August 13, 2020

More than half UK males want to start their own business, but lack necessary skills

A new survey reveals that the UK is a nation of wannabe Sir Alan Sugars and Jamal Edwards’, with a staggering 53% of Brits admitting that they wish they could start their own business.

The research, however, has also shed light on the apprehension of Brits, as 36% of those surveyed said starting a business is too much of a risk.

A quarter of Brits said they simply don’t know how to get started and 15% believe a lack of qualifications hold them back from potentially earning over £40k* a year through starting their own business.

Adult college City Lit, who conducted the research, revealed that Brits are potentially missing out on tens of thousands of pounds due to their lack of business knowledge.

According the Office of National Statistics [ONS] in April 2018**, median gross weekly earnings for full time employees were £569. According to Indeed the average entrepreneur in the UK earns £41,064 per year [£790 per week] and enjoy all the perks of running their own business, such as flexible working hours and being their own boss. Many Brits are also missing out on extra income by not pursuing a ‘side hustle’ alongside their 9-5 job.

The research showed that a whopping 79% of 25-34s would start their own business if they had the opportunity to do so, compared to 36% of those aged 65+ who would use their retirement to get business savvy.

Chris Jones, director of sales and marketing at City Lit, said:

“You’re never too young, or too old to start your own business. In fact, retirement may give the older generation a head start due to having more time, experience and perhaps capital to get started.

“We conducted this research to find out what is holding people back from pursuing their dream of starting a business, as the benefits are vast.

“The research has confirmed that over half of Brits would like to pursue it but clearly many people lack the confidence to take the plunge. With many people citing lack of qualifications as a key reason holding them back it’s great to know that there are courses that can help people to plug their knowledge gaps. And with data showing just how lucrative starting your own business can be, spending time learning can be a great investment for the future.”

As a nation we are potentially missing out on thousands of businesses that could enrich the lives of many and improve wellbeing. More than one in 10 people said they would like to start a company in the travel industry, 8% want to pursue a business in the arts and 9% of wannabe entrepreneurs say tech and digital is their industry of choice.

Jones continues:

“From our research we found that females are the most apprehensive about starting their own business, being more likely to say they wouldn’t know how and more likely to write it off as too much of a risk.

“Our business courses address all of these concerns; from starting a business from scratch to marketing your business empire, our courses are tailored for your needs and could just be the catalyst to you earning thousands or even millions of pounds and transforming your life.”

City Lit’s one day course, ‘Developing a Successful Business Plan’ will provide attendees with a step-by-step overview on how to write a successful business plan that can be presented to potential investors.

Voula Papadopolous, Head of Business and Technology Programme said:

“At City Lit, we have developed a range of short courses to equip new or existing entrepreneurs and small enterprises with all the necessary skills they need to start and grow their business.”

Here’s some of the tips they share to get your business off the ground:

1. Plan, plan, plan
Successful planning is always important when starting your own business. Set up your goals and develop a successful business plan.

2. Identify your brand
Get to know your brand, inside out. Then develop your brand.

3. Develop a solid marketing strategy
The world needs to find out who YOU are

4. Get online
Implement your marketing strategy further by increasing your online presence – create a website or blog and use social media and digital marketing techniques to boost your online presence

5. Network
Become confident in network and develop a network of people who can support you. Explore all different channels of networking, relevant to your business. Attending events or participating in a course is a great starting point for networking.

To read more about City Lit’s business courses visit their website: https://www.citylit.ac.uk/courses/technology-science-and-business/business-and-marketing

Survey of 2,003 Brits conducted in May 2019.

*https://www.indeed.co.uk/salaries/Entrepreneur-Salaries

**https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/earningsandworkinghours/bulletins/annualsurveyofhoursandearnings/2018