When asking the business owners and entrepreneurs the reasons why they chose to start their own business, the top reasons were revealed to be:

1. For job security - 85%
2. To gain financial independence - 72%
3. To turn my passion into my career - 51%
4. The ability to be my own boss - 32%
5. To make a difference to the local community - 18%

Over the last two years, many have faced job insecurity and a lack of financial stability due to the pandemic and the knock-on effects that it’s had on businesses. Out of those who said that they started their own business so that they would have ‘true job security’, over half said that they had suffered unsecure jobs previously (56%), with 10% made redundant as the pandemic spread.

What’s more, of those who said that they started their own business so that they could ‘gain financial independence’, four fifths said that they now feel financially stable (80%), with almost half of respondents admitting that they didn’t feel financially stable when they were working elsewhere (47%).

The business experts also conducted a snap poll to find out what would make current UK employees consider making the switch to start their own business. The results showed that just over a quarter of workers would consider starting their own business (28%), with the main reasons being ‘to earn more money’ (52%) and ‘to have a better work-life balance’ (38%). However, of those that said that they had no desire to start their own business, the most common reason for this is that they feel as if they ‘don’t have the business skills needed’ to successfully start a business (72%).

Sarah Austin, Director of The Lloyds Bank British Business Excellence Awards, commented:

“Due to the effects of the pandemic, many businesses have been affected in a multitude of ways and therefore many workers have suffered with a lack of job security and regular income, which has had a knock-on effect on mental health and many other areas, with many turning to the entrepreneurial route. Seeing that so many people have started their own business so that they can gain job security and financial independence is really positive, as more and more are taking control of their lives, finances and working hours into their own hands; the entrepreneurial spirit is really inspiring.

“For those who want to start a business but feel as if they don’t have enough skills, there are plenty of training courses out there for you to enhance your skills, plus there are many business mentors and entrepreneurs who would be more than willing to guide you in the right direction.

“We take pride in highlighting the achievements of UK entrepreneurs and do this by holding our New Entrepreneur of the Year Award, which entries are open for now. The award celebrates the potential that exists within leaders of the UK’s most promising start-ups and new SMEs. If you’ve launched a new business recently and made a success of it despite the adversity, these awards are definitely for you.”