By Alistair Body
Business Development Director, Momentum Broker Solutions
“I was recently working for a local broker in Hull and had spent the last five or six years contemplating the potential of starting my own business and we just decided to take the plunge.” This is Nic Hindle – one of five brokers that started an insurance broking business with Momentum in the first lockdown in 2020.
Nic is part of an unexpected consequence of the pandemic – the strongest start-up boom in Britain in the past decade. 64% of working-age people in the UK want to start their own business and more and more of the UKs “employed” are taking the opportunity to make their dream a reality.
Data from openaccessgovernment.org indicates that there were 770,000 new businesses that started in 2020, a 30% increase on 2019.
Some who struck out on their own have done so out of necessity after losing their job. Others reassessed their priorities and saw it as an opportunity to set up their own business.
For Momentum partners, the primary reasons for starting a broking business in the past year were a shift in priorities when it came to work-life balance and/or as a result of the impact of the consolidation of the insurance broking market.
In general, starting a business has its risks – 60% fail within the first three years. By contrast, Momentum has helped more than 30 new start-ups over 90% of these continue to prosper.
Momentum partners’ comparatively high success-rate is partly down to our rigorous selection process but also down to their sheer grit and determination.
Over the past 10 years we have developed a proven formula which gives our broker partners the best chance of succeeding and creating a business which is not only rewarding from a financial point of view but also enables them to develop the business around their own family commitments.
As the holidays draw to a close, are you considering your options? The next move you make might be the game-changer.
There’s one way to find out. Join our Live and confidential Q&A with two self-employed brokers who have created the business and the life that you might have been dreaming of this summer.
You can register here.
This article was originally published on LinkedIn by Alistair