The self-employed march on

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The number of people who are planning to become their own boss has almost doubled in the past year, according to research.

Aldermore polled 2,003 adults and found that 29% aim to start their own business in the future – up from 15% in 2017.

Some 18% of those intend to make the switch in the next 12 months, while 28% believe they will give up full-time work to become their own boss within three years.

Of the respondents, 15% planned to launch a business in the retail sector followed by 11% in catering and accommodation.

This optimism was reinforced by positive responses from those who had already made the transition to self-employment, with 70% believing they became their own boss at the right time.

Nearly a third (29%) of those expect their income to grow in the next 12 months, with 48% expecting it to remain the same.

The majority (93%) said they enjoy being their own boss, and 51% have been able to earn more than they did in their previous job.

Charles McDowell, commercial director at Aldermore, said:

“The research demonstrates that the UK is a truly entrepreneurial nation and it takes a lot of courage to make the major life decision to become self-employed.

“It is encouraging to see almost three in 10 [people] expect their revenues to increase in the next 12 months, which is a positive outcome in light of myriad uncertainties.”

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