Over half of UK “homepreneurs” have taken a pay cut to follow their dream
Over half of Britain’s so-called homepreneurs? have’sacrificed a paycheque to follow their dream of working for themselves, new research has found.
The study, undertaken by online printing company Solopress, showed that 85 per cent of entrepreneurswho had launched and were running a business from home were happier since calling time on regular employment, despite the likelihood of a pay cut.
The desire for greater flexibility and control over day to day life was the key decision maker for leaving the traditional working world. What’s more, half of respondents believed running a business from home was an aspirational way to live.
A closer look at survey findings uncovered the typical earnings of homepreneurs. While a majority took the salary hit to follow their dream, a diverse range of earnings were revealed.
At the top end of the scale, one in ten took home between 30, 000 and 40, 000, while over one in eight achieved a national average between 20, 000 and 30, 000. Around one in nine were in the modest 10, 000 to 15, 000 bracket.
Recent data from LinkedIn revealed a surge in UK entrepreneurship in the last 18 months, with the number of its users identifying as a sole trader (13.5 per cent), an entrepreneur (6.4 per cent) and micro business owners (4.1 per cent) all increasing in the 12 months from April 2016. Large corporate firms were most at risk of losing workers to the pull of entrepreneurship.
Read more:?Five ways to achieve work-life balance when your home is also your office
Regardless of how much money is on the table, it’s clear that more Brits than ever are striking out on their own to start a business. So, does happiness trump money? We spoke totwo homepreneurs who made the leap and havent looked back.
people are realising that the financial and career rewards of commuting and long hours are out-weighted by the negative impact on our health and wellbeing, said Tom Wheelhouse, director of wellbeing consultancy Mightify. Wheelhouse founded his company after five years of long hours, intense physical demands and high stress levels as a Metropolitan Frontline Police Officer.
For Wheelhouse, wanting to feel a stronger connection between effort and progress dictated his shift from employee to homepreneur.
I think people have decided their efforts are better invested in building a lifestyle that suits them, rather than being a small cog in a much bigger wheel, he added.
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.
Cambridge Satchel Company founder Julie Deane spoke to Business Advice about the current state of self-employment in Britain and offered up the advice she wishes shed been given before stepping into the unknown of business ownership. more»
Relocating Britain's home businesses into professional working spaces could create 670, 000 new jobs for the UK economy and generate additional profits of 3.3bn, according to a new report into home-based enterprises. more»
Real entrepreneurship is finding an opportunity and then building a profitable business around it. There's still absolutely no guarantee of success, but you can stack the odds in your favour by following this six-point plan. more»