Four million Brits want to become entrepreneurs, research shows

More people in Britain are aspiring to be an entrepreneur, with 4 million wishing to become self-employed in the future, according to new research from retail bank Aldermore.

The research found that becoming self-employed has always been an ambition for 22 per cent of Brits, whilst 12 per cent will be looking to make the move in the next six months.

Goal

The report explored the ambitions of Brits when it comes to self-employment and found that it could take 25 per cent of Brits five years to achieve their goal of becoming self-employed, whilst another 25 per cent said that they would only consider working for themselves if they were made redundant.

Some Brits would turn to self-employment to achieve a happier work life, with 25 per cent saying that being unhappy in their job would push them into making the move.

The report also identified the main reasons for people wanting to become self-employed, with the opportunity to boost income being cited as the main driver at 37 per cent. This was followed by a better work-life balance at 35 per cent.

The research follows Aldermore’s decision to make changes to its residential mortgages for self-employed borrowers to provide them with more support and flexibility when purchasing a home or remortgaging their current one.

Brave

Aldermore Group Managing Director of Mortgages, Charles Haresnape, commented: “Taking the step to become self-employed is a brave and bold decision and we love the fact that in the UK more and more people are doing so.”

He said that although it can open the door to many fantastic opportunities, it can also be risky, with uncertainty and financial instability. He added that Aldermore wants to make it easier for aspiring entrepreneurs by attempting to ensure some security for people when buying a home.