Two fifths (44 per cent) would prefer to be their own bosses and turn their hobby into a business according to new research from Wix. In fact, 32 per cent 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 per cent), photography (18.3 per cent), cooking (19.2 per cent) and sports (16 per cent) into online businesses, particularly individuals with the highest levels of education, graduates and post-graduates, and high earners (65-75k/year).
Young Brits think they can make more money from their hobby
Brits are still quite traditional in regards to their hobbies, with men being more likely to turn their sports (28 per cent) and photography (21 per cent) related hobbies into businesses, whilst 23 per cent of women mention baking, 22.4 per cent sewing & knitting and 19 per cent cooking related businesses.
Generation Y (25-34 year olds) came out as the most entrepreneurial one, as 50 per cent of respondents say that they have thought about turning their hobby into an online business, and one in ten state they have already done so.
This generation seems confident in the digital skills they need to set up their ventures. However, 35 per cent of 25-34 year olds reveal that what worried them the most is not knowing where to start, while over 39 per cent were mostly concerned about the costs of starting an online business.
David Schwartz, VP of e-commerce at Wix.com reports that, 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.
Schwartz says, ‘When questioned about the skills they considered essential to start a business, 70 per cent of Brits pointed out finance, 57 per cent marketing and 49 per cent digital skills such as building a website, social media or SEO, with only 21.1 per cent 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 per cent). 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.’
The survey also looked at how Brits would go about raising funds for their businesses, and staggering 69.5 per cent say they would use their own money rather than relying on bank loans (42 per cent). Raising funds through family and friends also made up a large proportion, 20 per cent of respondents say they would ask friends and family. Surprisingly, only a small percentage (3.5 per cent) consider approaching angels or VCs to raise funds.
As almost half of respondents (49.5 per cent) say that doing something they love is more important than having an impressive job title (3 per cent), and with 34 per cent 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.