Most people with side hustles would prefer to work for themselves

28 February 2024 , 16:19

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Gen Z are the most keen to becoming their own bosses (Image: Getty Images)

Eight in 10 side hustlers want to become their own boss - so they don’t have to work for anyone else again.

A poll, of 1,500 people who have a side hustle or plan on setting one up, found 79% would love to work for themselves so they have no one else to answer to.

Other reasons for wanting to take the leap include having greater financial independence (42%), to help get through the current economic climate (24%) and wanting a better work life balance (34%). But 29% of employed adults also feel unfulfilled in their current job role.

Gen Zs are the keenest to become self-made, as 60% have plans to quit their job and turn a side hustle into a fully-fledged business.

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

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

Elyn Corfield, CEO at Lloyds Bank - Business & Commercial Banking, said: “The UK is recognised as a hub for entrepreneurship and game-changing businesses. Our research shows that a new generation are following their dreams to turn their passion into a livelihood.

"Innovators are forging their own path which is really inspirational to see. Freeing your inner entrepreneur can be exciting and scary but we’re here to support businesses start up and scale up, as many take the leap this year." The study also found shows like Dragon’s Den - and The Apprentice - are inspiring more than one in 10 (12%) Gen Zs to go it alone.

And others are led by their aspirational attitude, as 19% would be willing to take the leap after having a vivid dream their business would be a success.

Gen Z are also twice as likely than other generations to start a business if a celebrity or influencer spontaneously endorsed their product or idea on social media (14% versus 7%).

It also emerged the beginning of the year is primetime to start a fresh, with 27% likely to consider setting up a business in January or February - more than any other time of year.

The research, carried out via OnePoll, also found 68% of all those polled feel confident in their ability to start up a business. Despite this, the most common concern is not being able to afford the start-up costs (33%), as well as not being sure about the kind of support or resources they’d need or where to find them (23%).

As a result, 35% will turn to online forums to seek help, with friends (29%) and family (26%) also among the go-to for support. Professor of Organisational Psychology at Alliance Manchester Business School, Sir Cary Cooper, said: “These are exciting results which bode well for the UK and it is encouraging to see young entrepreneurs wanting to start businesses so early in their careers.

“In the past we tended to see more mid-career employees, fed up with corporate life, look for an escape and attempt to gain control over their life. Now, we’re seeing Gen Z entrepreneurs not only wanting financial independence, but also striving for better work-life balance and having a sense of purpose by doing something they’re passionate about.”

Top 10 reasons adults have considered started their own business:

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1. Wanting greater financial independence
2. For better work life balance
3. To make the most of a hobby or skill and start a business
4. Current economic and job market conditions making them think about creating their own source of income
5. Wanting to get into a different industry/career path
6. After being influenced by social media about owning their own business
7. The growth of tech and digital advancements inspiring them to take the leap
8. Noticing a gap in the market
9. Worries about being unemployable
10. Inspired by TV shows such as Dragons Den or The Apprentice

Sarah Lumley