Two million turn their hobby into a business
In a bid to swap the daily grind for a more enjoyable work life, two million people are turning their hobby into a business while holding down their day job, according to Direct Line for Business.
Over half of workers in full-time employment feel it would be a dream come true to escape the rat race and go it alone. This is echoed by 44% of those who have taken the plunge and quit their day job to run their own business, who wish they had done it sooner.
Of those people who have already set up their own business, a third would describe it as a successful venture, with a further 27% making good money from the business. Of those yet to try setting up on their own, 25% say they are worried about where the funding for a business would come from, 14% say it would simply not be practical as part of their current lifestyle and 16% are simply scared of failure.
Kate Syred, head of Direct Line for Business, said: “Starting your own business can be both a challenging and exciting opportunity, but is not for everyone, as some people just prefer the peace of mind of a guaranteed monthly income.
“However, for those who are willing to put the dedication in to succeed, it can transform your favourite pastime into an income-generator and can add an extra dimension of enthusiasm into a day-to-day routine.”
Fashion design, eBay selling, buy-to-let property developers and web design have been some of the most successful hobby-based ventures budding entrepreneurs have transformed into a business.
Syred added: “When setting up a business it’s important to research the market and consider all the elements a new business needs to have in place, from legal requirements to financial safeguards. Having adequate business insurance is a crucial element and should be at the top of the list for anyone considering building a start-up business as it offers peace of mind should the worse happen.
“If the correct research and precautions are taken, turning your hobby into a business can set the foundations for a very successful living.”