Hiscox Side Hustle to Small Business  Study Reveals Calculated Risks Entrepreneurs Embrace to Take their Side Hustles to the Next Level

New Podcast Brings Side Hustle to Small Business Stories to Life

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 USAand 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.

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This Article first appeared in yahoo

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