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More entrepreneurs turning creative hobbies into cash generators

26 Sep 2013

New research has found that hobbyists are turning their passions into business ideas
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Craft store nominated for 'Indie Shop of the Month'

11 Sep 2013

Vote for your favourite indie retailer now!
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11 Sep 2013

PhD study could provide further evidence of the health benefits of knitting
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8 Aug 2013

Are your Pinterest boards driving as many sales as they could be?
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Craft confirmed as a creative industry by DCMS

17 Jun 2013

Crafts are considered part of the creative industry according to new statement
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Independents' Day just weeks away

10 Jun 2013

What activities are you planning to boost sales in your indie shop?
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Knitting just as meditative as yoga?

20 May 2013

The two past times both linked to relaxing
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Knitting makes a classroom comeback

23 Apr 2013

Knitting is set to return to schools
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Indie craft store named UK Shop of the Month

8 Mar 2013

Essex based indie craft shop awarded Independent Shop of the Month
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More entrepreneurs turning creative hobbies into cash generators

Posted on in Business News, Creative News

As wages fail to keep up with household bills Aviva's bi-annual SME Pulse found nearly half (44%) of part time business owners say they run their businesses to supplement existing incomes.

The research found that 7 out 10 people are juggling their part time businesses with a full time job, but nearly half of those surveyed (48%) plan to make their businesses full time with more than one in ten (15%) aiming to be a fully-fledged business within the next two years.

Of the part time business owners surveyed 42% had turned hobbies such as photography, arts and crafts and cake-baking into part time businesses with the others surveyed providing website design, consultancy, retail and trade skills like decorating.

Inspired perhaps by the 'Kirstie Allsopp effect', more women are likely to have creative part time businesses than men (49% of women compared to 33% of men). Aviva's research also reveals that women are far more ambitious with more than a third (35%) of women planning to eventually make their hobby full time compared to a quarter of men (25%). Indeed, the research shows that within the next two years, women are twice as likely (20%) to plan to go full time than men (10%).

Aviva's bi-annual Pulse also reveals that the part time entrepreneur has an average turnover of £3,800 per year. Those in the East Midlands have the highest turnover out of any region in the UK at £6,400 per year. The lowest turnover figures were in Northern Ireland and the South West, where part time business owners see an average annual turnover of £1,680 and £2,780, respectively.

For those planning to go full time, more than a quarter (27%) say they will only do so once demand exceeds their expectations, with the second most important consideration was gaining funding (16%).

Robert Ledger, head of small business at Aviva, comments: "Nearly a third of part time ventures began as a chance to turn a hobby into a business, but it is understandable in the current climate that for most the need to supplement their income was the key driver.

"If you are thinking of setting up a business it is really important to carry out research before you start to make sure there is a market for your idea or product. Setting up on a part time basis can be a good way to test the water to see if those business ideas can work on a bigger scale.

"It seems that from photography to cupcakes many entrepreneurs are taking their first steps to becoming businesses of the future which is exciting news for the economy, especially in light of recent reports on a growth in business confidence in the UK."

Aviva also found that the top three concerns part time entrepreneurs had when they first set up was not having the expertise or knowledge to make their business successful. More than a quarter (27%) were concerned about not knowing how to promote their business, for 26% it was not generating enough sales and 22% say it was not knowing how to manage their accounts.

Insurance was also an area of concern with two in five (41%) part time business owners admitting they were unsure they have the right insurance in place. More than one in ten (14%) admitted to not having any business insurance. The lack of insurance was most prevalent across 18 - 24 year olds - with nearly a quarter of this age group (23%) admitting they didn't have any.

In contrast, the age band most confident they had the right insurance were 25-44 year olds, with nearly half (49%) of female part-time entrepreneurs saying they are confident they have the right policies in place compared with 39% of men.

Juggling a full time job with a part time business is likely to take up a lot of your time, which is where ActSmart can help. With our partner service providers we can guide you through the process of getting key business services in place - and even save you money along the way. From getting the right business insurance to taking card payments, we have the solutions for every aspect of your business.

Get in touch with us today or view the full range of services available to find out how we can help your business grow.

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