According to research carried out by the retail bank, Aldermore, the number of people planning to become their own boss has almost doubled in the past year.

More than 2,003 adults were questioned and the results revealed that 29% are aiming to set up their own business in the future. This is a sharp increase compared to 2017 when only 15% of respondents said the same thing.

18% of those surveyed said that starting a business is something they aim to do within the next 12 months, while 28% believe they will give up full-time work to become their own boss within three years.

Of the respondents, 15% plan to launch a business in the retail sector followed by 11% in catering and accommodation.

The optimism about being your own boss was reinforced by positive responses from those who had already made the transition to self-employment, with 70% believing they became their own boss at the right time.

Nearly a third (29%) of those who are already self-employed expect their income to grow in the next 12 months, with 48% predicting it will remain the same. The majority of respondents (93%) said they enjoy being their own boss and 51% have been able to earn more than they did in their previous job.

Commercial director at Aldermore, Charles McDowell commented:

“The research demonstrates that the UK is a truly entrepreneurial nation and it takes a lot of courage to make the major life decision to become self-employed. It’s encouraging to see almost three in 10 [people] expect their revenues to increase in the next 12 months, which is a positive outcome in light of myriad uncertainties.”

If you’re thinking of starting a business and would like help with any aspect of doing so, please contact PKB Accountants and we will be more than happy to help.


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