A recent AXA study found that a significant proportion of small businesses founded in the UK over the last five years started as a solution to redundancy or long-term unemployment.
Others were borne out of necessity, as a way of earning a living alongside dealing with disability, looking after children or caring for an elderly or infirm relative. Depression, illness and nervous breakdowns have also acted as catalysts for entrepreneurial spirit.
School of life
It seems that years of recession and austerity have created a new breed of business entrepreneur: one that turns to its hobbies, interests and existing skills as a way to survive in a harsh and uncertain world. Many among this new wave of self-employed individuals are pensioners, so-called 'grey entrepreneurs' (aged 55 to 65), who have a lifetime of experience to draw upon. In such cases, the mettle needed to survive in business was forged in the fires of adversity, with the majority learning business survival skills because of a life crisis. Those with a university degree are actually in the minority when it comes to being self-employed – the majority graduated from the school of hard knocks.
Business insurance
Of course, any business needs to be fully insured and startups are no exception. However, if you're self-employed you may have particular insurance requirements because you're working from home or have flexible working practices. This is where working with an insurance broker like Alan Boswell Group comes into its own, because we can tailor our insurance packages to meet your needs. If you're new to running a business, you may not be aware of your legal obligations regarding insurance; we can help to ensure that you're fully compliant and that you get the insurance you need at a competitive price.
We're also on hand to discuss your needs as your business changes and grows, so we can make sure your insurance cover grows with it. Today's entrepreneurs are aware that it's a tough, changing world out there and they also know comprehensive business insurance is a vital safeguard. With 83% of small business owners believing their venture to be successful, it seems that with a good idea, a positive attitude, a lot of hard work and the right insurance package, going it alone could turn difficult circumstances into a life-enriching experience.
