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Millennials

Generation Covid

Young Unemployed Can Bounce Back

Self-employed and small business accountancy service FBTC, is backing young workers to bounce back from the negative unemployment figures released.

Generation Z and Millennials should perhaps be better described as ‘Generation Covid’ considering the negative picture painted by the latest official stats, with an unemployment rate rise of 4.1% in the three months to July, compared with 3.9% previously, and young people being particularly hard hit – there were 156,000 fewer young people in employment in the three months to July, according to new data, and 695,000 UK workers have disappeared since lockdown began.

However, unlike any similar downturn in the past, the facts show that young people are perhaps in a stronger flexible working position than ever before due to their entrepreneurial desire and motivation to succeed setting up their own businesses.

Research earlier this year by business software provider Xero revealed that 38% of UK small business owners are under 35. The research, of more than 1500 small businesses across the United Kingdom, found millennial business owners founded their small businesses at age 22 on average. The study found that millennials enjoy running their businesses but have different ideas about what defines success. Success is about making more money (46%) but also quality of life (30%). Even Brexit failed to dampen their expectations and drove; 83% are confident of reaching their goals despite market uncertainty.

With that we are now starting to see the amazing businesses that have been launched in recent months. Whether that was due to redundancy, having more time available to follow a hobby, an apprenticeship been cut short or travel plans been put on hold, many have reviewed their direction.

youthful zeal and flexibility to make things happen”

“Young people leaving school, university and apprenticeships are faced with some bleak figures about gaining employment, but the truth is they are actually self-starters, motivated to carve their own niche businesses and have the youthful zeal and flexibility to make things happen where traditional careers are failing them” says Alan Gott, FBTC Manager.

The accountancy and tax advice firm, FBTC, which specialises in helping the self-employed and business start-ups has seen amongst its own clientele a new reality fuelled by youthful ambition and the opportunities the internet and social media have provided. As a generation that use their phones for everything what better way to utilise their ever-growing social media skills and share their new ventures through those little squares on their phones. 

Connie (23) a Hairdresser from Kent is doing exactly that. “I got made redundant back in July, I had worked there for 7 years. When being made redundant I was so scared as to what was going to happen, how I was going to afford having a social life and my bills. I started working when I was 16 so having a set wage every month was all I have ever known. I decided to venture out on my own and become self-employed. By doing that I knew that I needed to get my name known which is then when I came to the decision to advertise myself on social media. I had heard and seen many people doing so well by using social media as a platform. Since being self-employed I could not be happier and realised I should have done it a long time ago. I’m looking forward to building even more of clientele using social media”.

As we saw above its also about the quality of life. Tamara (24) Swanley is right, “You are your own boss. I wanted to work on my own basis and pick my own hours. Myself and my husband are planning our future and being able to pick my own hours worked perfectly. I would say the hardest part about it would be working out taxes and knowing about expenses but if you get the right help you can do it. I would always advise researching and seeking help before setting up your own business to ensure you have all the tools you need to get started. I am currently a driving instructor and am hoping to progress my career into becoming an emergency response driving instructor which means that I will be instructing the emergency service drivers to drive in emergency conditions, I am excited to move forward with the next chapter of my journey”. 

Likewise, Felicity (23) from Ashford statesI enjoy the freedom and flexibility of creating a good work and life balance. If I need time off, I can just book it myself and I can also work the hours I choose. In 5 years, I would love to have this business running almost by itself, expand it and I can run it from a management point of view. One piece of advice to anyone thinking about setting up their own business would be don’t expect it to be consistent straight away, it takes hard work and a bit of time to get to a comfortable place”.

With that FBTC see opportunity to help and share business start-up tips, especially to assist the younger generation. Within schools we are taught about a career, employment, apprenticeships, and further education. What about self-employment? FBTC want to share the world of self-employment with the younger generation. The FBTC classroom will be launching soon. 

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