NIGHTMARES OVER FINANCIAL INSECURITY PUTTING OFF DREAMS OF BEING OWN BOSS

- Most (61%) employees across the UK aspire to work for themselves
- Third (30%) of want-to-be entrepreneurs feel it’s too risky to go it alone
- Entrepreneurial spirit burns brightest in London and the North East

The anxiety around a perceived lack of financial security is stopping 56% of UK workers from pursuing their ambitions of becoming their own bosses, a study by Vorwerk suggests.

The everyday stresses of meeting mortgage payments, bills and outgoings are preventing over half of the population from taking the plunge and going it alone to run their own businesses – even though one in 10 (10%) admit that their current roles are impacting on their health.

Despite 61% of us wanting to run our own businesses, a significant 36% of us lack the confidence to start-up one up, nearly a third (30%) feel it is too risky, and 32% do not like the idea of not knowing how frequent the work would be, according to the research by home appliance maker Vorwerk.

Despite the perceived barriers, those in London are most keen to pursue their business-owning ambitions (68%), closely followed by the North East (66%) and the North West (65%). Just 2% separates men (62%) and women (60%) when it comes to entrepreneurial spirit too.

Working for yourself – top five barriers for UK adults %
Lack of financial security 56%
Lack of confidence to do so 36%
Uncertainty of work coming in 32%
Too risky 30%
Don’t know what to do 23%

Money motivates the nation to change careers, with the top five reasons to job-switch being:
1) Better salary – 50%
2) Better work-life balance – 29%
3) Having efforts rewarded – 19%
4) Better working environment – 16%
5) To have less pressure – 16%

The future is bright
For the fifth of us (20%) that have branched out into a new area, the good news is that the other side looks good - with the most common emotions associated with changing career being excitement (42%) and liberation (35%).

Speaking about the findings, Thomas Henningsson from Vorwerk said: “It’s totally understandable that people are worried about the regularity of work and cash flow when it comes to going alone – but there are lots of inspirational people around who have done it and are now reaping the rewards.

“We’d encourage anyone considering dipping their toe into the self-employed water to look at options like Vorwerk – where you have the flexibility and earnings potential of being your own boss – but a degree of structure and lots of support to help you in your quest to become an entrepreneur.”

Case study of going it alone
Nathaniel Mortazavi, aged 22, was looking for a role which was both flexible and stimulating. He put his application for the Royal Marines on hold to progress in his career as Branch Manager with Vorwerk in Balsall Common.

“I have a lot of hobbies. I dedicate a lot of my time to the gym and martial arts and with my previous jobs, I’ve had to put those to one side in favour of the job,” said Mortazavi from Redditch.

“But with Vorwerk, having that flexibility really allows me to decide what I want to do, when I want to do it, whilst also being able to earn a good income at the same time.

“Being your own boss has an almost endless list of perks too because you work when you want – I chose to work between 20-30 hours a week as a sales advisor – which allowed me greater control over my earnings. It’s very much a meritocracy; you get out what you put in. It’s truly the perfect system for motivated individuals, those wanting a bit more income and anyone with ambitions to progress their careers.”

Nathaniel Mortazavi’s top tips to becoming your own boss
1) Be organised. You are in charge of your own diary so fill it with the jobs you need to do and organise your priorities
2) Set goals. Whether you’re looking into changing careers or have done so and are working for yourself – setting achievable, daily goals can make an enormous difference when carving out a successful career for yourself
3) Become the person you respect. Look at the behaviours and habits of successful entrepreneurs and ask yourself how many of those habits and behaviours you could incorporate into your working life. If you admire someone’s organisational ability, knowledge or professionalism, ask yourself if you behave in that way and if not, explore how you could improve on those areas.
4) Be responsible and balanced. Working for yourself is not easy, but it is fun if you do it right. Remember to organise so you are achieving a work-life balance, but also do things responsibly – get your work done, keep your clients happy and enjoy your life outside of work too
5) Train. If there are ever opportunities to upskill – take them. Whether that’s watching webinars, reading articles or taking on professional qualifications, do what you need to make you stand out from the rest

To find out more about career opportunities with Vorwerk visit www.kobold.vorwerk.co.uk/career

Allowing you to carve out a fulltime career or top-up your income, Vorwerk provides you with the products and know-how to set up your own business, offering you the chance to be part of the next chapter of this European success story.

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