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25% of UK Employees Run A Side Business

Did you know that a recent study suggests that 25% of UK employees are running at least one business project alongside their day job?

What Is A Side Business?

You would define a side business as a secondary business or job that brings in, or has potential to bring in, extra income. As such, It is particularly popular among millennials, who tend to start a side project as a hobby or in order to explore a new challenge. And millennials tend to have different attitudes towards work and technology. They are also used to being able to work from anywhere, using a smartphone or a tablet.

Employees With A Side Activity Feel more Content

Did you also know that various studies have shown that employees who have a side business, report feeling happier and more content. However as a business employer, you may view a side activity as a negative distraction from your employee’s day jobs.

The truth is that many of your best employees may have a side activity and you might need to be more supportive. A side job can actually be a good thing as long as it doesn’t involve working for one of your competitors or doing anything that might damage your main business, as an employer.

Employees With A Side Job Learn New Skills With No Cost To You

Your employees could actually learn new and useful skills from running their own side activity. They can gain real-life experience, in customer service, as well as project management or budgeting that can be applied,  in their day job. From your perspective as an employer, your employees are gaining new skills that can make them better at their jobs and you won’t need to pay for any training. In addition, and you may not realise this, but further research studies have found that employees who have the drive to work a side job, are more likely to be innovative, proactive, and organised. They are also more likely to come up with new ideas, which they have gained through their own new experiences. Hence benefitting you and your business two-fold.

Employees With A Side Activity Want to Remain In Full Employment

However, and you should note that, according to a well-known careers website recent survey, over 70% of employees with a side business want to remain in full time employment. They don’t want their side job to become their full time job, as it’s more of a hobby / passion that just happens to create an income.

Get Used To The Side Business Trend!

It seems that the side business trend is here to stay and if you are an employer, you need to shift your view – a side business is a positive thing. However, you should also consider adding a non-compete clause to contracts, just to ensure that there is no temptation for your employees, to side hustle in any way that could damage your business.

 

Lotuswise Chartered Accountants and Business Consultants can help you and your business succeed. To find out how, please contact us. To also get even more useful business and finance information and tax advice tips, check out our app on Google or Apple stores.

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