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Three out of five aspiring entrepreneurs say they can’t cover their living expenses without additional income, according to a new study.
Research reveals the cost of living crisis is creating a new generation of ‘essential entrepreneurs’, with many turning to small businesses and side businesses to make ends meet. Nearly half are considering launching in 2023, with 85% saying rising costs are accelerating their thinking. It is estimated that in January 2023 alone, his website could be launched for up to 1.8 million small businesses in the UK alone.
Gen Z and millennials are most likely to become must-have entrepreneurs, with three-quarters (75%) of 18-34 year olds saying they want to launch their own venture this year. Of these, 51% say the income from their side hustle helps with fixed costs such as rent and utilities.
One of the entrepreneurs who launched his own business at the start of the new year is 43-year-old Gordon Dwall Potter from Fife, Scotland. He created his MANtenatal in his January 2021. This helps expectant fathers prepare for the journey of fatherhood.
Mr Gordon said: Launching MANtenal was for me a way to take back control and plan for the future. ”
“January is a great time to launch a new business. Many people are feeling rejuvenated and have a new outlook for the coming year, so take hold of it! Success of MANtenal Much of this has been achieved through early planning.Take advantage of the energy and tranquility of January to plan for the next 12 months.”
James Eadie, senior director of brand marketing at GoDaddy, who conducted the study, said: Strive to generate extra income and help you survive tough economic times. The UK will see a surge in these ‘essential entrepreneurs’ through 2023.
“In January alone, tens of thousands of small business owners launched new websites to grow. What matters now is that they can be supported and thrive. Business is the engine of the UK economy and when they thrive we all thrive.”
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