26% of British employees dream of breaking out on their own in business, according to new research from Lloyds Bank Insurance.
The bank’s latest Big Issues for Small Businesses report found that 51% of those planning or dreaming of breaking out from their current career would change sector and role altogether. The top dream break outs include becoming a sportsperson, working with animals and being a writer.
The poll finds the most common reasons for wanting to go it alone include having more control over work-life balance (51%), taking on a new challenge (46%) and making more money (41%).
More than eight out of 10 (83%) believe that they would be more motivated, and 79% feel they would have greater job satisfaction running their own business. However more than three quarters acknowledge it would also increase their stress levels (78%) and 71% say they would have to take fewer holidays.
The report reveals that a fear of taking the risk is preventing 33% of would-be entrepreneurs from breaking out.
48% of workers feel that the current economic climate is not strong enough, whilst a third (35%) admit that they don’t know where to start.
However, despite this uncertainty, 66% would not think to take out insurance, such as public liability, to manage the risks associated with running a business.
Damien McGarrigle, head of Business Insurance at Lloyds Bank Insurance, said: “This research shows that we are a nation of aspiring business owners, with the workforce thinking up new ways to break out of their current jobs and become their own boss.
“While a fear of taking the plunge is holding back many of these potential business break-outs, greater awareness of business insurance could protect fledgling firms against uncertainties and help them prosper.”
The report explores the process workers would go through before starting their business. One in ten (12%) say they would learn as much as possible in their current job first, while more than a third (36%) would seek expert advice, to ensure that they were adequately prepared.
The top priority for would-be break out businesses is building a website (51%) followed by tax registration (45%) and financial processes (39%).
Yet after managing cash flow and keeping customers happy, the biggest concern for aspiring entrepreneurs is keeping a business going while they are ill (28%).
McGarrigle added: “Starting a business can be a daunting process and getting to grips with legal requirements, finances and ways to protect a new venture can be a minefield. Getting the right advice and putting the right protection in place will help break outs get off to a flying start and safeguard their businesses.”
