Over a third of people in the North West want to start their own business

Steven Drew of Informi

Just over a third of people in the North West (36%) would like to run their own business, according to a study by Informi, who provide expert advice and guidance for Britain’s SMEs. In fact, 25% say it is one of their life goals.

Informi conducted the study to see how entrepreneurial different regions around the UK are. Amongst other findings are that 45% wanted to start their own business because they feel they need to earn more money, 19% say they want to do it because they are unfulfilled in their day job, and 18% say they have a great idea they want to see become reality.

67% of the respondents said that they are confident that if they did run their own business it would be a success, and 89% say they would make a good boss.

The most important factors looked for at work were:

• Interesting work, said by 62%
• Good work-life balance, said by 61%
• Job security, said by 55%
• Having a passion for the job, said by 47%

Steven Drew, product manager for Informi, said: “Great businesses ultimately come in all shapes and sizes. The fact that 36 per cent of people in the North West want to start a business – something that over 550,000 people in the UK did during 2017 – shows the region’s entrepreneurial spirit.

"Those considering setting up a business need to be aware of the risks involved and the need to gain support, but having a strong business plan and the means of financing a venture could give you a chance to turn your ideas and dreams into reality.”