Would you start your own business ?

Many of us dream of being our own boss and taking control of our own destiny.

That’s why so many of us are drawn to the idea of starting our own business.

In fact, a study by Travel Counsellors has found that 59 per cent of people in the UK would consider setting up their own venture.

Perhaps unsurprisingly, younger people are the most entrepreneurially minded, with more than two-thirds of 16 to 34-year-olds saying they would think about starting up a business.

But one in three over-55s are also considering setting up a business – a significant proportion by any measure, and a sign that even 20 or 30 years into your working life, it’s never too late for some to make a big change.

Interestingly, when asked why they want to start a business, people didn’t cite negative reasons such as hating their current job. Instead, they highlighted ways in which they felt that being a business owner could make their life better.

For instance, 41 per cent stated that they want to start a business in order to make more money, while 31 per cent said they thought this would give them a better work-life balance.

In addition, 28 per cent said they were drawn to this option as they wanted to work flexible hours, while an identical proportion revealed they felt it would help them feel a greater sense of control.

The study also revealed that 21 per cent find the idea appealing as they want to feel more fulfilled, while 18 per cent said they want less day-to-day pressure and the ability to set their own targets.

But simply wanting to start your own business often isn’t enough, as there can be many obstacles standing in the way.

For example, 54 per cent said a lack of finance is holding them back, while 36 per cent admitted they are afraid of failure.

Meanwhile, 21 per cent stated that they don’t have a good idea for a business, while the same proportion said there is a lack of adequate infrastructure and support in place.

Matt Harding, Director of Franchise Sales at Travel Counsellors, said: “Our research suggests that starting and owning a business is an aspiration for many British workers, who are increasingly seeking both better financial rewards and work-life balance.”

However, he acknowledged that many of those who want to “embark on an entrepreneurship journey” find the prospect “daunting”.

That’s why it’s so important for aspiring entrepreneurs to get professional, regulated financial advice.

By speaking to a specialist in this field, you can find out what options are open to you as you seek to obtain the finance to start a business and demonstrate that you’re a good risk for lenders.

And once you’ve got going, they can continue to guide you on managing your company’s money and help you navigate the complex world of business finance.

If you have any questions on starting your own business, please don’t hesitate to get in touch.