Two-fifths of UK entrepreneurs turning hobbies into successful businesses

Almost two-fifths (37 per cent) of UK entrepreneurs surveyed said they were fortunate enough to turn their passionate hobbies into thriving businesses, according to a report from Weebly.

The enterprising spirit certainly appears to be alive and kicking in the UK with almost 90 per cent of businesspersons asked saying Britain is the ideal place to set up in business and that they feel confident about the future.

The threat of a potential Brexit from the European Union (EU) and recent uncertainties in the Asian stock market has led to fears of a new global recession, but the UK’s entrepreneurial generation don’t appear phased with 80 per cent of those interviewed feeling optimistic about their businesses in the next five years.

The new breed of entrepreneurs in the UK also suggests the gender gap is narrowing with women now making up more than 45 per cent of the UK’s new entrepreneurial community.

The entrepreneurial spirit appears to be rubbing off on young teens too, with 11 per cent of 13 to 17-year-olds claiming to have launched a hobby or business site in the UK.

Dion McKenzie, country manager, Weebly UK, said: “This study is clearly showing how the UK entrepreneurs are fully taking advantage of the opportunities offered by the digital economy to build their businesses.

“Now there is a record 5.2 million small businesses in the UK, making a massive contribution to the country’s economic output, and intuitive and user-friendly technologies will only further boost the growth of the UK entrepreneurial community, paving the way for a new UK economy.”

The survey also suggests that the myth about the internet being the death of physical businesses is just that, with a 50/50 split between entrepreneurs running digital-only and online-offline hybrid businesses.

At TaxAssist Accountants we look forward to working with those just starting out in business. We can help you from day one by assessing your cashflow position; find the most efficient bookkeeping system for your business and discuss potential tax savings to allow you to focus on doing what you do best.

To arrange a free initial consultation with your local TaxAssist Accountant simply fill in our online enquiry form or call our friendly team today on 0800 0523 555.

Date published 11 Mar 2016 | Last updated 11 Mar 2016