More young Brits looking to set up online businesses in 2017

Half of young Brits aged between 25-35 are planning to transform their hobby and passion into an online business, according to a new survey from Wix.com.

The weighted responses from 2,000 people found that, irrespective of age group, more than two-fifths (44.1%) of all Brits surveyed would prefer to run their own online business than work for a company.

More than a quarter of respondents believe they could earn up to £48,000 a year by quitting their day job to run their own business online. Some of the most popular start-up online industries in the survey include cooking (19%), baking (18%), photography (18%) and sports (16%).

Those with salaries in the £65,000-£75,000 bracket were more likely to start up an e-commerce business, along with those with the highest levels of education i.e. university and beyond.

Although the UK’s entrepreneurial spirit is clearly alive and well, there are still many obstacles that stop risk averse professionals from taking the plunge.

Almost three-quarters (70%) of Brits revealed said finance was the biggest hurdle from starting up a new business, followed by a lack of marketing skills (57%) and digital skills such as Search Engine Optimisation (SEO) and website building (49%).

David Schwartz, vice president of e-commerce, Wix.com, said: “The UK e-commerce market is the strongest in Europe and the second largest in the world, and our most popular vertical, which clearly reveals the British entrepreneurial spirit.

“What stands out from this data is the lack of confidence most British people have on the digital skills needed to set up an online business.”

Date published 20 Dec 2016 | Last updated 20 Dec 2016