July 18 ,2016 | by Claire Payne

Over 1 million Brits want to start a business, shows survey

Over a million people in Britain wish to start up their own businesses in the next 12 months, according to a study by Direct Line for Business.

The research identified the types of businesses that people most want to set up, as well as the biggest barriers for doing this.

Popular

A café or tea room was found to be the most popular type of business that people want to set up. An arts and crafts business, either home-based or at a shop, was ranked second.

Other common types of start-up businesses cited in the survey included restaurants, business consultancies, and animal-related professions.

The research also looked at the main reasons why people may be prevented from starting their own businesses, with 51% saying that a lack of capital is the biggest barrier, and over a third of respondents admitted they would not know where to start when planning to set up a business.

Desire

Commenting on the research, Nick Breton, Head of Direct Line for Business, said: “Our research highlights the underlying desire among people to start up their own ventures. It’s clear Brits are looking to turn their passions into professions, as cooking and crafting are deemed more popular than businesses that focus on technology for example.

“Funding is key to starting up, but good advice and support is just as crucial to help new start-ups launch their business and build for the future.”

Claire Payne

Claire Payne is a journalism graduate and News Writer for LSBF. She writes about SMEs, education and careers, entrepreneurship, women in business, and sustainability.

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