So what’s stopping them?
Concern about finances and securing start-up funding are major barriers when it comes to entrepreneurs branching out on their own according to new research by Intouch Accounting.
They found that a lack of steady income was holding back 47 per cent of potential business owners whilst uncertainty about securing start-up funding put off 25 per cent.
Head of Businesscomparison.com, Philip Brennan says, without proper guidance and advice, the market can be intimidating to those starting a business and securing funding for the first time,
“When it comes to financing it’s not a case of one size fits all for businesses. At Businesscomparison.com we compare funding streams for enterprises in a bid to help them to save money and find the best possible deal. This includes bank loans, invoice finance, bridging finance and commercial mortgages. This is particularly important for those who are new to business and may be unsure about how to organise their finances.”
Stress, long working hours and concerns about having too much responsibility were also cited as reasons why budding entrepreneurs are putting the brakes on their aspirations. Perhaps they’re not necessarily worrying for no reason. Preliminary figures by Aon’s small business change index indicate that the number of SMEs with a positive outlook has fallen from 50 per cent to 48 per cent in just six months. The number anticipating difficult times ahead rose from 9 per cent to 11 per cent.
It’s not all doom and gloom though. Over half of those asked under the age of 35 said they would like to start their own business and 60 per cent of females between the ages of 18 and 34 said they’d like to be their own boss. Let’s hope that optimism increases so that budding entrepreneurs are more confident about following their dreams.