One in five start-up business ideas come to entrepreneurs while on holiday
Study by Sandler Training reports six month time frame between concept and starting a business
One in five start-ups have thought up their business idea whilst on holiday, new research from global franchise training organisation Sandler Training has revealed.
The study, which surveyed 1,000 small business owners who had been in business for five years, found that 19% thought up their idea while abroad; with an average time period of six months between thinking up the concept and starting the business proper.
Designed to get insights into what makes people start-up and the main obstacles business owners have to overcome in the first year, the research reported the need to take a salary and job security as the biggest start-up concerns; polling 34% and 25% respectively.
The research also raised the issue of start-up funding with entrepreneurs spending an average of £3,500 on credit cards and loans during their start-up phase.
49% of those surveyed said the main factor which prompted them to start their business was interest from potential customers, followed by funding with 31%.
Sandler Training CEO, Shaun Thomson, discussed the findings: “Having a rare moment to unwind can actually be the perfect time to think up a winning concept for a business idea. Although it may be hard to imagine whilst you are packing your suitcase, you could be running your own business by Christmas.”
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“Briton is becoming far more entrepreneurial, over 500,000 businesses launched last year – it’s great to think that after the summer holidays tens of thousands more businesses will be founded before the year is out.”