Employment trends are changing in the United Kingdom and more people are running their own businesses.
Instead of having a typical 9 to 5 job, one quarter of people in the U.K. run at least one other business.
New figures cited by the Independent showed that one in four people in the United Kingdom operate at least one other business project above and beyond their traditional day job. This contributes a tremendous £72 billion into the U.K. economy.
Known as “side hustles,” this trend is growing very quickly. The same source stated that by the year 2030, half the U.K. working age population will be running a business in addition to working at another job.
Concerns are rising among U.K. employers regarding this new way of living. Many people wonder if this trend could generate resistance among employers.
According to the Henley Business School, this side hustle trend in the U.K. is “unprecedented.” Individuals maintaining a typical job will, on average, boost their income by 20 percent with a side hustle. That said, one quarter of people running their own businesses are working 50 hours per week as a result of the work at their own businesses. This is thirteen hours per week longer than the average worker in the United Kingdom.
Entrepreneurship Isn’t Easy
It can take a lot out of a person to start a business. Owning and operating a business means that people face substantial rejections and mistakes. They must be prepared to commit to hard work, coming up with ideas, knowing how to execute them efficiently, how to prepare, and to have thick skin through it all.
Entrepreneurs may be facing bigger challenges than personal failure. Business leaders supporting this trend believe the benefits will be broad. About half believe that workers who have a side hustle are more likely to stay in their day job as a result.
Half also stated that the trend makes it possible for businesses to attract top talent. Over half of these business leaders feel their staff is happier and more productive as a result. That said, the remaining half of U.K. business leaders are, at best, ambivalent to the idea.