London-based millennials are more likely to go self-employed

Wednesday 21 September 2016

As reported by Freelance UK, London-based millennials are more likely to opt to go down the route of self-employment in the future.

It is often claimed that these days there is no such thing as a job or career for life anymore, and this seems to be the case for the younger generation. Most people nowadays are more likely to have worked in several roles, especially before going freelance. For many London-based millennials, they desire the freelancer life because it is a chance to shift away from the traditional working life, which tends to consist of the rat-race, Monday to Friday, 9am to 5pm routine. In contrast, being self-employed allows for a modern way of working, including the chance to work when you want or when you feel most productive.

London-based millennials are being drawn to becoming ‘fun entrepreneurs’ or ‘funtrepreneurs.’ This is because, like many people who dream of owning their own business, London-based millennials believe there is more to gain through entrepreneurship, especially in the capital where there are plenty of business opportunities.

There is a greater chance of freedom, flexibility and control. As a self-employed professional you have the freedom to determine your schedule and be flexible in terms of where and how you work. Most importantly, as an entrepreneur you have a lot more control over your working life. You can gain independence by becoming an independent business owner and you can be your own boss. Many London-based millennials prefer that in comparison to working for an employer, which is why self-employment is much more appealing.

London-based millennials who opt for the route of the self-employed professional are more likely to become funtrepreneurs and carve out a creative freelancing career within certain industries such as marketing, public relations, digital media and journalism. As a result of this they set out to experience the perks from fun entrepreneurship: the chance to hone skills, talents and creativity, and the ability to pursue a hobby, passion or interest, which is a priority for many London-based millennials.
The number of self-employed freelancers - particularly in creative sectors - has been growing steadily over time. By 2020 half of all workers will work on a self-employed basis, so choosing to own your own business seems like a natural step to take for many young people across the country, not just in London.

By Victoria McDonnell

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