A recent study conducted by Geek Retreat, a leading geek culture retailer, gaming café, and events venue, reveals that there has been a significant increase in entrepreneurship in the UK over the past decade. According to the findings, 15% of Brits have established their own businesses in the last ten years, with 44% of those starting up in the last three years. Moreover, the study highlights that more women (52%) have initiated businesses in the past three years compared to men (30%).
Additionally, the study indicates that the retail and financial services sectors were the most popular choices for new start-ups, accounting for 19% and 16% respectively.
Key Drivers for Entrepreneurship
When asked about their reasons for starting a business, 43% of respondents cited the desire to earn more money, while 41% stated that they wanted to be their own boss. Furthermore, 35% mentioned that they sought greater flexibility, which they believed they could achieve by running their own business.
Despite the increase in solo entrepreneurship, the study revealed that 68% of business owners operate their ventures independently, while 19% have equal partners and 13% have established their businesses with family members. However, the research also uncovered a lack of exit strategies, with 37% admitting they hadn’t thought about plans for their businesses upon retirement, 23% considering closure, and 18% intending to pass the business on to family members.
Since launching its first store in 2013, the Geek Retreat franchise has experienced rapid growth, expanding from ten stores at the end of 2019 to 36 stores currently. This growth reflects the brand’s popularity and its success in providing safe and inclusive spaces for communities and individuals to indulge in their hobbies and interests.
Franchise Appeal and Support
The franchise has seen a rise in enquiries from aspiring entrepreneurs over the past year, as individuals recognize the benefits of the model, which offers an established brand, comprehensive training, and ongoing support from an expert team to quickly establish and grow their own businesses.
Peter Dobson, CEO of Geek Retreat, commented: “Our research underscores the significant increase in solo entrepreneurship in recent years, as people recognize the financial and lifestyle opportunities that come with being their own boss. At Geek Retreat, we cultivate an entrepreneurial spirit and empower franchisees to grow and succeed, backed by support from our dedicated Franchise Success Team, who provide expertise across all areas of the business.”
For more information, visit https://geek-retreat.uk/
