Procurement Praseeda Nair · 19 December 2016

Technology
Half of young Britons plan to turn their hobby into a business

New research has revealed that 50 per cent of 25 to 34 year-olds in Britain intend to turn their hobby into a business online.

The study, conducted by web development platform Wix, also found that a quarter of would-be entrepreneurs expected to make 48, 000 a year from their favourite pastime.

The findings demonstrated the confidence of younger generations in their digital skills, with a surprising one in ten already using ecommerce to make money from their hobby.

Commenting on the high number of young Brits looking to turn their hobby into a business, David Schwartz, vice president of ecommerce at Wix, acknowledged the draw of Britain’s online digital marketplace, as more people than ever discover how easy and affordable it is to create, manage and grow their business online.

the UK ecommerce 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, he said in a statement.

Half of respondents across all age brackets agreed that the most important aspect of a career was doing something that you love, while a third believed that they were more skilled in their hobby than their current career.

A YouGov study in August first revealed the rise of so-called funtrepreneurs? those who have successfully turned their hobby into a business that they are passionate about.

According to the research, people who chose careers based on passions were found to have increased job satisfaction of 84 per cent, and were expected to see their earnings double within five years of taking the leap.

Supporting the Wix research, the YouGov study found that the millennial generation of 18 to 34 year-olds were more likely than any other demographic to seek fulfilling work based on what they loved to do.

Commenting on the YouGov study, Alasdair Cavalla, senior economist at the Centre for Economic and Business Research, acknowledged the benefits of starting a business.

compared to whole-economy averages, we found clear evidence of fewer sick days, higher productivity and greater job satisfaction among people following their passion, he said in a statement.

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TAGS:

Business development Digital skills ecommerce Millennials Online businesses Online marketplace Young entrepreneurs

ABOUT THE EXPERT

Praseeda Nair

Praseeda Nair is the editorial director of Business Advice, and its sister publication for growing businesses, Real Business. She's an impassioned advocate for women in leadership, and likes to profile business owners, advisors and experts in the field of entrepreneurship and management.