Budding entrepreneurs reckon they can turn their side hustle into their main gig within the space of five years, according to research. A study of 1,500 people, with an additional income stream, found 65 percent would love to walk away from their day job to focus on turning their passion project into a fully-fledged business.
And, on average, these aspiring people have already had their side hustle up and running for three-and-a-half years.
However, 35 percent fear a lack of consistent income would be the main barrier when pursuing this dream, while 23 percent are uncertain of the demand for what they are offering.
Nearly a quarter (23 percent) have already been knocked back when trying to scale up – with this growing to 37 percent for those considered part of underrepresented communities.
A quarter of those did not get access to capital or funding to help expand, and 29 percent had limited time and resources to scale the side hustle.
The research was commissioned by Pizza Hut UK & Ireland, as part of its “New Founder Programme”, in partnership with Hatch Enterprise, which supports entrepreneurs from diverse backgrounds.
Emily Curtis, head of people operations and social purpose for the programme, said: “Britain is full of would-be entrepreneurs who just need a helping hand.
“But there are many barriers impacting entrepreneurs, and we know from our work in this area that some groups continue to be overlooked by investors.
“It is so important that everyone has the same opportunities to pursue ventures they are passionate about, and enterprises which are in demand – and, despite us beginning this journey back in 2021, the issue today remains as prevalent, if not more so, as it was back then.”
The research also found over half (55 percent) feel they have had very little or no support growing their side hustle so far – but 41 percent would have liked more help.
Over a third (36 percent) plan to seek more assistance when it comes to growing their project in the future, with the same percentage hoping for guidance to stay focused, motivated, and accountable.
And 35 percent of these hope additional help will enable them to develop long-term strategies, while 31 percent want to secure networking opportunities.
A further 27 percent would like to have more people around them who they can address challenges and roadblocks with.
And when it comes to skills, 23 percent of budding entrepreneurs believe brushing up on their marketing knowhow would help them take their side hustle to the next level.
Meanwhile, 22 percent think that improving their time management skills would play an important role when it comes to growing their passion project. And 17 percent reckon finding ways to be more creative could set them apart from the competition.
The study, conducted by OnePoll.com, also found four in 10 feel they would be even more entrepreneurial if they received a more vocational education growing up.
And 77 percent believe younger people would be more business-minded if they had real-world working experiences at a younger age.
Emily Curtis, from Pizza Hut UK & Ireland, added: “Taking that initial leap of faith to go it alone is always going to be daunting, no matter how naturally entrepreneurial someone feels.
“We can see from the research that many haven’t had access to the support they would like to take this step, as well as recognising the skills they need to grow their side hustle.
“We hope our programme can go some way to addressing this and giving confidence to the next generation of entrepreneurs, so they can realise their dreams.
“As such, we have broadened the scope of our initial programme to include even more people who are not being considered for support, education, or investment to offer the tools and skills they need to start their businesses – including our own team members.
“Inspired by the stories of our own franchise community, we originally launched it as a way to give back to the local community, and support budding entrepreneurs from underrepresented backgrounds to start their businesses – now, our people have the chance to benefit from the programme, too.”
