Millennial generation has designs on going into business

News Article

Almost one in five of so-called “millennial mums” are planning to start a business in the next 12 months.

A new survey of 1,000 women, who were born between 1980 and 2000 and have a child under the age of four, suggests that a growing section of women are looking to set up their own enterprise.

Many women work on the ideas for their new venture during maternity leave, with around 20 per cent having conducted market research, 28 per cent setting up a website and a little over ten per cent preparing a business plan.

Russell Haworth, the chief executive of the website Nominet, which carried out the survey, said: “I think that we’re seeing an entrepreneurial shift in the UK workforce – and women with young children are at the forefront.

“There is real enthusiasm amongst millennial mums to be their own boss to ensure they can achieve the all-important work-life balance, while still generating an income to support their growing family.”

BJ Chong, a partner with Palmers who specialises in company law, said: “The survey is extremely encouraging and shows that the entrepreneurial spirit and the desire to create new business start-ups is undiminished despite suggestions to the contrary in the wake of Brexit.

“The survey also suggests that only ten per cent of respondents have a firm business plan, which is not such good news, although understandable, as it can sometimes feel overwhelming to know how to take the germ of an idea and bring it to market.

“Good legal advice in the early days is crucial and at Palmers we have helped countless new business start-ups – from sorting out company formation paperwork to providing intellectual property advice, so that their ‘brilliant idea’ is properly protected.”

For further information on all aspects of legal advice for entrepreneurs, new business start-ups and SMEs, please contact us.