Top reasons Brits are going self-employed

With around one in seven Brits hoping to be self-employed at some point in their career, property letting agent City Breaks in Newcastle has surveyed small and medium business owners to identify why so many are attracted to the idea of becoming their own boss, with some even taking a pay cut in the process.

Call the shots
The top reason for most business owners to ditch the office in favour of self-employment is being able to make their own executive decisions. Having nobody to answer to and being able to manage their own time, and delegate responsibility is particularly important to many who feel trapped by their current 9 to 5. A further 84% of 18-24s found the opportunity for flexible working hours to be a top perk for running their own business.

Additional Responsibility
Taking on extra roles and responsibilities they have been overlooked for in the past is important to 40% of respondents, and having the final say is particularly important for men. Self-employed men are almost twice as likely to have made the change to become a decision maker, and a quarter of business owners admitted to enjoying the freedom of choosing who to recruit.

Bonuses and benefits
Cash boosts ranked fairly low on priorities, with just 16% believing it was important. Those living in London were less bothered by an income increase, indicating that many would even go so far as to take a pay cut in order to secure their own professional freedom. Respondents in the East Midlands were most likely to cite salary as a key benefit, with around a quarter prioritising it. Many business owners aren’t enthused by the prospect of a traditional business trip, with only 9% describing travel and finding accommodation among the bonuses of owning a business.

Self-employed or looking to start a business? What drives you to be your own boss? Share your thoughts with us on Twitter @PALifeMag