Record number of Britons eying freelancing

More Britons than ever before will start their own freelance empire in 2018, a snap poll suggests.

With over 32million people currently working in the UK, 11% revealing that their ambition in the next year is to ‘go it alone’ indicates 3.5m will soon be in business (compared to 3.2m last year), said FreeAgent.

The cloud accountancy firm, which ran the poll, also found that eight per cent expressed a desire to work for themselves by the end of 2019, and three per cent by the end of 2020.

Nearly a quarter (24 per cent) liked time constraints even less, saying they want to start their own business at some point -- but don’t yet have any concrete plans to do so.

Regardless of their timetable, all the would-be freelancers identified a better work-life balance as the main incentive to become their own boss.

Even the second ‘pull’ factor towards freelancing is related -- the ability to choose the type of work carried out, as opposed to it being set or decided by an employer.

But the financial burden of setting up their own venture looms large for more than one-third of all the respondents, making it the biggest concern about going it alone.

“Starting your own business can be an extremely rewarding, if daunting, move for people to make with their career,” said FreeAgent CEO Ed Molyneux.

“It’s so important for any new business owner to make sure they are fully prepared before they start up. One of the main reasons that new businesses fail is because they cannot maintain a healthy cash-flow, so drawing up a detailed business plan and staying on top of your finances is key if you want to make your venture a success.”

 

17th January 2018

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