Ever considered starting your own business?

The number of people in the UK who plan to become their own boss has almost doubled in the past year. 

According to recent research, 29% of those questioned aim to start their own business in the future, up from 15% in 2017.

Some 18% of those intend to make the switch in the next 12 months, while 28% believe they will give up full-time work to become their own boss within 3 years. Retail, catering and accommodation are the most popular areas in which to start a new venture.

This optimism was backed up by positive responses from those who had already made the transition to self-employment. Nearly a third expected their income to grow in the next 12 months, while 48% expected it to remain the same.

The vast majority said they enjoy being their own boss, with just over half earning more than they did in their previous job.

Starting your own business is an exciting but daunting prospect. There are a number of areas to be considered and getting advice an early stage will ensure you start on day one with the right business structure and meet all your statutory requirements. Not getting these in place early on can prove costly and time consuming in the long run.

If you are thinking of starting your own business please contact your local Lentells office for an informal discussion.