One third of the UK set to become self employed

New research released this week has pinpointed the changing face of work in the UK. Currently there are three million businesses, or 12% of the UK population, that have set up their own businesses and this number is set to increase to 10 million in the next five years according to the new research released by Vodafone UK.

The research reveals that 6% of UK adults (aged 16+ years) are in the process of setting up their own start-up, with 12% of population already set up on their own and just under a third of all people are seriously considering it. This equates to a staggering 33% (10 million) of the UK population who could be leaving the traditional Nine to Five behind and joining the ranks of the small business community.

Eureka Moments

The findings further identified the key social, economic and cultural catalysts that can be the trigger for success in business. It shows that a person is more likely to become a success if they are

• starting a family or going through a divorce
• getting married or hitting a landmark age
• the youngest child or are a Virgo
• or importantly if they have a ‘good idea’ above everything else

The study also revealed that the business landscape is changing: the over 50s and men are currently the most likely to be running their own business. But maybe not for long. Almost half of all twenty-something’s are either planning or would like to run their own organisation and more women than men are plotting their solo careers according to the research.

The research, commissioned by Vodafone as part of its Working Nation Series studies, looks deeper into the changing face of the UK’s work environment in the run up to the first transmission of the Sky One TV show, THE BIG IDEA which started earlier this month.

Nick Read, CEO of Vodafone added: “As the number of small businesses increase, so does the nature and variety of support they need. With no two businesses the same, we aim, with insight like this, to continue tailoring our approach so that we can invest in serving their needs. At the heart of Vodafone’s heritage lies a passion for the small business sector; Vodafone in fact grew from just five people working behind a small curry shop in Newbury, Berkshire over 21 years ago.”

Entrepreneurial Deserts

The study has identified Brighton, Belfast, Bristol, Southampton, Plymouth and London as the six hotspot cities of entrepreneurial activity where the highest number of people running their own business live. On the flipside Newcastle, Scotland and Liverpool are the entrepreneurial deserts of the UK.

But what makes someone wake up one day and decide to go it alone? It tends to be a significant moment in life that acts as the trigger.

Over one in four start-ups are sparked by redundancy but the biggest social catalyst is starting a family as people look for more flexible working hours and a business that they can hand down to their children.

Divorce and reaching a landmark birthday are other key factors as people readdress their lives and figure out what they really want.

THE BIG IDEA involves the UK’s largest-ever search to discover the next great British invention or business idea. It was co-created and funded by Vodafone to support the company’s commitment to enterprise and inspiring small business success. Produced by Ricochet Productions in association with Vodafone THE BIG IDEA will be broadcast on Sky One.

For more information about THE BIG IDEA, log on to www.thebigidea.tv