One in five Brits plans to start their own business by 2025 - What business Advice will they need.
26 Feb 2020
What Business Advice Do You Need
In a survey of 1,000 Brits by WebsiteTool Tester, almost a fifth (19%) said they plan to set up their own business by 2025, with 23% considering themselves “entrepreneurial”. One in five Brits intends to set up their own business in the next five years, according to research.
Retail, catering and Leisure industries are the hardest to start a new business in, according to Brits, with respondents stating that those industries would be the least welcoming to venture into. This was closely followed by IT and Telecoms and the Finance industry.
However, 40% of respondents felt confident that no industry is harder than another to set up a business in.
Not everyone is as confident though – half (49%) of Brits think that it is risky starting a business in the UK today, with 41% of those surveyed saying that they lack the confidence to start their own business.
Common barriers that may prevent people from setting up a business include age and gender, with 28% of people saying they would set up their own business if they were younger, and 15% if they were older.
When asking specific age groups, 57% of the older generation – 45 and older – said they would start their own business if they were younger, and an incredible 77% of the younger generation – 16 to 44 – said they would start their own business if they were older.
It seems that millennials are regarded as the best age group to start an enterprise, with over half (51%) agreeing that 25 to 34-years-old is the optimum age to start a new venture.
The best age to start a business is 25 or 30 years old according to 19% of Brits.
Furthermore, a quarter of people stated they think it’s harder for women to start a business, and 9% of female respondents revealed that if they were a man, they’d be more likely to take the leap.
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I am an independent Business Mentor and Sales Expert based in Cheshire, and I work with individuals and businesses owners across the UK, giving structured and practical business advice – mentoring and coaching on a range of topics including, business start-ups, business ideas, developing sales and improving the right management structure.