New research reveals a new generation of UK entrepreneurs with retail the most popular sector for start-ups

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This article is brought to you by Retail Technology Review: New research reveals a new generation of UK entrepreneurs with retail the most popular sector for start-ups.

New research by Geek Retreat, the geek culture retailer, gaming café, community hub and events venue, shows that 15% of Brits have set up their own business in the past ten years, and of these, 44% did so in the last three years.  The findings also show that more women (52%) have started their own business in the past three years, compared to men (30%).

Retail and financial services were the two most popular sectors for start-ups, according 19% and 16% respectively.

The top three drivers for making the decision to go it alone were to earn more money (43%), two fifths (41%) said that they wanted to be their own boss, 35% said they needed greater flexibility which they believed they would achieve if they ran their own business. 

Whilst over two thirds (68%) said that they run the business on their own, 19% said they had an equal partner and 13% said they had set up with members of the family.  However, when it comes to exit strategies, plans are somewhat lacking.  Over one third (37%) said they hadn’t thought about what they will do with the business when they retire, 23% said they would close it down and 18% said they would pass it on to a family member.

The Geek Retreat franchise, which opened its first store in Glasgow in 2013, now has 36 stores compared to ten at the end of 2019, reflecting its huge popularity on the high street because it offers local communities and individuals a safe and inclusive place to enjoy their hobbies and interests.  

It has seen an increase in enquiries over the past 12 months from entrepreneurs who are keen to set up their own business, but also see the benefits of the model which offers an established brand, training to get the up store up and running as quickly as possible, and on-going support from an expert team.

Peter Dobson, CEO of Geek Retreat, commented: “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.”

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