According to research released by Streamline.net, a leading provider of value web hosting, the challenging economic climate has caused many business owners to consider raising income from their hobbies or pastimes.
The study of 1400 business owners* found that 42% have considered creating an enterprise from their hobbies or recreational skills in order to increase earnings. The down-turn in the economy has led more than half of SME owners to reconsider their work-life balance in general. 1 in 3 owners believe that since the recession they are more likely to launch a business unrelated to their primary business activity. For many, earning their living from a recreational pursuit is now seen as most likely to provide long-term happiness. The internet is seen by two thirds of owners to be the first port of call for launching an enterprise from a hobby or pastime.
Streamline.net’s study of British small and local businesses found that economic pressures over the past 2 years have led many to reconsider how they earn their living. 42% admit that the recession has directly led them to consider options for earning money from their hobbies or pastimes (such as sports, crafts or travel) whilst 23% report that they can already do so. 56% of firm owners would consider starting a new venture related to their hobbies rather than their professional capabilities.
Launching an internet-based business is seen as the most feasible, with 66% of owners saying they would focus their sales efforts online. Nearly all of those that currently make money from hobbies or secondary skills (22%), use the internet as the main means to source this income.
The data reveals that the recession has prompted 53% of small business owners to re-think their work/life balance, and 90% have reconsidered what motivates them about work. It appears that many have concluded that earning an income from hobbies or skills unrelated to their main business activity offers the most potential for happiness. The ability to earn a living from hobbies or pastimes is viewed as the most desirable scenario for 48%. 40% would still see the earning of maximum income from their existing business as the best route to happiness.
Steve Holford, Marketing Director at Streamline.net, said “Britain’s small business owners have weathered challenging times, however, the data suggests that the entrepreneurial spirit is very much alive. More owners are keen to start out in a totally new direction, and creating a hobby-based business is a common ambition. Plus with simple and affordable web hosting solutions it is easy to get a business online without the need for any technical expertise or significant investment.”
Via EPR Network
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