During a recent speech in Central London, David Cameron lavished praise on UK entrepreneurs, those who were brave enough to forfeit the security of a regular wage and follow their dreams to become self employed. He added that the UK was “fizzing with business potential”.
The prime minister further added that the success of UK entrepreneurs should be celebrated by all, as they risk everything to compete against others in a challenging economy. The latest data released by the Office for National Statistics reveals that numbers of people becoming self employed have increased significantly, with more than 100,000 people becoming sole traders during the months September to November 2011. The total number of self employed in the UK is now around 4.2 million.
The influx of entrepreneurs has provided a much needed boost to the UK economy. Additionally, as people have lost their jobs through redundancy they have ventured into freelancing, reducing unemployment figures. The skills of freelancers have aided small businesses who struggle to expand their workforce through a lack of talent, especially as school leavers are often lacking necessary skills. A study conducted by the Federation of Small Businesses revealed that just over a quarter of all new companies find it difficult to source employees. Freelancers have the necessary skills and resources to be a solution for small businesses.
Becoming self employed does involve risks, but also numerous benefits. It is possible to minimise the risks and maximise potential by outsourcing to a low cost accountants.
