What Difficulties Will You Have Starting A Business?

It would appear we are a country of budding entrepreneurs, with more than 300,000 of us starting a business just last year alone.

icount Money recently conducted a survey asking what barriers you could face when starting a business of you own.

1-in-5 (21%) British business hopefuls face difficulty when starting up their own business, with 26% of those surveyed saying lack of funds would be their biggest hurdle.

So, what other factors come in to place which could potentially provide a stumbling block to those looking to set up a business of their own?

The day of the nine-to-five is over

Flexible working hours are becoming more and more important in the modern world.

No longer are we living in a time where the nine-to-five weekday job is King.

If there was ever anything that highlighted this even more, it’s the statistic above.

1-in-5 people think it would be worth taking a pay cut if it meant they were able to be their own boss, saying they felt a take home salary of £18k would be a good result in the first year, that’s a 47% loss compared to the average annual UK salary of £26.5k.

Childcare costs are astronomical, so it is little surprise to see people looking to earn their own money around family life at their own convenience.

I know from befriending other bloggers over the last fifteen months, those who have children have worked hard to build an online business that has allowed them to stay at home, earn a great wage and have more time to spend with their families.

The best thing about blogging is you don’t have to fork out huge overheads every month to sustain your business.

Aspiration is alive and well in the UK

I was completely taken aback by the Channel 5 programme, The Great Benefits Handout.

Admittedly, my first reaction was a feeling they would just blow all the money and quickly find themselves back where they had started.

I couldn’t have been more wrong.

I was utterly shocked at the amount of the participants whose first reaction was not to look for work, blow or save the money, but to immediately look into starting a business of their own.

It was clearly something they had all been thinking about a lot, and, it changed the way I think about the benefits system.

These people had some fantastic ideas and the determination to pull it off, they simply needed the finances to hand to be able to see it through.

Drip feeding them benefits was keeping them stuck in the trap, giving them the money up front in order to be able to change their lives was awe-inspiring.

So, I suppose it shouldn’t be too surprising that 27% of people who took part in the survey said providing funding is what they felt the government could do to help start up businesses, with a further 28% indicating that more information and support should be provided.

As the saying goes, “Give a man a fish, and you’ll feed him for a day. Teach a man to fish, and you’ve fed him for a lifetime.”

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 "Give a man a fish, and you'll feed him for a day. Teach a man to fish, and you've fed him for a lifetime." But what difficulties will you face starting a business?

Thinking Thrifty

Thinking Thrifty

David Naylor is the editor of the Thinking Thrifty blog. An award winning personal finance and lifestyle blogger, he shows how it is possible to live extremely well for less.
Thinking Thrifty
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