Research from Wix has today revealed that 44.1% would prefer to be their own bosses and turn their hobby into a business. In fact, 32% of Brits think that they are better at their hobby than at their current job, and over a quarter believe that they could make up to £48,000 pounds a year if they were to turn their hobby into a business.
During 2017, we are most likely to see Brits turning hobbies such as baking (18.5%), photography (18.3%), cooking (19.2%) and sports (16%) into online businesses, particularly individuals with the highest levels of education, graduates and post-graduates, and high earners (65-75k/year).
Brits are still quite traditional in regards to their hobbies, with men being more likely to turn their sports (28%) and photography (21%) related hobbies into businesses, whilst 23% of women mention baking, 22.4% sewing & knitting and 19% cooking related businesses.
Generation Y (25-34 year olds) came out as the most entrepreneurial one, with 50% of respondents saying that they have thought about turning their hobby into an online business, and one in ten stating they have already done so.
This generation seems confident in the digital skills they need to set up their ventures. However, 35% of 25-34 year olds revealed that what worried them the most is not knowing where to start, while over 39% were mostly concerned about the costs of starting an online business.
David Schwartz, VP of e-commerce at Wix.com said, “This data is in-line with what we observe on our platform. Quite often users come to us without knowing where to start, but they quickly realise how easy and affordable it is to create, manage and grow their business online. The UK e-commerce market is the strongest in Europe and the second largest in the world, and our most popular vertical, which clearly reveals the British entrepreneurial spirit.”
When questioned about the skills they considered essential to start a business, 70% of Brits pointed out finance, 57% marketing and 49% digital skills such as building a website, social media or SEO, with only 21.1% mentioning HR and recruitment skills, which curiously are often mentioned by entrepreneurs as one of their biggest hurdles.
“What stands out from this data is the lack of confidence most British people have on the digital skills needed to set up an online business (20%). We are confident we can be part of the solution by offering everyone a set of tools that enable them to easily create a professional online presence”, added David Schwartz from Wix.com.
The survey also looked at how Brits would go about raising funds for their businesses, and staggering 69.5% said they would use their own money rather than relying on bank loans (42%). Raising funds through family and friends also made up a large proportion, with 20% of respondents saying they would ask friends and family. Surprisingly, only a small percentage (3.5%), considering approaching angels or VCs to raise funds.
With almost half of respondents (49.5%) saying that doing something they love is more important than having an impressive job title (3%), and with 34% of respondents saying that TV shows such as The Great British Bake Off, The Apprentice or inspiring talk series such as TED talks, motivated them to turn their hobby into a business; it’s fair to say that in 2017 we can expect more Brits to become their own bosses by turning the hobbies they’re passionate about into online businesses.