Will 2017 be the year of the online entrepreneur?
50% of Brits aged 25-34 are considering turning their hobbies into an online business next year, but concerns about skills and costs of starting up persist
You can expect to see more Britons becoming their own bosses in 2017 as new research shows that 50% of Brits aged 25-35 plan to turn their hobby into an online business in the New Year.
The research, conducted by Wix.com, weighted responses from 2,000 people and found that – irrespective of age – 44.1% of all Britons would prefer to run their own online business than work for a company.
In fact, more than 25% think they could make up to £48,000 a year by leaving their day job to run a creative business.
Of those considering starting a online business over the coming months, the most popular start-up areas were found to be cooking (cited by 19.2%), baking (18.5%), photography (18.3%), and sports (16%).
Higher earners with salaries of £65,000 to £75,000 were found to be more likely to pursue e-commerce businesses in these areas, alongside individuals with higher levels of education.
When it comes to business motivations, 34% of respondents said that shows such as The Great British Bake Off and The Apprentice or inspiring series such as TED talks were a key driver.
While entrepreneurial spirit appears to be thriving, many aspiring business owners are letting concerns about costs and skills hold them back.
70% of Brits surveyed said finance was the biggest obstacle stopping them from starting up, following by a lack of marketing skills (57%), and a lack of digital skills such as building a website and SEO (49%).
Wix.com VP of e-commerce, David Schwartz, commented: “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.”