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Peer2Peer Finance News | July 23, 2019

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Financial fears keep Brits from starting their own business

Financial fears keep Brits from starting their own business
  • On October 25, 2016

THREE quarters of British workers want to run their own business, but they are held back by financing concerns.

According to new research from St. James’s Place Academy, the vast majority of Brits are keen to work for themselves, with 51 per cent attracted to the work-life balance and 21 per cent seeking better job satisfaction. However, 30 per cent of women worry that managing finances would present the toughest challenge, and 38 per cent of men are concerned about winning customers.

More than half (55 per cent) of people in public sector jobs such as the police, fire and ambulance services also expressed worries about managing their finances, while 47 per cent of those surveyed said that a lack of financial certainty would cause them to change their minds about running their own business.

However, two thirds of all respondents said that they would be more likely to go into business for themselves if they had the support of a larger company, which bodes well for SME mentorships and training programmes such as those on offer at St. James’s Place Academy.

“The St. James’s Place Academy provides a structured training programme designed to support individuals looking to start their own business with the support of St. James’s Place Wealth Management brand, helping clients to manage their finances and plan for better financial futures,” said Adrian Batchelor, director at the St. James’s Place Academy.

“We provide training, financial support, advice and the St. James’s Place brand to Academy Partners, who go on to build extremely successful businesses in their own right.

“As the future of our success depends on a steady stream of people wanting to run their own business to join the Academy, we’re relieved to discover that the entrepreneurial spirit is alive and kicking in the UK.”

The survey also found that younger workers (aged between 18-35) were more predisposed to the entrepreneurial dream than employees aged 55+. While 82 per cent of millennials want to set up their own business, just 58 per cent of baby boomers are keen to leave the comfort of employment.

Among higher earners (earning £70k+), 85 per cent would like to set up their own business, compared with 71 per cent of people who are on a salary of £20k or less.