One in ten (11 per cent) British people intend starting their own business in the next twelve months, according to a survey of 9,000 UK residents by AXA.
Government figures already show three record breaking years in a row for people starting businesses, but this new study suggests that the massive shift towards self-employment seen in the UK is set to accelerate in the next twelve months.
The main theory behind the shift is that more people are seeking a “safety net” as they feel their current employment is uncertain, with those people working in corporate or professional roles most likely to feel exposed.
Brexit was the main reason cited when respondents were asked why they felt the job market was uncertain (27 per cent). ‘Current Government policy’ was given as a reason by 20 per cent, a quarter named poor management culture in their company, and just seven per cent felt under threat from automation.
Gareth Howell, Managing Director, AXA Insurance, says: “Starting a business can be seen as a good insurance policy, particularly for those with a good financial cushion or who can keep their day job going too.”
At Beavis Morgan we work with a number of entrepreneurs and startups, helping them set up and run their businesses, whilst navigating the challenges and advising them on making the right decisions both now and for the future.
We also understand that whether you’re a startup or a well-established business, cash is king and managing its flow is crucial to your immediate and long-term success. That’s why our independent finance brokerage BM Structured Finance is readily available to assist you in sourcing the right funding for your individual needs.
For more information about how we can help you and your startup business, contact Steve Govey, Partner within our Beavis Morgan Entrepreneur Support Team, or Simon Belton at BM Structured Finance.