Connect with us

Hi, what are you looking for?

Metaverse CapitalistsMetaverse Capitalists

Business

Rise of “necessity entrepreneurs” as Brits turn to enterprise to make ends meet

Three in five aspiring entrepreneurs say they won’t be able to afford their bills without extra income, according to a new study.

The research reveals that the cost-of-living crisis is creating a new generation of ‘necessity entrepreneurs’, with many turning to small businesses and side hustles to help make ends meet. Almost half of Brits are considering launching one in 2023, with 85% saying their thinking is being fuelled by rising costs. It is estimated that there could be up to 1.8m small business websites launched in the UK January 2023 alone.

Gen Z and Millennials are most likely to become necessity entrepreneurs, with three quarters (75%) of 18-34 year olds saying they want to start their own venture this year. 51% of these say that the income from their side hustle will help with fixed costs, such as rent and energy bills.

One entrepreneur who launched his own business at the start of a new year is Gordon Dowall-Potter, 43, from Fife, Scotland. He created MANtenatal in January 2021, which helps expectant dads prepare for the journey to fatherhood.

Gordon said: “In the midst of the pandemic we faced many of the same challenges presented by the cost-of-living crisis: economic instability, uncertainty about the future, loss of control. Launching MANtenatal was, for me, a way to regain control and plan for the future.”
“January is the best time to launch a new business. Many feel re-energised and have a new outlook for the year ahead, so grasp it! Much of the success of MANtenatal was achieved through early planning. Take advantage of the energy and calm of January to build your 12-month plan.”

James Eadie, Senior Director Brand Marketing at GoDaddy, that carried out the research, said: “Our research clearly shows that the cost-of-living crisis is having a direct impact on the growth of the micro business sector: people are turning to side hustles to generate extra income and help them get through tough economic times. The UK will see a big surge in these ‘necessity entrepreneurs’ across 2023.

“In January alone, tens of thousands of microbusiness owners launch new websites as they look to grow. The important thing now is that they are supported and can flourish. After all, microbusinesses are the engine of the British economy. When they thrive, we all do.”

Read more:
Rise of “necessity entrepreneurs” as Brits turn to enterprise to make ends meet

    You May Also Like

    Stocks

    In this edition of StockCharts TV‘s The Final Bar, Dave shows how breadth conditions have evolved so far in August, highlights the renewed strength in the...

    Business

    In the UK, the care sector is under incredible strain, it’s good to know there are people working hard to address the issue. One...

    Business

    With the increased threat of industrial strike action looming across the UK, we consider whether a force majeure clause can strike the right chord...

    Politics

    On January 10, the French government announced plans to raise the retirement age from 62 to 64. The change would mean that after 2027,...

    Dislaimer: pinnacleofinvestment.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 metaversecapitalists.com | All Rights Reserved