By Daniel Hunter
Home-based businesses are set to lose out on £658 million during the summer holidays, according to research from Direct Line for Business.
Sixty per cent of the 844,000 home business owners in the UK with dependent children said they plan to take time out of their business to spend time with and look after their children during the summer holidays.
On average, these home business owners said they will put in an extra four hours of working time every day, or 20 hours per working week, to make up for the time they take away from the business.
Based on the National Minimum Wage (NMW), home business owners in the South East are set to lose nearly £120 million, the most out of any region. In London, the summer holidays will cost home business owners nearly £100 million because of the time they need to take away from work to look after children, while the figure for home businesses in Eastern England is £73 million.
While there may be financial implications for home businesses, the research reveals that many children gain valuable exposure to the world of business through their entrepreneurial parents. Three in ten (30%) parents suggest that their children learn entrepreneurial skills and over a quarter (27%) of children learn the value of work.
Almost a third of parents (31%) feel their children being at home during the holidays gives them a reason to work hard and succeed, while more than a quarter (26%) receive moral support from their kids and 13% say they benefit from the extra company they receive during the school holidays. Additionally, 10% of home business operators highlighted that they are more productive when their children are on holiday.
Jane Guaschi, Business Manager at Direct Line for Business, said: “Running a business from home requires blood, sweat and sometimes tears. If you add taking care of children to the mix, running a home business becomes ever harder. The additional pressure of fitting everything in can be difficult to manage, so ensure you are well prepped ahead for any surprises that may crop up during this busy period. At the least, it is worth considering home business insurance to cover you against any liabilities so that you can enjoy the time with your children, and have one less thing to worry about.”
“It is, however, fantastic to see that so many home business owners feel motivated to succeed and work harder during the school holidays.”