New research has revealed a growing trend in ‘side-hustling’, with two thirds of Brits aiming to make their side-line business their main job this year and spending a whopping four hours a day on average supporting their secondary venture.
To support this trend, Three has launched Three Means Business – a host of dedicated mobile contracts tailored to entrepreneurs and small businesses.
Side-hustlers to boost UK economy
According to the findings, the ‘side-hustle’ looks set to continue this year, with more than three-quarters of respondents wanting to start their own business, and more than half already knowing exactly what their new venture will be. Despite the current economic climate and uncertainty after Brexit, this research could be a positive sign for the country’s economy – as it has been suggested that ‘side-hustles’ could contribute a massive £72billion of income for the UK.
2020 – The year of the boss
The rise of the ‘side-hustle’ could be result of job dissatisfaction amongst those surveyed, with a quarter believing that they could do a better job than their current boss, and more than half aspiring to be their own boss with their new business.
Whilst many Brits aspire to become their own boss, the prospect of setting up on their own still comes with some reservations. Three’s research found that the biggest barriers included fear of failure and limited knowledge. In terms of how to overcome these hurdles, having the right skills and tools came out top, followed by determination and confidence.
Finding inspiration in the bedroom
The Three Means Business study also discovered inspiration comes in all shapes and places, with the bedroom voted as the best location for that lightbulb moment – with a third claiming their new business idea came to them in bed. Other locations that proved an unlikely source for business brainwaves included the toilet and one in ten admitted to having their eureka moment whilst on a date.
Famous faces also provide creative inspiration for the bosses of the future, Richard Branson was voted the number one inspiration source for business owners, followed by Bill Gates and Sir Alan Sugar. 7% of those polled said Harry and Meghan were their inspiration for going it alone.
Helen Whetton, Director of Soho and SME at Three, who commissioned the research, said: “As our research shows, the way we work and find job satisfaction is changing. It’s no longer about a 9-til-5, or same job for life. The ‘side-hustle’ trend is growing each year, and there’s never been a better time to take the leap of faith and start your own business.