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Britons launch businesses to supplement income 17 June 2013

Over one and a half Britons launched their own business in addition to working their main job over the past six months, according to data published today.

Research from insurer Direct Line Home Business found that a further three million people have taken on a second job to supplement their income to get through difficult times.

Jazz Gakhal, head of Direct Line Home Business, said people are exploring creative avenues to make extra money.
She added: “People are looking to supplement their monthly income be it selling online, freelancing, or starting their own business.

“Some will be building up their own companies at home while maintaining the security of a regular income before making the switch to being a full time business owner and manager.”

The poll follows the latest Markit report which showed that income from employment fell at its fastest pace for five months last month, highlighting that pay restraint remains front of mind for employers.

Tim Moore, senior economist at Markit, said: “With households receiving little in the way of wage rises over recent months, a fall in inflation perceptions to their lowest since mid-2010 was an important factor in alleviating some of the strain on finances during June.”

The trend in people looking to boost their income goes beyond conventional self-employment or second jobs, however.

The research found 36% of people have undertaken additional activities in the past six months to increase their earnings, with 11.5 million (24%) people making extra money online, potentially selling merchandise through online auction sites or taking on freelance design work.

Approximately 800,000 people have launched local businesses in their local area to earn extra income in the past six months.

On average Brits who have taken on additional work to boost their bank balance are pocketing almost £2,536 a year.

 

 

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