Posted: Tue 18th Jan 2022
Entrepreneurial spirit is alive and kicking in the UK with one in 10 employees, equivalent to more than three million people, wanting to launch their own company in 2022.
That's the finding of new research by Intuit QuickBooks, which showed that the pandemic and rising inflation has ignited many individuals' desire to become their own boss.
Three quarters of budding entrepreneurs said COVID-19 has accelerated their plans for starting a business, as new ways of working, such as increased time spent online, has made many people rethink their priorities.
With rising inflation and average incomes failing to keep up, entrepreneurial workers are looking to boost their income and maintain their spending habits by launching a side hustle.
When it comes to getting the cash to start up, 63% said they will fund their new venture with personal savings, while 31% will seek extra funding after the business is established. Those who expressed the most concern about inflation were most likely to say they want to start a business.
In terms of location, London was the most entrepreneurial region with 64% of employees wanting to go it alone. In second place was Northern Ireland (51%) followed by the North West (48%).
Viktoria Ruubel, director of product Europe at Intuit QuickBooks UK, said: "It's refreshing to see that despite continued uncertainty from COVID-19, small businesses continue to be an increasingly important lifeline to our economy.
"It can often be hard to know where to begin for new entrepreneurs, yet this research found that businesses born out of this period of uncertainty have much of the knowledge they need already – their three top priorities are building a website, setting up an expense tracking system, and opening a business bank account."
StartUp UK programme for free
Enterprise Nation’s pioneering scheme to provide free tailored support to the next generation of budding start-up entrepreneurs.
Backed by the UK government and high-profile firms HSBC UK, Intuit QuickBooks and Currys Business, the programme will deliver initiatives such as e-learning, online training, national events and flagship annual conferences throughout the UK.