1.3 million Brits dream of setting up in business

More than 1.3 million British people have admitted they have a desire to start up their own business in the next 12 months, according to a new survey by Direct Line for Business.

In terms of the most popular sectors for budding entrepreneurs, people are keenest on opening bakeries, cafes and craft shops in their pursuit of an enjoyable livelihood.

Six per cent of respondents said they would set up their own café or team room, while an arts and crafts shop was seen as an option among two per cent of survey respondents.

There was a considerable breadth of professions cited among respondents, ranging from animal-related professions to restaurant ownership and business consultancy.

When comparing the most popular start-up sectors as a whole, food ranked highest with almost one-in-five (18 per cent) of respondents stating their desire to run their own food store, café or restaurant; closely followed by retail (16 per cent).

In terms of barriers to turning these entrepreneurial aspirations into reality, lack of capital was cited as the biggest reason for not going ahead business ideas (51 per cent). Meanwhile, almost a third admit they wouldn’t know where to begin with planning and opening their own business.

Nick Breton, head of Direct Line for Business, said: “Our research highlights the underlying desire among people to start up their own ventures.

“It’s clear Brits are looking to turn their passions into professions, as cooking and crafting are deemed more popular than businesses that focus on technology for example.

“Funding is key to starting up, but good advice and support is just as crucial to help new start-ups launch their business and build for the future.”

Date published 18 Jul 2016 | Last updated 18 Jul 2016