Why becoming your own boss makes you happier (and wealthier too)?
The UK is a nation of entrepreneurs. Over the past two years, a staggering 672,890 new businesses launched – of which, we estimate over 12,000 were recruitment businesses. So why are so many people opting to go it alone?
One reason could be happiness...
Research published a few years back claimed that self-employed people are happier in their work than their employed counterparts.
The study was conducted by ETH Zurich, sampling 25,000 people on social media and using software to identify whether someone was an entrepreneur or not; they were able to study the emotions that each individual displayed.
They found that entrepreneurs display more positive emotions and far fewer negative emotions, which was mostly the case when it came to particularly challenging tasks.
The researchers also found that even in instances of high pressure, such as financial strains or heavy workloads, the level of positivity among entrepreneurs still exceeded that of their employed colleagues.
What is motivating them?
Further research carried out by the University of Kent looked at the critical motivations for people wanting to start their own business.
The main reasons for people opting to go it alone were boredom in their current role (61% of respondents), followed by a frustration that they were unable to fully utilise their skills and knowledge (60%) and the mundane nature of doing the same things each day (50%).
In other words, they were neither happy nor satisfied doing what they were doing, where they were doing it. So, they resolved to change it and seek to achieve happiness and satisfaction on their terms. And why not, especially for those working in recruitment.
Recruitment Start-ups are not letting the pandemic get in their way
Indeed, the recent pandemic has slowed things down, and employer demand has dropped. But despite the effects of COVID-19, we have still seen a large number of recruitment start-ups registering through companies’ house.
We believe that this is due to a few different aspects - lockdown forcing people to realise their work-life balance and taking the step to have control over this themselves. Furloughed recruiters are taking the time out to learn that they 'can' work for themselves, and redundant recruiters are making a giant leap into entrepreneurship.
The point is this; more and more people want to have greater control of their careers, no matter the circumstances. Which, in return, allows them to take advantage of the big rewards gained by controlling their economic fate through entrepreneurship.
And believe it or not, now is a good time to get started
Companies are starting to increase their staff requirements and highly skilled redundant workers are on the lookout for jobs. So now is a great time to start a recruitment business and take advantage of the opportunities arising.
Happiness can lead to many other benefits...
In doing so, as the research shows, they become far happier in their work and wealthier. Research by the University of California using data for over 250,000 people found that being happy led to higher incomes, higher levels of productivity and quality of work.
There is a great quote that says: "When you accept less than you are worth, that's all people will keep offering you." Or to steal that now-infamous line from the Rocky movies, "If you know what you're worth, then go out and get what you're worth."
So, if the road to greater career happiness lies in entrepreneurship, what's stopping you from starting your own recruitment business?
Ever wondered how much you could earn running your own recruitment business?
Try our Earnings Calculator and compare your current earnings as a Recruiter, to the amount you could potentially earn if you become your own boss.
Want to start your own recruitment business?
Download your copy of 'Getting Started' HERE, our practical guide to starting and maintaining a successful recruitment business.
We have supported thousands of recruitment entrepreneurs. Talk to us today on 01594 888518 to find out how our funding and back-office support services can help you start and grow a successful recruitment business.