Brits dream of becoming landlords despite Renters’ Rights Bill shake-up

As the government prepares to debate the Renters’ Rights Bill again this week, a survey of what type of business Brits want to set up might surprise many established landlords.

That’s because despite the restrictions about to be imposed on the PRS with the Bill, one in 10 Brits want to start Airbnb hosting or create short-term property rental business.

The survey by Capital on Tap of more than 1,000 people across the UK found that 61% have thought about launching their own business, with property rental ranked as the third most desired venture overall.

Hospitality tops the list, with 20% dreaming of running a café, restaurant or food truck, followed by online retail at 16%.

Better work-life balance

For aspiring entrepreneurs, the biggest draw is the freedom of being their own boss, nearly half of the respondents said.

Flexible working hours and a better work-life balance are also strong motivators, with 38% and 32% respectively mentioning them as deciding factors.

Financial obstacles remain a major concern and 36% said limited funds stop them from starting a business.

Others admitted that fear of failure, for 29%, or simply not knowing where to begin, for 24%, hold them back.

Create a fund

The firm’s chief commercial officer, Hugh Acland, said: “While the idea of raising capital may seem daunting, there are a variety of ways to access funding, such as government-backed startup loans, crowdfunding and angel investors.

“Before leaving your current job, it’s ideal to create an emergency fund that covers several months of personal expenses that can act as a buffer during times of low or uncertain income.”

He added: “If you’re feeling stuck, the best place to start is with a business plan – outline your idea, target audience, and how you’ll make money.”