New research published by Virgin StartUp shows that over a quarter (26%) of 18-24-year-olds are gearing up to start their own businesses in 2025.
This trend aligns with Virgin StartUp’s announcement that today (January 17th) is “Founder Friday”, the most entrepreneurial day of the year.
Excitement for starting a business isn’t limited to the young. In fact, one-third (34%) of those surveyed said they plan to start a business someday, and one-in-ten (11%) actively plan to launch a new business in 2025.
The research was conducted with the help of over 2,000 respondents.
Half of all business founders cited being their own boss and following a passion as important drivers to starting up on your own. 51% and 50% of founders, respectively, cite these as reasons to pursue their entrepreneurial dreams.
If you’re a young person thinking of starting a new business, scroll down for some general tips from the ByteStart team.
Why January?
Virgin StartUp’s research shows that January is seen as an ideal time to start a business.
Over half of those polled (54%) said that the post-Christmas period brings extra energy and an opportunity to add business goals to New Year’s resolutions.
January 2024 data from the Start Up Loans company backs this up. January saw the highest number of loan applications, with nearly 10,000 registrations.
Technology and ‘wellness’ lead the way
Technology tops the list of industries where aspiring entrepreneurs plan to make their mark, with 16% seeking to launch tech businesses this year.
Health, beauty, and wellness follow next at 11%, but this figure jumps to 22% among 18-24 year olds, reflecting a higher interest in these sectors among younger people.
Inspiring the next generation
To encourage entrepreneurialism, Virgin StartUp has partnered with business leaders Sir Richard Branson and Simon Squibb to create the “Elevator of Dreams” at Virgin Hotels London in Shoreditch.
This platform allows aspiring business owners to pitch their ideas to a global audience via a video doorbell located outside the hotel’s Founders Room.
A select number of pitches will be shared on Branson and Squibb’s social media channels, which collectively reach over 50 million followers!
The selected pitches will also appear on the HelpBnk platform, where investors can discover and support budding entrepreneurs.
The top five pitches will also earn exclusive mentoring opportunities, access to workshops, and invitations to join the flourishing Virgin StartUp Community.
A young entrepreneur’s success story
20-year-old Finlay Doyle exemplifies the entrepreneurial spirit.
After leaving his geoscience degree program at Newcastle University, he launched Miue, a non-alcoholic wine company, with the help of a £25,000 Start Up Loan from Virgin StartUp.
Looking back on his journey so far, Finlay explains:
I decided to go sober in my Fresher’s year but was disappointed by the quality of non-alcoholic drinks available; everything was boring, tasteless, and didn’t have the same vibe as the real thing. I saw this gap in the market and decided to take the leap and launch my own business.
Finlay’s also provides some straightforward advice to other would-be entrepreneurs:
To anyone out there who has an idea for a business and is thinking of turning it into a reality this year, I’d say give it a go!
General ByteStart tips for aspiring young business owners
If you’re considering starting your own business, here are some tips to set you on the right path:
- Start with passion: Choose a business idea that excites and motivates you. Unless you’re truly committed, putting everything into a new business idea is hard.
- Research your market: Understand your target audience, competition, and industry trends. Above all, make sure that there is a market for your product or service. Read this guide for more ideas.
- Create a business plan: A solid business plan will serve as your roadmap and help attract potential investors. It’s also useful for measuring your progress over time. There are some useful resources here.
- Seek advice from existing business owners: Learning from experienced business owners can provide valuable guidance and help you avoid common pitfalls. See our recent news on National Mentoring Day.
- Make the most of small business resources: Take advantage of programs like Virgin StartUp’s How to Build a Business course, Start Up Loans, and local networking events. Read the useful guides on ByteStart as a starting point.
- Embrace technology: Use tools and platforms to streamline operations, marketing, and customer engagement. It’s never been easier to get started – and many apps and services are completely free.
- Stay resilient: When you start a new business, challenges and disappointments are inevitable, but perseverance and adaptability are key to your long-term success. If you don’t succeed at first, keep on going and try again!