Many people talk about the desire to work from themselves – to have more control over their own destiny, to be their own boss, to control their own time and to pursue their own level of income.
It’s one thing to hear that many people are saying they “desire to work from themselves” but quite another to see this desire manifest itself into action?
However, recent research shows that times are changing.
The question is: are people taking their desires into action?
The answer is a resounding yes.
More people than ever before are choosing to set up their own business. For example, the records show that business formation reached a record high in 2016.
According to the Centre for Entrepreneurs (CFE)’s analysis of the latest UK Companies House data, more than 650,000 new businesses were started in the UK at the end of 2016. This figure eclipses the previous record set in 2015. The 2015 figure was 608,110 new ventures.
What Types Of Businesses Are Being Formed?
The vast majority of the total (an estimated 550,000) are businesses registered in homes, offices and local accountancy firms across the UK. The analysis shows that only 50,000 of the new company founders have made use of company formation agents or have used virtual offices in major cities.
Why Is This Increase In New Businesses Happening?
The importance of technology is a key driver. There are various research sources to establish the reasons behind this exciting trend of new business formation.
For example, the rise in technology has had a huge impact in helping entrepreneurs to set up and promote their companies.
It’s not just the power of Social Media and its impact on lower cost and marketing, modern technology is also very helpful for those organisations just starting out and who perhaps need to keep their overheads as low as possible.
To this end, the formation of “work from home” or online businesses has never been easier.
Nowadays, mobile phone data and minutes packages can be bought cheaply, multiple software systems can be used to remove the need for physical meetings – Skype, What’s App, Google Hang Out, Go To Webinar to name just a few of the remote meeting options.
In 2017, a top of the range mobile phone is ten times more powerful than a lap top was some eight years ago. Many people are so adept at using their phones, they can now complete up to 75% of their work from the six-inch device that they hold in their hand. Incredible!
Nowadays, office premises are not essential. Little space is needed at home to operate a small lap top in conjunction with a mobile telephone. For those that like to get out, various coffee shops around the country now play host to all sorts of meeting, with the lure of FREE Wifi helping to pull in valuable custom to the servers of tea, coffee and cakes. It’s rate to see a good coffee shop without a steady stream of customers.
For those people who enjoy the feeling of going out to work, the emergence of the trend known as Coworking and the shared, open offices that they offer can allow them to have a dedicated and vibrant place of work for as little as £250 per month.
Cost Of Setting Up New Businesses
As well look at start-up costs, the options are many and varied. According to the NatWest BFA Franchise Survey from the year 2015, the average total start-up cost for a hotel and catering franchise was typically around £107,000. The average cost for a personal services franchise is just £42,000. Too much for many people…. I can hear the feedback!
However, many people are setting up new businesses such as cafes, retail shops, personal care and other businesses on budgets of less than £5,000.
The industry that I work with in fairs very well in the set-up cost stakes, with the starting costs in my area of work being as little as £200.
What industry sectors should people look at?
This is where technology and the Internet comes into play again for easy research.
I operate in the look good and feel good industry. Nowadays, you only have to walk in to the Supermarkets to see the huge growth in the product aisles that accommodate health, beauty, vitamins and minerals. Some Supermarkets have two and three lanes dedicated to this type of product. Not so long ago, it was a lot less.
People will always crave to look good, to pursue the feeling of being more energised and to desire the prospects of living longer.
Products that can contribute towards these aspirations are always going to fair well.
As we examine the research to support these points, we can see that, according to research released today by the Global Wellness Institute (GWI), the global wellness industry grew 10.6% in the last two years. This was from a $3.36 trillion market in 2013 to $3.72 trillion in 2015.
This new data on the ten markets that comprise the global wellness “cluster” provides all of the evidence most reasonable people would expect to see to conclude that wellness is one of the world’s largest, fastest growing, and most resilient markets.
The Economic context
Let’s now take a look at this from a global economic perspective.
From 2013-2015, the global wellness sector registered double-digit growth, while the global economy/GDP actually reduced by -3.6%. This is a “growth gap” of nearly 15%. What this means is that wellness has grown significantly even in a global economic downturn.
Therefore, the wellness industry now represents 5.1% of global economic output and Wellness expenditures are now nearly half as large as total global health expenditures. This figure is $7.6 trillion.
Amongst the ten wellness markets analysed by the Global Wellness Institute (GWI) the fastest growing from 2013-2015 were:
1) Preventative/Personalized Medicine & Public Health (+23.5%)
2) Fitness & Mind-Body (+21.4%)
3) Wellness Lifestyle Real Estate (+18.6%)
4) Wellness Tourism (+14%)
5) Healthy Eating, Nutrition & Weight Loss (+12.8%)
I think this Blog shows that there is no longer a need to fear setting up a new business. And, if you are going to form a company, take some time to consider the Health & Wellness sector. The evince provides a clear motivation to at least take a look.
About Julianna Beavan
Julianna Beavan is one of the world’s most respected Business Coaches and Network Marketers. With a proven track record in helping people to take better control of their financial and lifestyle circumstances, via exciting options that exist in the health & wellness sector. Julianna is often commended for her inspiring coaching style – never neglecting the important human aspects of being warm, supportive and humble towards all those who approach her with a serious business appetite and the discipline to succeed.
If you would like a totally free and no strings attached personal consultation with Julianna, please make direct contact via this website. Here is a personal message from Julianna. Julianna guarantees you will have an opportunity to consider working directly and personally with her.