September 06, 2013 - Rachel Miller
Nearly half (48%) of the UK's part-time entrepreneurs would like to jack in the day job and make a go of their own business full-time.
The need for extra income is the main motivation for part-time entrepreneurs, according to the research – 44% of part-time business owners say they run their businesses to supplement existing incomes. Seven out of ten people juggle their own enterprises with a full-time job. However, 48% plan to make their businesses full-time, and 15% aim to do this within the next two years.
The survey suggests that the "Kirstie Allsopp effect" could explain the dominance of female part-time entrepreneurs. More women are likely to have creative part-time businesses than men (49% of women compared to 33% of men). And women are more ambitious, the survey finds, with more than a third (35%) of women planning to eventually make their hobby full-time compared to a quarter of men (25%).
Of the business owners surveyed, 42% had turned hobbies such as photography, arts and crafts and cake-baking into part-time businesses. Others provided website design, consultancy as well as retail and trade skills like decorating.
The part-time entrepreneur has an average turnover of £3,800 per year, according to the report. Those in the East Midlands have the highest turnover out of any region in the UK at £6,400 per year. The lowest turnover figures were in Northern Ireland and the South West.
For those planning to go full-time, 27% say they will only do so once demand exceeds their expectations. The second most important consideration is gaining funding (16%).