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Brits put figure at £66,739 for happiness

This is the salary that, on average, UK residents would want to stop dreaming of quitting the ratrace.
By Ben Lobel on Jun 19th, 2016   @freelotteriesuk

An annual salary of £66,739 is what budding entrepreneurs would need to be paid to stop dreaming about setting up their own business; a figure which is almost two and a half times more than the national average salary. 

Flexibility (29 per cent), a better work/life balance (22 per cent) and turning a hobby into a job (21 per cent) are named as key motivations for starting up in the first place. 

In fact, new research from Nectar Business Small Business Awards 2016 reveals that over 40 per cent of Brits would rather earn less cash in order to fulfil their entrepreneurial ambitions and work for themselves. Just over a quarter of UK adults (26 per cent) would be content with a salary of £30,000 in return for working by themselves, and a further 16 per cent would opt to make £40,000 from running their own small business employing staff.

The research predicts that UK entrepreneurship will continue to flourish over the next five years; 42 per cent of adults say that they would like to start up their own business or become self-employed and almost 20 per cent believe that they will do it before 2021. Young people are leading the charge; those aged 16-30 are 84 per cent more likely to start up in the next five years.  

While crowdfunding is seen as an increasingly popular option for the millennial generation to finance a new business (14 per cent see it as an option), traditional methods like banks and building societies (39 per cent) and the ‘Bank of Mum and Dad’ (32 per cent) are also still key.   

When it comes to obstacles for budding business owners, young people are most likely to let uncertainty around Britain’s role in the EU dampen their entrepreneurial spirit: nearly 1 in 10 (9 per cent) aged 16-30 see it is a barrier to them starting a small business.

Conversely, the over 60s are least likely to worry about the EU Referendum when it comes to setting up a small business (only 3 per cent think it would be a barrier). Nearly 1 in 10 people (9 per cent) approaching retirement age (aged 61-65) are budding ‘Pension-eurs,’ stating that they would like to start a new business or become self-employed in the next five years. 

This is mainly due to their pursuit of better job satisfaction (34 per cent), to become the master of their own destiny (14 per cent) and for flexible hours (13 per cent).

Judge of the Awards, BBC ‘Dragon’ and businesswoman, Sarah Willingham say, 'I’m a real champion of small business in the UK and believe that they are at the heart of our economy and our society.

'It’s encouraging to see that so many young people are keen to become entrepreneurs, but that it’s not a job exclusively for the young: nearly 1 in 10 people approaching retirement age would like to build a new business from the ground up or become self-employed in the next five years.

'The research also shows that it’s not all about money, but rather the pursuit of turning a dream into reality and finding a greater work / life balance; something which I can definitely relate to.'

Retail is the most desirable industry for aspiring business owners (12 per cent) followed by arts and entertainment (10 per cent) with the ever-growing technology sector in third place (7 per cent).

Speaking of technology, co-judge of the Awards and managing director of Nectar, Will Shuckburgh comments, 'As a nation we’ve all gone digital in our personal and work lives. It’s our fantastic British innovators and tech whizzes that have helped drive this digital movement. 

'These guys are inspiring the next generation of entrepreneurs – we’ve seen this as an emerging trend in our research and one which we expect to continue to grow; that’s why we’ve added ‘Best use of Tech’ as a brand new category to our Awards this year.'