A slightly different take on the self employed sector compared to Citizens Advice's recent article ?
"Increasing numbers of the UK’s “generation Y” are attracted by the prospect of working for themselves
The entrepreneurial zeal amongst the country’s younger generations is increasing, as more and more under-35s are revealing they’d enjoy the freedom of owning their own business, new research has shown.
A study conducted by Intouch Accounting which helps aspiring business owners, found more than half of “generation Y” in the UK would like to be self-employed, reflected in the average age of the firm’s client base, which is continually dropping and currently stands at 39.
Younger women are found to be more interested in self-employment than their male counterparts, with a whopping 60 per cent stating they’d be interested in making the change from the security offered by 9 – 5 employment.
The UK’s SMEs generate a yearly turnover of over £1tn for the UK economy. Yet, despite growing enthusiasm amongst the country’s workforce, the prospect of lacking a stable income, the stress and responsibility that comes from owning a business, and long working hours combine to put many people off starting out on their own.
Of 10,000 people interviewed, 47 per cent of participants said that lacking financial stability would be the biggest disincentive to starting their own business, whilst managing their own finances would put 17 per cent of people off.
Whilst being free to be your own boss is hailed as the main motivation by many starting out in business, 16 per cent of participants would be apprehensive about giving up all their current employee benefits, and 13 per cent were discouraged by the idea of working long hours.
The survey coincides with data from the Office of National Statistics (ONS) that finds the number of self-employed increased by 30,000 in the three months to September, following a seven-month decline. The number is significantly greater than in the same period last year, in tandem overall growth in the number of those in work in the UK – currently at a record high of 73.7 per cent of the labour market.
Commenting on the findings, policy director at the Self-Employed and Freelance Association (IPSE) Simon McVicker said: “The figures show the resilience of the self-employed sector and what is becoming an increasingly difficult regulatory environment.”
“Make no mistake, independent professionals are a huge contributor to the flexibility and growth of our economy. They are here to stay.”
Source : Business Advice : Fred Heritage is deputy editor at Business Advice. He has a BA in politics and international relations from the University of Kent and an MA in international conflict from Kings College London. He previously worked as a reporter at Global Trade Review magazine.
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Replies
1 got to be employed by someone else as they don't want the trouble/responsibility.
2 that want to be self employed but finance is deemed too risky
3 like me does not want to work for someone else anymore
I'm young guess i could write some in sight into this i have alot of friends who want to own there own businesses to be there own boss however aren't willing to loose out in there younger years so would rather work for someone. Most are scared of taking a pay cut in the short term and don't see the long term. My generation has grown up seeing there parents put things on credit cards finance this finance that portraying that even with a low to middle class wage they can have the finer things in life. I took the leap of starting my own business it's certainly been a struggle and still is but i would never go back as i have a strong will to succeed.
The above article intrigues me how 60% i can understand social media and the media in general publicises young affluent generation y's having money nice car's houses and so forth look at instagram people are paid to wear things advertise thing's then spend the money improving there life so people think by having said advertise things they can be like them. Or the likes of made in chelsea, the only way is essex even the apprentice show alot of wealthy business owners.
If you can survive the first few years you should be ok.
Many times over my first 2-3 years I felt like packing in.
Still do some days if I'm honest but that is hassle related not financial now.
I do wonder where it ends though as I keep investing in this and I do wonder where I should draw a line in the sand and say I've put enough into it.
I think I'm frightened that if I stop pushing it will go downhill and all the years of time effort and money will be wasted.
Turnover jumped loads this season yet I took less out than last year. The gear needs to make me some money next year!!
Are you all ready for any bad weather Mitchell ?
Have you managed to get some contracts in place?
When you say bad weather do you mean rain or snow?
To be honest no i've focussed far to much this year on getting landscaping projects and ones off's far to much .
Contracts to make use of the snow plough and gritter
the way i see it, you will never make real money working for someone else in this trade if you really value your skills and qualifications then you need a bit of luck to get out on your own and make a real success of it
i'm the same age as mitch but i'm still an employee at the moment, i'm trying to learn from other poeples successes and mistakes before i decide if its really the way for me to go
the thing i would really struggle with is the marketing side of things, i have absolutely no doubt in my ability in landscaping/fine turf care but the whole "business" side of things is what scares me!