The purpose of hobbying is changing as more than one in ten Brits are opting to turn their skills and past times into business ventures, according to new research.
The figures show that the majority turned their passion projects into money-makers because they believe it’s necessary to have extra funds on top of their standard wage.
Those opting to manage a side project are cashing in on an average of £738 a year. However, the rewards can be more fruitful as more than one in ten make up to £2500 a year. Britain’s hobby-hustle capital is the South East, where 16 per cent boasted earnings upwards of £2,500 per year from their business project alone.
When it comes to the reasons for establishing a side hustle, more than a third said they wanted extra cash to increase their basic earnings, while more than one in four over 55s are specifically looking to boost their pensions. Over a quarter of all respondents were developing a second earner to build their savings.
Jet-setting was also proven to be a big motivation, as more than one in ten want to make some money to go travelling. This especially applies for those aged 18 – 24 where nearly a fifth said they had dreams of wanderlust.
The most popular category of amateur businesses was professional services with 16 per cent turning their top skills into freelance and consultancy operations.
British men are leading the way here with more than one in five building these occupations in comparison to just over one in ten women.
The findings also revealed that entrepreneurial Brits aren’t afraid to take on the challenge of managing several projects at once as more than half currently run more than one.
While one in ten are currently setting up on their own, a further 28 percent said they were considering turning their hobby into a full-time business in the future. For many both flexible hours and working from were the top motivations for going it alone. Further to this, one in five wished for an opportunity to pursue their true passions full-time, while another fifth would simply love to quit their current job. On the quirkier side, just under a tenth would be inspired to start-up a business so they could work alongside their pets.
However, though a rising amount of Brits are enjoying substantial boosts to their basic budgets, many are unaware of the legal considerations of untaxed earnings. More than half currently turning their project into a full-time business, or considering starting a business, admitted that they didn’t fully understand the tax implications involved.
Going further, managing tax was one factor which would deter more than a quarter from setting up a full-time business. Other top factors putting people off becoming business owners include managing cash flow and managing marketing.
Commenting on the findings, Paul Stringer, Managing Director of Norton Finance said: “For many, launching a business can be an absolute dream, but there are a huge number of unglamorous, uninviting considerations people must truly explore before making such a life-changing decision.