Five reasons people take the plunge and start up their own business
The Hub News Team | 7.4.17
In the second of our guest blogs from Adrian Barradell, Marketing Co-ordinator for Impetus Business Loans, we look at the reasons why people may take the plunge and #getstarted with setting up their own business
Thinking of starting up your own business?
Here are some of the most common reasons people take the plunge and do this.
1: Not happy in current job
Here in the UK it seems that almost half of the people that have a job, say they'd like to have a different one.
And for younger workers it's even more than half.
These figures come from a report published by the London School of Business and Finance (LSBF) which interviewed 1,000 UK professionals.
47% of them said they'd like to change jobs.
That is almost 50% of the workforce questioned and equals quite a lot of unhappy people!
2: Fed up with a long-hours culture
According to a survey by the union TUC, the average UK working week is now over 43 hours.
Some people say they feel pressurised into working long hours and that if they could, they'd prefer to work less.
43 hours is also notably higher than many of our European neighbours and the French in particular, have capped their working week to just 35 hours.
At least running your own business you know that if you're working over 37.5 each week, you're doing it for yourself.
3: Out of work
Redundancy commonly drives new business start ups - especially if the person that has been made redundant (or has chosen redundancy) has received a payout.
This is a good starting point for many and if some cash is available this gives the individual behind the business something of a stop gap until they start to make a profit.
These people may start up a business in the same sectors they worked in before or they may branch out into something new.
4: Turning a passion into profit
Often business start up entrepreneurs have a passion or a hobby they've been involved in for some time and they've now identified a way to turn this into something profitable.
Businesses of this kind may start up as a weekend businesses or on a part-time basis.
This gives the business owner a supportive income stream from their 'main' employment whilst they test the water.
The interesting bit comes, when they start to drop the hours from old job and turn up the hours in the new!
5: A light bulb moment!
Many of us at some time or another will come up with a great idea for a product or a business that we're convinced no one has ever made or run before.
If we're very lucky and if we're serious about taking the idea further, this may even prove to be true!
Some of the most successful businesses come from this starting point and that's because what the business owner is doing, often catches the public imagination and becomes a talking point.
How about you?
So, have you ever asked yourself, what would it be like to wake up every morning knowing that you're going to go to work to do the thing you love?
We can help you get started
If you're wondering how you could do this, then come and talk to Impetus.
Our start up business loans (which you can even access when the banks say no) linked to our supportive and free business financial mentoring sessions help start up business entrepreneurs get on the first rung of the ladder.
We are always pleased to begin with an informal chat so if reading this has inspired you, then simply call the friendly Impetus Business Loans team on 01386 556000.