The minimum income expectation from efforts to start a sideline business is on average £25,000 gross per year, according to 1&1 Internet Ltd research. The data from over 2,000 Britons shows that in recent years many have weighed up their options for increasing their household income. This would suggest that British entrepreneurial spirit remains strong.
Great Britain has long been famed for being A nation of shop keepers?. In fact, both aspiration and confidence towards starting a new business is in mind for many. A total of 40 per cent of those surveyed have ‘seriously considered starting their own enterprise. But there appears to be variation by gender – 43 per cent of men versus 38 per cent of women. On a regional basis, the East of England has the most ambitions, with 49 per cent considering their own business, followed by London at 46 per cent and Wales at 44 per cent. The people of the North West are the most reluctant, with only 33 per cent being interested.
Some 33 per cent of those surveyed have considered starting a side project in tandem to their existing job, in order to boost family income. Other primary motivations included the opportunity to be their own boss, a better work/life balance or family life, and passion for a hobby. Perhaps unsurprisingly, the desire to start an enterprise does decrease with age. Those aged 25-34 are most driven towards launching a business.
An interesting aspect is the average UK expectation for the amount of secondary income that would make creating a start-up business worthwhile. The average UK requirement was £25,260 gross per year from such a project. This figure is much lower than Germany’s average £44,105, America’s £33,446, and Spain’s £28,783. Both French and Polish citizens would be happy with far less additional income, at £21,808 for France, and only £10,591 for Poland.
Robert Hoffmann, CEO Hosting, 1&1 Internet Ltd, comments: “The Internet makes it much easier today to start a business. A powerful website and the right tools to attract customers can often be the key needed to transform a business dream into a real life success. Modern website packages deliver the necessary eBusiness elements for attracting, interacting and transacting with online consumers ready to place your website on top of Search Engines and connect you with Internet communities like Facebook, Twitter and eBay. Since you can use these powerful tools over the Web with no software or programming skills needed, starting a website is easier than many realise the result being that a sideline or hobby business can become economically feasible and conducive to work/life balance .