in on the action, according to a survey of 3,000 Brits. Over a quarter (26%) of Brits would like to start their own business in 2017. Women are feeling the most entrepreneurial (28% would like to start their own company next year), compared to 24% of men.
Hyperoptic, the UK’s leading Fibre-to-the-Premises (FTTP) broadband provider, commissioned the research to get insight into the type of Brit that is most likely to start a company in 2017, the main obstacles that are holding them back and what tools they feel they need to succeed.
The Brits that are feeling most entrepreneurial are aged 45-54 (38% would like to start their own business), followed by those aged 35-44 (35%), then those aged 55-64 (34%) and those aged 25-34 (28%). Millennials are feeling the least entrepreneurial - only 22% of Brits aged 18-24 are considering starting a business next year.
The region with the most entrepreneurial Brits is the South West - 28% of Brits based there would like to start a business next year. The region with the least number of would-be entrepreneurs is London – only 24% are planning on starting a company in 2017.
The key drivers prompting Brits to start their own business is extra income (39%), childcare (36%) and desire to be own boss (25%). Money is the key issue holding people back (34%), followed by confusion on tax liability (23%) and time needed to start the company in the first place (17%). When asked what the most important tool would be to start their company, the most important tool was fast broadband (44%), followed by computing equipment (25%).
Steve Holford, Chief Customer Officer, Hyperoptic, comments: “The barriers needed to start a company have never been lower – over half of the respondents (59%) said they would initially set a business up from home, so for many it’s just finding the nerve to take the leap and put their idea into action. Small businesses are the lifeblood of the British economy; the fact that so many people are planning to join the market in 2017 is incredibly encouraging. The key is ensuring that they have the tools in place, and support network, to enhance their success.”