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Brits are getting the fear factor when it comes to starting a small business

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Financial fear is the main reason Brits are turning away from starting their own business according to a recent survey by Intouch Accounting .

Despite a recent City AM report earlier this month stating that ‘the number of businesses has hit a new record high’ and that small businesses are generating ‘a yearly turnover of £1 trillion’ (a third of the UK’s business turnover), entrepreneurial Brits are still thinking twice.

Britain saw a substantial increase in self-employed people between 2008 and 2012 but it seems that more and more prospective business owners are ditching their start-up plans.

The survey asked 10,000 people across Britain if they would start their own business and to identify which factors about becoming their own boss scared them the most.

The survey showed that ‘more than half of under 35’s said that they would like to start their own businesses’ and 60 percent of women between the ages of 18 and 35 said that they would like to be their own boss.

However, there are a wealth of issues standing in their way and 47 percent of participants stated that the ultimate barrier to their entrepreneurial dreams is a lack of a stable income and financial fears.

Despite the recent government schemes to help fledgling businesses secure finance, the daunting prospect of securing start-up funding was the second culprit. 25 percent of those surveyed stated that having to find adequate funding would put them off and a further 17 percent stated that they would not want to manage their own finances.

The added responsibilities and stresses associated with starting up gained 24 percent of the vote, 16 percent of participants were discouraged by the prospect of forfeiting their existing job benefits, and over 13 percent of those surveyed were apprehensive about working long hours.

What were your biggest start-up nightmares and how did you overcome them? Let us know.

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