Eight in ten side hustlers want to be their own boss

EIGHT in 10 side hustlers want to become their own boss so they don’t have to work for someone else.

A survey of 1,500 people who have a side job or are planning to set one up found that 79 percent would like to work for themselves so they have no one else to answer to.

Other reasons for wanting to take the plunge include having greater financial independence (42 percent), helping them get through the current economic climate (24 percent) and wanting a better work-life balance (34 per cent).

But 29 percent of working adults also feel unfulfilled in their current job.

Gen Zers are most eager to become self-made, as 60 percent plan to quit their jobs and turn a side hustle into a full-fledged business.

Compared to older generations, this age group is more likely to reconsider their source of income due to the current economy and labor market conditions, pushing them to go solo (33 percent compared to 21 percent of all adults).

Also, people aged 18 to 27 are more than twice as likely (27 percent compared to 12 percent of all adults) to turn to social media influencers for advice when starting a new business.

Elyn Corfield, CEO of Lloyds Bank – Business & Commercial Banking, said: “The UK is recognized as a hub for entrepreneurship and pioneering businesses.

“Our research shows that a new generation is following their dreams to turn their passion into their livelihood.

“Innovators are forging their own path, which is really inspiring to see.

“Releasing your inner entrepreneur can be exciting and scary, but we’re here to support businesses to start up and scale as many take the plunge this year.

The research also shows that shows like Dragon’s Den and The Apprentice inspire more than one in ten (12 percent) Gen Zers to go it alone.

And others are guided by their ambitious attitude: 19 percent would be willing to take the plunge after having a vivid dream that their business would be a success.

Gen Z is also twice as likely than other generations to start a business if a celebrity or influencer spontaneously endorses their product or idea on social media (14 percent versus seven percent).

It also found that the start of the year is prime time to make a fresh start, with 27 percent likely to consider setting up a business in January or February – more than any other time of year.

The survey, conducted via OnePoll, also found that 68 percent of all respondents are confident in their ability to start a business.

Despite this, the most common concerns are not being able to afford start-up costs (33 percent), and not being sure what kind of support or resources they need or where to find them (23 percent). ).

As a result, 35 percent will turn to online forums to seek help, with friends (29 percent) and family (26 percent) also among those showing support.

Professor of Organizational Psychology at Alliance Manchester Business School, Sir Cary Cooper, said: “These are exciting results that bode well for Britain and it is encouraging to see young entrepreneurs wanting to start a business so early in their careers.

“In the past, we tended to see more mid-career workers who were fed up with corporate life, looking for an escape and trying to take control of their lives.

“Now we see that Gen Z entrepreneurs not only want financial independence, but also strive for a better work-life balance and a sense of purpose by doing something they are passionate about.”