Businesses born from hobbies contribute billions in the UK economy

A quarter (23%) of sole trader businesses in the UK today are born from a hobby.

From those developing their love of baking into dough to people with a gift for gardening making some green, people turning their hobbies into income are now contributing £39.6bn a year to the UK economy.

And according to the new research by specialist insurer Hiscox and the Centre for Economics and Business Research (Cebr), those with a love for what they do achieve an average turnover 55% higher than other sole traders.

Aston spoke to psychologist Lee Chambers and Isha Patel, small business insurance expert at Hiscox.

Photo by Colin Watts on Unsplash