25 Sep Increase in self-employed in the UK
Currently, in the UK there are 4.8 million self-employed individuals, equating to over 15 per cent of the labour force.
A number of benefits have arisen from people who have opted to ‘be their own boss’, such as driving reductions in sickness and encouraging a recovery in employment.
According to research conducted by Informi (a website that offers advice for small businesses), one in five workers in the UK have a ‘side-hustle’, further demonstrating that the UK is thriving with entrepreneurial spirit.
Technology advances have made it easier for people to work on their businesses on the go, as well as social media transforming the world of marketing and customer services.
However, the rise in self-employment is not all down to technological advances, many successive Governments have encouraged an entrepreneurial culture in the UK.
It is also arguable, that more people are opting for self-employment for the sake of their own happiness. Chartered Institute of Personnel and Development statistics indicate that those that work for themselves generally are much more satisfied and happier in their jobs.
Additionally, many Britons are driven to self-employment by their desire to earn more money alongside their day job. According to Informi research, 19 per cent of UK workers say they have a second job on top of their main source of income, earning an average of £4,992 a year.
Many adults in the UK believe it is important to have multiple skills rather than be a specialist in one particular area. This again indicates that people in the UK are interested in the idea of starting their own business because they want to, rather than they need to.
Despite the rise of the self-employed, it is estimated that half of the UK’s start-ups fail within five years, according to the Telegraph. London, whilst having the highest number of start-ups in the UK, also has the lowest rate of start-up survival in the UK.
It is clear that being self-employed isn’t as easy as the numbers suggest.