Half of British Zoomers want to launch a business in 2023

A woman sitting on the sofa using her laptop in front of a Christmas tree while other people sit on stools at a table in the background
Natalie Clarkson
by Natalie Clarkson
8 December 2022

New research from Virgin StartUp reveals that nearly half of Gen Z adults aged 18 to 24 are planning to start a business in 2023.  

A survey of more than 2,000 UK adults found that entrepreneurial interest is high across all age groups with more than a quarter of UK adults saying they are considering starting a business venture before December 2023. But the figure was nearly twice as high for Gen Z respondents. 

A man using his laptop sitting at a table. A Christmas tree in the background.

With the holidays just around the corner, it’s the perfect time to start working on a business plan – and Virgin StartUp’s research found that more than a third of people are planning to get stuck in over the festive break. One in three people also said they are planning to spend less this Christmas to help fund a new venture. 

When it comes to seeking business advice over the festive break, it will be no surprise that 18 to 24-year-olds are most likely to turn to the internet for advice with 29% saying they would go online. 31% of budding young entrepreneurs would also consider asking their friends and family for business or career advice during Christmas lunch or a festive get-together, compared with just 18% across all age groups. 

A woman using her laptop while sitting on the sofa

Andy Fishburn, managing director at Virgin StartUp, said:“It’s really encouraging to see so many young people interest in starting up their own business next year. If a young person in your family is glued to their phone this Christmas, maybe they are just researching their new business idea!” 

Virgin StartUpis opening its phone lines for budding entrepreneurs to speak to business advisors on ‘Founder Friday’ – Friday 6 January 2023 – to help turn business ideas into a reality. Anyone in the UK can register for a free 30-minute virtual meeting with a Virgin StartUp advisor who will answer questions and take future founders through the first steps of getting a business of the ground – from business plans to financial forecasting. With their support, aspiring founders could go on to draft and submit theirown Start Up Loan application. 

Andy added: “We want to make sure these young future founders have as much support as possible to help their new business thrive. Our message to new entrepreneurs is to spend the time between Christmas and New Year wisely, do your research and then speak to us in January.”   

Visit Virgin StartUp to find out more.