Starting a business - is now the time?
It’s been quite a decade so far with financial uncertainty and major events causing turmoil in the UK and across Europe, so you might think that it is not a good time to start a business. However, that does not seem to have stopped many people as the number of companies formed has risen by 50% in the last five years. In 2015 alone nearly 600,000 new companies were formed, making a total of just under 2 million new companies established since 2010.
If we look at these companies closely we see that the majority are micro businesses, employing less than 10 people, which just shows how many people want to go it alone and start their own business. It seems that more than a third of Generation Z would like to work for themselves and own a business, many wishing to do so before they hit 30. Although another recent survey has said that 75% of UK employees would like the freedom to start a business one day, with many dreaming of becoming an entrepreneur, although I am not sure of the true meaning of this anymore!
So, what is the attraction?
For six out of ten it is the satisfaction of doing something of their own and for many it is the appeal of flexible hours (which is at odds with the perception that long hours and stress would be the hardest thing to deal with when having your own business). They also cited having more control over their work life and being able to choose where they work from, as well as making lots of money!
What industries are popular for new start ups?
The growing field of technology seems popular, particularly with men, whereas women tend to think of the creative sectors more. I am sure though that many new businesses are just an extension of what you do now, rather than a light bulb moment and a move into a completely different field.
Perhaps you can move into one of the new fields of work that are springing up due to the fast pace of change in automation and technology - new types of jobs that we haven’t even thought of yet – across bioscience, genetics, artificial intelligence and robotics.
Alternatively, you could join the growing numbers in the service industry taking advantage of all the extra leisure time we are supposed to have; perhaps even the burgeoning SEO, CRM and social media field that is ever expanding, becoming an App Developer, Digital Marketing Executive or Blogger. Alternatively, how about making products at home and selling them on line – just take a look at Not on the High Street for inspiration.
Still, if you have a good idea, go for it – it might just be the new Snapchat which was muted for sale at $25bllion recently.