We were interested to read some new survey results from Newcastle-based property letting agent CityBreaks – which focused on what people love about working for themselves. Of course, we know from talking to our own clients what makes them choose to set up their own limited companies, but it’s great to find out more about what motivates others to do the same.
Being your own boss
The survey spoke to 1,000 SME sized businesses in the UK, with owners aged 18 to 44, and asked the key question ‘What do you love most about owning your own business?’ Unsurprisingly, the top answer was being your own boss, with 76% of those surveyed stating this was the thing they loved the most.
The second most popular answer (and actually the top one for those just in Scotland at 89%) was flexibility. A sizeable 64% chose this as a key benefit – and when looking specifically at 18 to 24-year-olds, that percentage jumped to a staggering 85%. This is an interesting statistic, and one which demonstrates the difference in the attitudes of people who have grown up in the digital age, where work is now ‘something you do’, and not ‘somewhere you go’.
Drilling into the detail
The overall UK stats broke down as follows – based on all genders and all ages. Being your own boss, 76%; flexible hours, 63.5%; having the final say, 40.4%; putting your team together, 25%; salary benefits, 16.3% and business travel, 8.7%. There were some interesting gender variations as well – 40% of people said they loved being in charge and ‘having the last word’, but when broken down into the sexes, the figure was 50% men and only 27% women.
There was also an ‘other’ category, which was the remaining 5.8% and included factors such as flexible decision-making and being able to see direct growth from the work they put in. This last one is certainly something which we have heard from our own clients as well when stating what they love about being a limited company contractor.