More than 1.3 million Britons are thinking about starting their own business in the next 12 months, according to new research from Direct Line for Business.
When asked what type of business they would set up, 5% said that they would set up a shop, with ambitions ranging from books and music to mobility scooters and Wiccan products.
The most popular choice was a café or tea room, selected by one in 20 respondents (6%), while arts and crafts – either from home or in a shop – were cited by 2% of Brits. Restaurants, business consultancies and animal-related professions were all commonly cited.
More broadly, the most popular start-up sector relates to food, with 18% of those wanting to start a business stating they would like to launch a cake shop or café. This is followed by retail start-ups, with 16% citing businesses like craft shops as their ideal business venture.
Lack of capital is cited as the biggest reason that people don’t want to start their own business (51%). Funding is not the only barrier, almost a third admit they wouldn’t know where to begin planning a new business. Lack of direction is more apparent amongst women with nearly double (43%) citing this as the main barrier compared to men (20%).
Nick Breton, head of Direct Line for Business, said: “Our research highlights the underlying desire amongst people to start up their own business ventures. It’s clear Brits are looking to turn their passions into professions, as cooking and crafting are deemed more popular than businesses that focus on technology for example.
“Funding is key to starting a business, but good advice and support is just as crucial to help new start-ups launch their business and build for the future.”