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Youth unemployment sparks outbreak of young beauty entrepreneurs
January 28th 2015
A lack of employment opportunities in the UK has created a wave of entrepreneurial spirit in the young, according to the owner of The Beauty Academy
Whilst youth unemployment may be on the rise, it’s not all doom and gloom, as reports suggest a record number of young people started businesses last year. According to the small business network Enterprise Nation, the under-35 age bracket has seen the steepest increase in the number of entrepreneurs, with the number of companies founded by young people jumping from 145,104 in 2006 to 247,049 in 2013.
In the beauty world, the percentage of business owned by younger people is even bigger. More than 60% of small and medium sizes beauty business are sole traders and of these, 6% are under the age of 25 - more than twice the average rate of under-25s to own businesses of this kind.
“Young people are no longer pinning all their hopes on finding the perfect job, they are taking matters into their own hands and creating a business around a skill, a passion or a hobby,” Coral Hadley, who runs The Beauty Academy, a leading national beauty school, says, “This is particularly true in the beauty industry where you can be your own boss, even if you have very little in start-up capital."
As Hadley points out: “Two of the world’s most successful companies - Microsoft and Apple - emerged from small beginnings in past recessions” - so who knows what's next for the world of beauty?