The employment of British people has changed dramatically over the last few years, and more Brits than ever before are moving away from traditional forms of employment to instead become their own boss by starting a business from home.
Research statistics from the Office for National Statistics (ONS) in 2017 found that 3.2 million Brits aimed to become their own boss in the next few years. One in six people in the UK are currently running an online business from the comfort of their own home, which shows the increasing prevalence of self-employment across British society. Here are a few reasons that may be motivating Brits to quit their 9-5 jobs in a bid to start their own businesses.
Access to Funding
One of the main obstacles that Brits can face when trying to start up their own business from home is having enough funding. Setting up your own business from home can require a lot of up-front expenditure, so it can be costly.
However, getting funding for businesses has become increasingly easier in recent years. There are a few options available to Brits who are trying to get funding for a new start-up. It could be worth going to your bank and asking them for a business loan. Yet how successful you will be will likely depend on your credit history/rating as well as the current state of your finances. A business loan will also likely require a strong and descriptive business plan.
But if a business loan isn’t an option, there are plenty of websites such as iloans.co.uk that offer business owners a safe and easy to use online application service that could be ideal if you need a cash injection to get your business from home up and running. iLoans don’t perform a hard credit check when you apply to see if you qualify. Instead they ask a few eligibility questions and collect the details about how much you want to borrow and over how many months you want to pay it back. Be sure to explore the different funding options that are available to you as over recent years they have been able to support Brits in their decision of being their own boss and getting their own businesses off the ground.
Technology is constantly advancing which makes it a lot easier for people to set up working for themselves. A lot of business is now done over the internet and the online shopping industry is worth around £96 billion a year in the UK. Increasingly, the traditional physical workspace is being overtaken by the virtual office and marketplace via the internet.
It is also a lot easier than ever before to get training online and undergo courses that can equip an individual with the necessary skills to open a business from home. While online training used to be frowned up, it is now one of the most popular ways that individuals develop their knowledge and qualifications.
Through the increasing use of social media platforms for marketing strategies, home businesses can now frequently advertise their services and products to an online audience. Advertising on social media sites such as Facebook and Instagram can be an easily accessible and cheap way for small home-based businesses to publicise their content to potential customers.
Better Work/Life Balance
A better work/life balance has been found to be one of the leading motivations that has led Brits to embark upon self-employment by setting up their own business from home. Finding time for a personal life can be exceedingly difficult when you are working a 9 to 5 job in traditional employment with extra hours factored in for the commute. You can find yourself out of the house and away from your family for a long period of time, which has led to many Brits wanting to work from home so they can be around their loved ones as much as possible.
Increasingly now, properties are a lot more popular if there is a home office space in a house, as so many people are setting up their own business from home as a form of income.
While being self-employed and starting your own home business is by no means an easier employment option, Brits have gradually started to make their work commitments balance better with their personal lives. Plus, ultimately, who wouldn’t like to be their own boss?
It Can Be Very Rewarding
Starting your own business can be a very rewarding and gratifying experience, even if it is often a lot of hard work. Working for yourself and being responsible for a business can bring you the job satisfaction you may never find in traditional forms of employment. Therefore, it is no surprise that more and more Brits are choosing to start their own businesses.
While starting your own business from home can be a very daunting project to commence, it can also be a great way to ensure that you enjoy your job.
Change in Job Market
In recent years, the UK job market has become increasingly unstable while the number of applicants for a single vacancy can go into the hundreds. With the fiscal restraint that the UK has suffered over recent years, jobs from all sectors are being cut, leaving many people without employment and income. Therefore, the need for job security could also be a motivating factor that has encouraged more Brits into becoming their own boss.
While there are constant closures of high-street stores across the UK, the online shopping industry is still booming, which shows that online businesses are more popular than ever.
While it may be initially difficult to understand why so many Brits are becoming entrepreneurs in their own home, when you look at some of the motivating factors, it becomes somewhat clearer. With people wanting to maintain a better work and home life balance, seeking job satisfaction and wanting to follow their passions in life, it is clear to see why Brits are seeking funding and investing in their own businesses, ideas, and their own success.