Hiscox, the international specialist insurer, surveyed 400 small business owners whose businesses first began as side hustles for its 2019 Hiscox Side Hustle to Small Business™ Study and revealed unique insights about their transformations.
Respondents reported working an average of 20 hours per week on their side hustle while still having a full-time job.
Hiscox also announced the launch of “The Side Hustle to Small Business Podcast.”
Other study highlights include:
Courage Plays a Vital Role.
A side hustle allows an individual to learn how to overcome fear of failure and take risk which is an asset for entrepreneurs. More than three quarters (76%) of respondents’ current businesses came from their first side hustle. They were motivated to start a business to fulfill a dream (30%) and to follow a passion (24%). Also, three out of 10 respondents had side hustles in an industry completely unrelated to their full-time field.
The Price of Transition
On average, respondents felt, that $43,862 was the necessary amount of income from their side hustle before making it their sole career and leaving their stable jobs. It took them 1 year and 7 months of side hustle before quitting their full-time job, after which it took an average of three years to earn the same annual income.
Being an entrepreneur doesn’t mean taking the journey alone.
Nearly three quarters (72%) of respondents established their side hustle with another person, most often a family member or partner (39%).
Entrepreneurs Protect Their Work.
Small business owners knew the need to protect their ventures from potential vulnerabilities. However, of the 31% who did not have insurance, more than half either thought it was unnecessary or did not know what kind to purchase, leaving themselves susceptible to risk.
Learn from Hiscox’s Podcast
Hiscox’s “The Side Hustle to Small Business Podcast” features the courageous stories of entrepreneurs, some valuable business insights, inspiration and advice.
Lou Casale, Hiscox Head of Communications and podcast host said that the podcast is a way for those interested to have a side hustle, “to learn and hear the practical advice from those who have done it and use it to chart your own course.” The Side Hustle to Small Business Podcast is available on Apple Podcasts, Google Podcasts, Stitcher and TuneIn.