21 October 2013
More people are becoming part-time entrepreneurs, keeping their day job until they're confident their new venture is going to be a success.
More and more people are becoming part-time entrepreneurs, deciding to hold onto their day job and juggle the demands of launching a business, until they feel confident their new venture is going to be a success.
Statistics show British people are more likely to take on extra work to boost their income than other European nationalities.
A study by nutrition company Herbalife shows women and older people are most likely to be part-time entrepreneurs. 85% more women work on side businesses than men. And 47% of over-50s have more than one source of income, compared to 38% of young people.
The research suggests economic pressures may be behind the growth in part-time entrepreneurs. More than seven out of 10 people said they had started a part-time business because they needed the extra money for essentials.
Some part-time entrepreneurs start businesses to follow a dream or passion, rather than to pay the bills.
There are also businesses which are best suited to weekends and so fit in well around other work commitments. These include catering businesses or stalls selling food or crafts, which could concentrate on events or markets held on Saturdays and Sundays.
When starting your own business, whether full time or part-time, many entrepreneurs work from home, but coworking spaces are ideal for those who want a professional work environment without committing to a full-time lease. We are in the process of creating a network of co-working spaces across the UK called The Work Lounge.
Our first has opened at The Pixmore Centre in Letchworth, but more are planned to open shortly in Brixton and Manchester. The Work Lounge allows users to simply pay for the time they use, making it a good option for those running a business on a part-time basis.
And of course, our simple and flexible terms make it easy for people to take on office space or a workshop unit at short notice if their business grows and they decide it would be beneficial to rent their own space.