The great British entrepreneurial dream

A new survey has found that three-quarters of British workers dream about owning their own business. The research comes hot on the heels of the news that the number of private businesses in the UK has reached an all-time high, with a million more small firms, 4,000 more medium and 900 more large businesses than there were in 2010.

Earlier this summer, StartUp Britain reported that an average of 80 new businesses are being created every hour, with East Hertfordshire being one of the most popular areas outside London for start-ups.

Tomorrow’s entrepreneurs aren’t even put off by the thought of long hours and the financial uncertainties of owning their own business; the dream of career fulfilment and being in full control of your working day by far outweighs the potential minefields. And it appears that those who are about to take the plunge and make their dream a reality take a reassuringly realistic view of financial expectations, with only 15% believing they will increase their income when they run their own business.

Breaking down the demographics

There is a definite age difference in the numbers of would-be entrepreneurs – 82% of 18-35s and 58% of the over 55s want to start their own business. Current salary also has a bearing on determination, with 85% of those earning over £70k wanting to set up their own business, but only 71% of those earning less than £20k.

Interestingly, the entrepreneurial dream applies almost equally between the sexes – 78% of men and 73% of women aged 25-55. This reflects earlier news that the number of women entrepreneurs has not only doubled in recent years, but they are also now slightly more successful than men – the average business revenue generated by women was £3.3m, with men trailing slightly behind at £3.2m.

Going solo doesn’t mean being alone

Whilst they don’t miss the commute, the office hours and the restrictions that come with working for an employer, many start-up entrepreneurs initially find it quite lonely. Once the novelty of working in pyjamas wears off, they miss the interaction that comes with working with other people around them, and ideas become more difficult when there’s no-one to bounce them off.

People who work at home also find there are too many distractions that keep them from working, and it can become extremely difficult to keep work-life and home-life separate. That’s why co-working office spaces are becoming increasingly popular.

Entrepreneurial dreamers who worry that renting co-working office space would prove too expensive for a start-up budget should take note of recent research which has discovered that freelancers who switch from working at home to working in co-working spaces increase their productivity by a massive 75% and their income by 38%.

With hot desking at The Hub in Hertford starting at only £99 + VAT a month, your business cannot afford to ignore the business potential of renting a co-working office space. Contact us now to arrange a tour.