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The Toby Gribben Show

Emma Jones

Season 2023, Ep. 23

A new study finds 3 in 10 adults are considering starting a business or side hustle when the recession bites in 2023 


Undaunted by predictions that the economy is heading into a prolonged and deeper-than-expected recession, a significant number of enterprising Brits say they are

considering starting a business or a side hustle in 2023.

Driven by a desire to boost their household income and offset the spiralling cost of living, almost a third of UK adults (30%) are contemplating getting their own

business off the ground this year, on either a full or part-time basis, according to a new survey by small business platform Enterprise Nation.


While recessions often see people motivated to start a business because of job insecurity or unemployment, the research suggests this downturn will be different with greater numbers planning to start a side hustle while holding down a full or part-time job,

 

Just 6% said losing their job was their reason for wanting to be their own boss. By contrast, 22% said it was to supplement part-time work or wages from a zero-hours contract or to make money out of a hobby they enjoy (27%).


With technology and increased access to online start-up support making starting a business easier than ever, the study also found that entrepreneurial ambition is particularly strong among young adults with almost half (48%) in the 18-24 age group saying they were considering starting a business.


Women (71%) were more likely than men (45%) to start a side hustle alongside their current job or caring responsibilities.


The most popular business sector to start up in was food and drink (12%), closely followed by tech (11%).

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