Five million dream of becoming own boss

Some 8.6 million Brits currently work on a freelance basis but a further 5.3 million dream of one day becoming their own boss, a new report out today would suggest.

The research collated by insurer Direct Line for Business, part of Direct Line Insurance Group, shows that 8.6 million people currently freelance and are either full-time self-employed or carry out contract work alongside their main jobs.

Those planning a career as a freelancer usually spend eight months preparing to go it alone and aim to save some £16,000 to give their business the best start.

Jazz Gakhal, managing director at Direct Line for Business, said: “Going freelance is an exciting prospect, with the idea of becoming your own boss extremely tempting.

“There are pros and cons, of course, as independent contractors can often earn more by charging day rates, but don’t benefit from paid holiday, pensions and sick leave.”