Lots of business start-ups come from developing hobbies into small part-time ventures and then fitting that business around your life needs particularly for women. The Forest of Dean Entrepreneurs project recently came across the Aviva bi-annual SME pulse survey. By no means as dull as it sounds with the last two versions full of fascinating facts of smaller businesses.
70% of part-time businesses are run alongside a job. For 40% it is seen as essential way to supplement their income. For half of the 70% the ultimate aim is to make their part-time work their full-time option with 15% already deciding to do so in the next 2 years.
Perhaps not surprisingly women are more likely to be involved in the creative enterprises. This may partly reflect the turning of hobbies into businesses being a key element of business start-up. While men may tinker with their hobby businesses, women have more certainty in their desire to build their business into a fuller time occupation with twice as many women looking to launch in the next 2 years than men.
The average turnover of a British part-time business is £3,800. Within in this there are significant variations but the South west average is £2,780. But digging deeper it is clearly not about only money. 41% of those surveyed felt they had a good work-life balance. While in 2014 as economic circumstances improve only 8% said they were losing enthusiasm with their business compared to 32% in the 2012 survey. More stark is that only 4% would opt to return as an employee compared to a quarter in 2012.
If you are like a third of start-up and smaller businesses, who turn to the internet to resolve a problem or to find information then here are the links to the fuller reports for September and January. If you’re in the Forest of Dean then just contact us to see if we can help your business start-up.