Research reveals hairdressers as the fourth youngest business owners in uk

As part of their businesses statistics report, the financial experts at money.co.uk investigated company and business owner data from Companies House, to reveal the sectors with the youngest business owners. Here are the results:

Hairdressing services have the fourth youngest business owners in the UK

Owners of hairdressing services are among the youngest in the UK, aged 37 years old during incorporation, coming after retail and repair, transportation and storage, and arts, entertainment, and recreation sectors. This is around eight years younger than mining and quarrying start-up owners (45 years and one month old), which are the oldest among all industries studied.

The UK’s youngest entrepreneurs are from the retail and repair sector

Research has found that the retail and repair industry has the youngest owners, aged 34 years old at the time of the founding. Hastened by the pandemic, the retail industry has accelerated its digitalisation, with Gen Z entrepreneurs infiltrating the sector. Therefore, the percentage of owners in their 20’s is still 1.35% higher than those in their 30s.

Here’s the full breakdown:

Industry	Median age of start-up owners		The majority of business owners are aged...
	Year	Months
Retail and repair	34	0	20-29
Transportation and storage	35	6	30-39
Arts, entertainment and recreation	36	2	30-39
Other service activities (ie. hairdressing, dry cleaning)	37	0	30-39
Information and communication	37	2	30-39
Construction	37	5	30-39
Water supply; sewerage, and waste management	37	9	30-39
Manufacturing	37	10	30-39
Administrative activities	37	11	30-39
*Media	38	5	30-39
Accommodation and food service activities	39	0	30-39
Agriculture, forestry and fishing	40	0	50+
Education	40	2	30-39
Activities of households as employers	41	0	30-39
Public administration and defence	41	1	30-39
Professional, scientific, and technical activities	41	2	50+
Real estate activities	41	6	50+
Human health and social work	41	9	30-39
Electricity, gas, steam and air conditioning supply	42	3	30-39
Financial and insurance	43	1	50+
Mining and quarrying	45	1	50+

 

Countries with the youngest business owners

Data can also reveal that millennials are leading the UK’s start-up scene, with the median age of founders across Britain ranging from 38 to 40 years old:

Country	Median age of start-up owners
	Year	Months
England	38	2
Wales	38	3
Scotland	39	5
Northern Ireland	40	9

 

How to become a young entrepreneur

Salman Haqqi, personal finance expert in charge of the business statistics page, offers guidance to those who aspire to be young entrepreneurs:

Be passionate about your idea

Coming up with a business idea is the first step for every entrepreneur. Oftentimes, inspiration could be found in things you already have a great passion for, what do you think is lacking in that field? Make it your mission to fill in that gap.

Research your market

Study your market thoroughly and understand your target audience. Not only does your idea need to be unique, ask around to find out if its attractive enough for people to pay for it. It needs to be profitable for your business to survive.

Organise your finances

It’s vital that you don’t underestimate the costs of running a business to avoid financial blunders. A government-backed start-up loan is worth between £500 and £25,000, and is available if you pass eligibility checks, and submit a business plan, cash flow forecast and personal survival budget.

Become an expert in your field and build an online presence

It’s important to develop your business knowledge, as well as improve your overall understanding of the field you’re in. Utilise your expertise and provide expert commentary to media outlets which could in turn increase your online exposure and attract investors.

Speaking of research, have you seen which UK city has the most highly-rated hair salons?