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Redundancy a spur to business start-up

Aug 21 2008

Fear of being made redundant is encouraging people to set up on their own, according to a survey.

In research conducted by consultancy GetSet for Business 40 per cent of business owners state fear of having their financial security removed as the main motivation in becoming self-employed.

The flexibility of working from home and not having to answer to a boss were other factors mentioned in the survey of 200 businesses established in the last six months.

GetSet for Business claims it has seen a 20 per cent increase in the number of businesses seeking its support overr 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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