News and features

Mon, 8 Dec 2008

Two million people turning hobbies into business

Around two million people are "following their passion" by turning a hobby or interest into a business, new research has found.

The study by Direct Line for Business found that 44 per cent of those who have quit their day job to set up their own venture wish they had done it sooner, while another 27 per cent said their business brings in "good money".

Furthermore, another 53 per cent of people currently in full-time jobs believe it would be a "dream come true" to leave the rat race and start their own venture.

Kate Syred, head of Direct Line for Business, said setting up a business requires dedication, a willingness to take on multiple roles and a sound knowledge of the market sector the company is entering.

Budding tycoons must also ensure they comply with legal and financial requirements, such as having adequate business insurance.

"If the correct research and precautions are taken, turning your hobby into a business can set the foundations for a very successful living," she commented.

According to figures from Barclays, a record 471,500 new start-ups began trading in the UK last year.