UK workers want to start their own business, become their own boss, and believe a ‘side hustle’ is the first step, according to a new study*.

The study of more than 2,000 UK workers and business founders revealed that UK workers are ready to go out on their own, while UK business founders are shifting priorities and learning new skills. Crucially, both current and future founders recognise the critical role technology will play in their success.

UK workers want to be their own boss
UK workers are ready to start their own business this year and many are already taking what they believe is the first step by working a side hustle.

• 85 percent of UK workers want to start their own business; 18 percent of these plan to do so by the end of 2022, and 62 percent plan to do so in the next two years.
• More millennials want to start their own business than people in any other individual generation, with 40 percent of UK workers that plan to start a business being 25-34 years old.
• 25 percent of UK workers believe a side hustle is the first step to setting up their own business, 35 percent already have a side hustle, and 47 percent are considering embarking on one.
• The top three reasons UK workers want to start their own business are to become their own boss (54 percent), gain more control over their lives (44 percent), and become wealthier (35 percent).
• Current economic conditions are stalling the plans of some future entrepreneurs, with 31 percent stating they don’t want to start a business now due to rising inflation, and 23 percent delaying due to a possible recession.

UK business founders are shifting priorities and learning new skills
Growing interest in starting a business comes at a time when existing UK business founders are worried about economic challenges and finding out that starting a business is more challenging than they initially expected.

• UK business founders are concerned about the current business environment, with rising inflation (88 percent), a possible recession (83 percent), geopolitical events (67 percent), and supply chain disruption (66 percent) the top worries.
• To address these challenges, founders noted that they have shifted their 2022 priorities and are focused on improving profitability (45 percent), increasing revenue (41 percent), and managing costs (30 percent).
• In addition to adapting to a difficult business environment, 79 percent of UK business founders admitted that starting a business is more challenging than they initially expected.
• To be successful, 91 percent of UK business founders said they have had to develop new skills since starting their own business. The top three skills business founders have had to learn are customer relations (56 percent), marketing and communications (49 percent), and financial and accounting practices (45 percent).

*Survey by Oracle NetSuite and The Founding Network