There certainly is entrepreneurship in the air. According to new research by print and design firm MOO, 82 per cent of Brits had an idea for a new business in the last 12 months, with 5.5 million of them actually planning to launch the venture in the next six.
It is obvious that more and more people are planning to start their own businesses or move away from permanent employment into contract work, but information is still lacking on the main challenges that they are sure to face when first starting out. Being a one-man limited company contractor is not easy, so let's help you along the way.
What do the figures say?
With over eight in every ten Britons having a new business idea, there has never been a more exciting time to enter the limited company sector. It is the younger generation leading the trend, with those aged between 25 and 34 harbouring the most ideas, while Brighton and Liverpool are the two most entrepreneurial cities, holding 26 per cent and 24 per cent of all ideas respectively.
Dissecting the data further, 27 per cent of all ideas came to people's heads when in bed, and 18 per cent when at work, while the shower, driving and sitting on the toilet came in at seven, six and four per cent of all eureka moments.
So what are people thinking? Well, the arts and crafts, cooking and design sectors seem to lead the pack, while the emergence of online technologies in the last few years has meant that app development and gaming both sit in the number-ten position, driven by men.
Richard Moross, founder and CEO - write this out at MOO, said: "As an entrepreneur, I'm delighted that Britain's entrepreneurial spirit is booming, with thousands of people coming up with ideas for new businesses every day. Having been through this myself, I know just how important presentation and storytelling can be to a small business. You only get one chance to make a first impression so you've got to make it count."
However, here at PayStream, we fully know that it takes way more than just an idea to get anything off the ground. The research by MOO indicates that practical support (16 per cent), finances (17 per cent) and emotional advice by friends, family and/or partners (18 per cent) all play a part in it. Contracting may bring with it a level of power, flexibility and self-direction, but also a load of challenges.
Chief executive officer of Sandler Training UK Shaun Thomson added: "Business skills are not innate. By trying to do it all, you can stall the growth of your business, and, worse, make some very costly mistakes. It's best that you focus on your strengths and outsource the areas of weakness - whether it's IT, marketing, sales or accounting."
The big thing will be ensuring you remain compliant with HMRC, so be sure to keep proper records of all incomings, outgoings, tax and national insurance contributions, especially during the beginning stages. Our My PSC service will provide you with access to a team of accounting experts, who will provide help and advice on bookkeeping, tax payments and limited company admin. Furthermore, these records will help you to budget more carefully at a time when your outgoings may be extreme.
Whether it be keeping records, skill shortages, recruitment or originally maintaining a work-life balance, there are many things to consider when setting up your own limited company for the first time, but with it comes a treasure trove of opportunities and excitement. Are you ready to take that leap of faith yet?