26% of British employees dream of going it alone

The Momentum UK Team 15 July 2014

More than a quarter (26%) of British workers aspire to start their own business, according to new research.

Of those planning to leave their jobs, 51% would change sector and job description altogether, according to the study by Lloyds Bank. The number one dream career change was sportsperson, manager or coach, quickly followed by working with animals, and becoming a writer.

When asked about their reasons for dreaming of a dramatic career change, 51% said that they wanted more control over their work-life balance, 46% said they wanted to take on new challenges, and 41% said they wanted to make more money. 83% of the studied British employees said that they would expect to feel more motivated, with 79% saying they would feel greater job satisfaction from running their own business. On the flipside, 78% expected to feel more stressed, and 71% said they would have to take fewer holidays if they started their own enterprise.

33% of those questioned said that fear of failure was holding them back from taking the plunge. 48% cited an unstable economic climate as a reason why they have not become entrepreneurs, and 35% admitted they don’t know where to start. Despite this high level of uncertainty, 66% of British workers said they had not thought about taking out insurance, including public liability, to manage the risks associated with running a business.

As part of the study, Lloyds investigated business development strategies. Of those questioned, 12% said they were aiming to learn as much as possible in their current role, while 36% are considering getting expert advice to ensure they were prepared for running a start-up.

The top priorities for would-be entrepreneurs included building a website (51%), tax registration (45%) and putting in place financial processes (39%). However, after keeping customers happy and consistent cash-flow, the biggest concern voiced by would-be break-out entrepreneurs was how they would keep their business running if they fell ill (28%).

Damien McGarrigle, head of Business Insurance at Lloyds Bank Insurance commented on the findings:

“This research shows that we are a nation of aspiring business owners, with the workforce thinking up new ways to break out of their current jobs and become their own boss. While a fear of taking the plunge is holding back many of these potential business break-outs, greater awareness of business insurance could protect fledgling firms against uncertainties and help them prosper.”

To plan for whatever the future holds financially, whether you’re hoping to start your own business or not, try our innovative Money Hub tool.