NEW YORK, June 10, 2019 /PRNewswire/ -- Hiscox, the
international specialist insurer, today announced the findings of
its 2019 Hiscox Side Hustle to Small
Business™ Study, which surveyed 400 small
business owners whose businesses first began as side hustles and
revealed unique insights about their transformations.
Respondents reported working an average of 20 hours per week on
their side hustle while still employed in a full-time job—80%
working outside of traditional work hours, and 72% making time on
weekends. Hiscox also announced the launch of "The Side Hustle to
Small Business Podcast" in which entrepreneurs open up about their
first steps, challenges and lessons learned from transforming a
side hustle into a full-time business.
"While passion and optimism fuel the entrepreneurial spirit,
we're seeing people take calculated risks to start their own
business often while employed full-time," said Kevin Kerridge, Executive Vice President of
Small Business Insurance at Hiscox USA. "The commitment and dedication of today's
small business owners reinforce the crucial role a side hustle can
play in helping people take their first steps as
entrepreneurs."
Other study highlights include:
- Courage Plays a Vital Role. For individuals considering
a side hustle, fear of failure can be a deterrent, but their
personal zeal often outweighs it. This courageous risk-taking often
worked out in entrepreneurs' favor, as more than three quarters
(76%) of respondents' current businesses came from their first side
hustle. Entrepreneurs said fulfilling a dream of starting their own
business (30%) and wanting to follow a passion (24%) were the top
motivators. Furthermore, three out of 10 respondents decided to
embrace the unknown by starting a side hustle in an industry
completely unrelated to their full-time field.
- The Price of Transition. With small business owners'
dedication also comes the need for patience and determination.
Respondents felt, on average, that $43,862 was the necessary amount of income they
needed to make from their side hustle before making it their sole
career and leaving the stability of a full-time position. They
reported putting in the extra hours for 1 year and 7 months 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 you have to take the
journey alone. Managing a side hustle and full-time job
presents a unique balancing act that requires entrepreneurs to
retain their professional resolve while knowing when to ask for
support. When it came to launching their side hustles, respondents
were more likely to seek out a companion to share the experience
—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
reported they did not let the part-time nature or size of their
side hustle overshadow the need to protect the venture 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.
New Podcast Gives a Voice to Side Hustle to Small Business
Risk Takers
In the spirit of celebrating entrepreneurship, Hiscox announced
the launch of "The Side Hustle to Small Business Podcast." From the
courageous stories of these entrepreneurs come valuable business
insights, inspiration and advice.
"When you think about the hustle and sheer will it took for
these entrepreneurs to start a business while working a full-time
job, it makes you truly appreciate the effort and want to celebrate
their achievements," said Lou
Casale, Head of Communications at Hiscox USA and host of "The Side Hustle to Small
Business Podcast." "If you're thinking about starting a side
hustle, this podcast is your chance 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.
Hiscox USA provides a variety
of specialty risk solutions, including a broad spectrum of
professional errors & omissions, general liability, cyber and
data security, media liability, management liability, crime, kidnap
& ransom, terrorism and commercial property insurance
products.
In the US, Hiscox has offices in New
York, NY; Atlanta, GA;
Chicago, IL; Dallas, TX; Los
Angeles, CA; Phoenix, AZ;
Las Vegas, NV San Francisco, CA and White Plains, NY.
Related Materials:
www.hiscox.com/side-hustle-to-small-business
About the Study
The Hiscox Survey was conducted by Wakefield Research among 400
US small business owners who first started their business as a
side hustle, meaning while employed full-time at
another company or business. The survey was conducted between
December 13 and December
21, 2018 using an email invitation and an online survey.
About The Hiscox Group
Hiscox is a global specialist insurer, headquartered in
Bermuda and listed on the London
Stock Exchange (LSE: HSX). Our ambition is to be a respected
specialist insurer with a diverse portfolio by product and
geography. We believe that building balance between
catastrophe-exposed business and less volatile local specialty
business gives us opportunities for profitable growth throughout
the insurance cycle. It's a long-standing strategy which in 2018
saw the business deliver a profit before tax of $137.4 million in a challenging year for
insurers.
The Hiscox Group employs over 3,300 people in 14 countries, and
has customers worldwide. Through the retail businesses in the UK,
Europe, Asia and the US, we offer a range of
specialist insurance for professionals and business customers as
well as homeowners. Internationally traded, bigger ticket business
and reinsurance is underwritten through Hiscox London Market and
Hiscox Re & ILS. In the US, Hiscox small business Insurance is
underwritten by Hiscox Insurance Company Inc., a Chicago-based insurance company.
Our values define our business, with a focus on people, quality,
courage and excellence in execution. We pride ourselves on being
true to our word and our award-winning claims service is testament
to that. For more information, visit www.hiscoxgroup.com.
Follow Hiscox USA on Twitter
@HiscoxSmallbiz
The content provided above is provided for general informational
purposes, but is not intended, nor shall it be deemed, to be
business, legal or insurance advice for any particular or specific
person or entity.
Media Contacts
Lou Casale
Hiscox USA
+1 646 442 8341
Lou.Casale@hiscox.com
Gyawu Mahama
Hiscox USA
+1 678 781 6003
Gyawu.Mahama@hiscox.com
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SOURCE Hiscox