Are You Thinking Of Starting A Business In 2018?
You are not alone ...
POSTED BY JONATHAN VOWLES ON 16/01/2018 @ 8:00AM
A survey by GoDaddy showed a huge shift in mindset towards people starting their own business. According to the survey, 21% of Baby Boomer are thinking of starting a business in the next 10 years ...
Millennials and Generation Zers are thinking of starting a business alongside their older peers!
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This rises to 38% of Generation Xers and a whopping 50% of Millennials! What’s more, Millennials are 6x more likely to start a business while still at school or college. What the survey doesn’t show is what Generation Zers are likely to do.
"Percentages grow even further if you include those who intend to both keep a job and set up their own business on the side!"
Of course, we need to apply a bit of reality to the desires identified in this survey. If you look at the number of small business owners in the UK, it is growing. In 2017, there were about 3.7m live limited companies and 4.6m sole traders, about 8.3m out of a population of 65.6m (around 12% of the population).
The UK is a pretty good place to start and run a business, and the number of new businesses started each year runs at around 660,000. After allowing for businesses that close, the growth rate is around 4.4%pa. Which could mean we get to 12.8m businesses, or around 18% of the population, in 10 years’ time.
"Whether it is 38%, 50% or only 18%, a lot of people are going to start a business ... will you be one of them?"
This means that reality suggests a pretty significant proportion of people have the desire to start a business, but a far smaller percentage take action to make it happen! Which is probably a fair assumption to make.
The point isn’t that not everyone who wants to start a business will actually do that in the future. It's that lots of people are thinking of starting a business, lots are actually taking that plunge, and that the percentage of people actually going for it is getting bigger each year.
The statistics also show a large increase over the last couple of years in the number of 16-24-year-olds who are self-employed, which proves that Millennials and Generation Zers are indeed starting their own businesses.
"Would you like to know more?"
If you are thinking of starting a business in 2018, then do your research and get some help and advice. We offer free start-up advice to anyone who is thinking of starting a business so do call us on 01234 752 566 or click here to ping me an email and let's see how we can help you.
Until next time ...
If you're looking for a new accountant to help grow your business, do visit www.jvca.co.uk and discover how Jonathan Vowles Chartered Accountants can help you!
I've been an accountant in and for business since 1987 and have a wide experience of consultancy, audit, accounts, taxation and wealth planning work from individuals and small businesses to multinational corporations and charities.
My eclectic interests in growing and developing business span a number of areas … and can be summarised as strategic business advice and tax saving advice.
I have worked with the Chamber of Commerce to deliver courses for people about starting up in business and have lectured about tax for a major accountancy practice and for Milton Keynes College.
I relax by reading fiction and by getting away from the office in a campervan.