Marvin OnumonuAlmost half (47%) of Brits would start a business to be their own boss, according to research by Capital on Tap.
The survey found 38% said flexible working hours was another reason they would launch a business, while 32% wanted a better work/life balance.
Financial independence was behind 31% of responses, while turning a hobby into a career came in at 25%.
One in five people said they would like to run a café, restaurant or food truck, making this the most popular type of business.
Online retail was picked by 16%, and 10% said they would prefer Airbnb hosting or short-term property rental.
Technology and speciality shops both had 9%.
The automotive sector was least popular, with just 4% saying they would go into that line of work.
The main reason holding people back was lack of startup funds, with 36% saying this was their biggest concern.
Fear of failure was the second biggest barrier at 29%.
Not knowing where to start was picked by 24%. Uncertainty about profitability and lack of self-belief were both mentioned by 22%.
Hugh Acland, CCO at Capital on Tap, said: “While the idea of raising capital may seem daunting, there are a variety of ways to access funding, such as government-backed startup loans, crowdfunding, and angel investors.
“A dedicated business savings account can be a smart way to manage and grow your finances.
“It allows you to earn interest on idle cash, build up reserves for future investment, and keep your business finances organised and separate from personal spending.”
Acland added: “Before leaving your current job, it’s ideal to create an emergency fund that covers several months of personal expenses that can act as a buffer during times of low or uncertain income.
“If you’re feeling stuck, the best place to start is with a business plan – outline your idea, target audience, and how you’ll make money. Information and support through workshops, online courses, or from other entrepreneurs will help you to gain knowledge.”
