Record number of Scots want to start a business

More people than ever are looking to start their own business, including more than 200,000 Scots, according to a new survey.

Ed Molyneux, chief executive of FreeAgent Holdings
Ed Molyneux, chief executive of FreeAgent Holdings

The poll of 1,000 workers, carried out by Edinburgh-based cloud accounting software provider FreeAgent, found that 9 per cent plan to go it alone within the next year.

Meanwhile, 28 per cent said they would like to start their own business at some point, but don’t yet have any concrete plans to do so.

The survey found that the top three reasons for wanting to become self-employed were better work/life balance, a desire to work fewer hours and the belief that you can earn more money as your own boss.

The top three concerns around setting up a business were the financial costs involved, managing company finances and complying with business regulations.

Marginally more women than men plan to set up their own business in 2018, with 52 per cent of women dreaming of becoming their own boss in comparison to 46 per cent of their male counterparts.

Ed Molyneux, chief executive and co-founder of Free­Agent, said: “Starting your own business can be an extremely rewarding, if daunting, move for people to make with their career.

“The desire for a better work/life balance and the ability to choose the type of work they perform are key reasons for many people who want to start a business.”

He added: “It’s so important for any new business owner to make sure they are fully prepared before they start up.”