71 per cent of Brits considering self-employment

PeoplePerHour, the UK’s leading freelance marketplace, reveals that 71% of Britain’s employed workforce (that’s over 23 million workers) are considering starting their own business or going freelance because they aren’t getting what they want from their employers.

The news follows yesterday’s budget announcement, which also revealed that up to one third of self-employed workers could face increases in taxes and national insurance due to changes to IR35, posing a significant bill on the freelance marketplace.

PeoplePerHour’s study of over 1,000 current employees found that the majority (68%) have little or no access to flexible working options, including working from home (64%), annualised hours (64%), flexitime (57%), job sharing (77%) and compressed time (73%). This, along with other key findings, is encouraging employees to consider self-employment:

• Over half of UK employees (56.7%) work anything between 36-60 hours per week
• A massive 62% have no passion for the job they do
• And 57% say their biggest bugbear at work is lack of praise

In a digital age where remote working is expected and employees are used to living an on-demand lifestyle, it’s not surprising that the country’s workers are wanting to set up on their own. What is surprising is the fact that these issues are still so common in the workplace and that businesses are failing to adapt to shifting trends. Despite the rise of new working communities complete with pool tables, coffee machines and beer at 3pm, the reality is that the workforce aspires to the flexibility and rewards of running their own business, despite tax rises.

Xenios Thrasyvoulou, founder & CEO at PeoplePerHour, explains: “Brits are a nation of passionate people who are all looking to live their work dream. That is already a reality for some, whilst others are hustling to turn their work dream into reality. When it comes to money, Brits are very cautious of starting out on their own, with 3 in 4 saying financial stability is the biggest barrier to them. However, the budget announcement shouldn’t deter prospective entrepreneurs; the combination of passion, obtainable goals and a flexible, skilled team to support business growth is the best recipe for success.”

Retrospectively, data revealed that the top three things people desired from their working life were:

1. Doing something they feel passionate about (43%)
2. Having a better work/life balance (39%)
3. Having the ability to work flexible hours (32%

Original source - London Loves Business

https://londonlovesbusiness.com/71-per-cent-of-brits-considering-self-employment/