According to a recent survey from consultancy firm GetSet for Business, the general fear of redundancy has encouraged more and more people to start their own business.

The research showed 40 per cent of business owner’s say that the fear of having their financial security removed was the main motivation in becoming self-employed.

The survey included 200 businesses that were established in the past six months. Some business owners cited the flexibility of working from home and not having to answer to a boss as major factor in starting their own business.

GetSet for Business claims to have seen a 20 per cent increase in the number of businesses seeking its support over this period.

Kate Beever, managing director, says: “The credit crunch has actually encouraged business owners to plan ahead more significantly to prepare for a potential slump in their market.”

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