More Than A Third Of Britons Are Thinking About Starting A Business

“Starting a business is now an established part of people’s long term career aspirations. While wages stagnate and bills continue to rise, people are taking their financial futures into their own hands.” – Emma Jones, CBE, founder of Enterprise Nation.

According to reports by Enterprise Nation, the number of Britons thinking about starting up a business in 2024 has risen by 5% from 2023’s figure of 30%. More than a third of Brits are thinking of starting a business this year.

The main driver behind their decisions is, ‘fulfilling a dream to become their own boss’ (24%) or making money out of a skill or hobby (38%).

The most popular sector to start-up in 2024 was arts and crafts (18%), food and drink (12%) and business and support services like virtual assistants or marketing (8%).

Amongst young adults aged between 18 and 24, the figure rises to more than half (54%) – an increase of 6% on the previous year. That equates to more than two million individuals with ambitious entrepreneurial spirit. For those younger entrepreneurs, the top sector was fashion (13%) or, creative and media like graphic design (12%).

On the other end of the age spectrum, a quarter of those over 50 said they wanted to start an arts and crafts business, suggesting a career-changing move for this age group.

Although another 23% of Brits said 2024 was not the year for them to start their new enterprise, they still expected to start a business in the future, with 7% saying they already had a business.

For many, the cost-of-living crisis is causing financial difficulties and job insecurity. The study found those starting-up to supplement their full and part-time income had risen from 33% to 40% in early 2024. Another 25% said they were worried about earning enough to pay housing costs and energy bills.

However, only 2% said they felt compelled to launch a business because they had lost their job, with another 2% saying they were starting-up because of job insecurity in 2024.

Interestingly, the rise of artificial intelligence (AI) is seen both as a challenge for being employed and an opportunity for entrepreneurship. The research found 5% said AI had opened up business ideas and opportunities, while four per cent said they were worried it would replace their job.

START-UP SUPPORT

When asked if they knew about any government start-up support, a resounding 75% said they were not aware of any. When prompted, 36% said they felt Start Up Loans would be relevant for them. See my post on the best support for your start up and small business funding here 

Read the Office For National Statistics (ONS) Report here 

YOUR THOUGHTS

What’s your thoughts on a third of Britons are thinking about starting a business? Are you thinking of creating a start-up, are you looking for a more fulfilled career? Is there anything listed here that you are pleased to read? Let me know what you think.