New research reveals new generation of UK entrepreneurs

Recent findings from Geek Retreat, a retailer and gaming café renowned for its geek culture, indicate a significant rise in entrepreneurship in Britain. Over the past decade, 15% of Brits have established their own businesses, with 44% of these ventures starting in the last three years.

Notably, a higher proportion of women (52%) embarked on entrepreneurial journeys in this period, compared to 30% of men.

The research identified retail and financial services as the leading sectors for start-ups, attracting 19% and 16% of new businesses, respectively.

Key motivations for individuals choosing to start their own businesses included the desire to increase earnings (43%), the aspiration to be self-employed (41%), and the need for more flexible work arrangements (35%).

In terms of business operation, a majority (68%) manage their businesses solo, while 19% have a business partner and 13% have launched ventures with family members. However, there's a notable gap in exit strategy planning; 37% have not considered their retirement plans for the business, 23% plan to shut down their operations, and 18% intend to pass the business on to a family member.

Geek Retreat itself has experienced remarkable growth, expanding from a single store in Glasgow in 2013 to 36 stores presently, a significant increase from ten stores at the end of 2019. This growth is attributed to its reputation as a safe and inclusive space for communities to engage in hobbies and interests.

The company has also seen a rise in enquiries from prospective entrepreneurs over the past year. These individuals are attracted to the franchise model for its established brand, comprehensive training for rapid store setup, and ongoing support from a seasoned team.

Peter Dobson, CEO of Geek Retreat, shared his insights: “Our research shows the last three years have seen a surge in people setting up on their own as people see greater financial and lifestyle opportunities as key benefits of being their own boss. At Geek Retreat, we encourage an entrepreneurial spirit and offer franchisees the independence to grow and expand, but with support from our central Franchise Success Team who provide expertise across all areas of the business to help them succeed.”