Third of Brits want to start own business

More than 17 million Britons are planning to start their own business, new research has found.

Echoing similar research completed in 2009, a poll of 2,900 showed that 45% of Brits want to be paid for something they are passionate in

Reasons giving for wanting to start a new business include being your own boss (46%), new challenges (26%) and the desire to start a family business (18%).

The vast majority of people would want to start a business in a completely different sector to the one they are currently employed in, whilst London and the South East was shown to contain the most entrepreneurs in the making (30%).

Problems for Start-Ups

Many people interested in starting their own business can often trip up at the first hurdle.

Start-ups normally face issues in the very early phase of their existence, where having enough cash to get off the ground is critical. But getting access to funds can prove tricky especially during the current economic climate.

Andy Grantham, Sales & Marketing Director at SBF, said: "It's encouraging that millions of Britons plan to start their own business, as ultimately SMEs and small businesses are key to the economy".

"Would-be small business owners can be put off as they feel that getting their business funded through traditional channels is unlikely. However, alternatives are becoming more and more accessible to thousands of new firms".

"Through our invoice finance facilities, as well as our ability to lend using the EFG scheme, we take great pride in helping new businesses get off to the best start possible by providing cashflow assistance", he concluded.