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It is likely you will need funding to start your business unless you have your own money. Discover some of the main sources of start up funding.

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Some businesses need a high street location whilst others can be run from home. Understand the key factors from cost to location, size to security.

Your employees can your biggest asset. They can also be your biggest challenge. We explain how to recruitment and manage staff successfully.

It is likely your business could not function without some form of IT. Learn how to specify, buy, maintain and secure your business IT.

Few businesses manage the leap from start up to high-growth business. Learn what it takes to scale up and take your business to the next level.

A quarter of Brits have a business "on the side"

22 January 2018

A quarter of Brits have a business "on the side"From selling items on eBay to renting out a room, new research shows that 25% of British people now run a side business in order to boost their income.

A survey of 2,000 British adults by OnePoll for OddsMonkey has found that Brits are increasingly looking for new ways to make money to help cover the rising cost of living.

Selling items on eBay and Facebook marketplace is the most popular activity - 68% of Brits make sell unwanted items on eBay and Facebook marketplace and earn an average of £165 per month. Selling beauty products was found to be the most lucrative side business, with those working for a company like Avon earning a monthly average of £249.

Overall, the most popular business ideas are: making and selling crafts, selling baked goods, renting out a spare room, renting out a driveway, selling second-hand items, blogging and selling beauty products.

The study also found that while some of these part-time entrepreneurs are looking to boost their income, many also want to fulfil their passions; over a third (34%) said they find their sources of additional income more fulfilling than their full-time job and 39% said they wish their side business could be their main job.

Those with a side business are, on average, earning nearly £3,000 a year on top of their salary. Younger people and students are doing even better, according to the findings. Compared to the average income, younger Brits earn £78 more a month by making and selling crafts (£241), £69 more for blogging (£300), and £17 more a month for baking (£200). One-third of students earn extra cash in this way.

However, despite earning over the £1,000 annual allowance, more than one in three (34%) also admit that they don't declare their extra earnings to avoid being taxed.

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