More than 1m Brits planning business start-ups

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More than 1m Brits planning business start-ups (image credit: iStock/UberImages)

New research published by insurer Direct Line has highlighted the considerable number of people across the UK that hope to take the plunge and start their own business in the coming year.

According to the company's findings, just over 1.3 million Brits have a dream of starting their own entrepreneurial venture in the next 12 months, with a wide range of business plans that cover sectors as varied as baking to technology.

It goes to show that the enterprising spirit remains strong in the UK, despite the fact the nation voted to leave the EU at the end of July and therefore a considerable amount of uncertainty is now being felt across many parts of the nation.

Overall, the top five industries in which individuals up and down the country are currently working on starting new businesses were food (18 per cent), retail (16 per cent), manufacturing (seven per cent), leisure (six per cent) and technology (six per cent).

However, the research also showed that the plans that people have to launch their new venture could be facing some considerable headwinds, with the most common issues that individuals have with getting new ventures off the ground including:

  • A lack of capital (51 per cent)
  • Not knowing where to begin (32 per cent)
  • Lack of confidence (30 per cent)
  • Being unable to afford the loss of a stable salary (29 per cent)
  • Fear of no job security in future (25 per cent)

Responding to the research and its findings, Nick Breton, head of Direct Line for Business, said: "Our research highlights the underlying desire amongst people to start up their own business 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 a business, but good advice and support is just as crucial to help new start-ups launch their business and build for the future."