New research reveals there are currently 173,933 home business owners now operating in Yorkshire and Humberside – representing seven per cent of the total workforce in Yorkshire and Humberside.
The analysis, from Direct Line for Business (DL4B), highlights an evolving UK workforce which has developed in a challenging and uncertain economic environment.
Millions of people are choosing to take control of their future, achieving a better work-life balance and turning a potential hobby into a career by using an increasingly digital, mobile and flexible business landscape.
According to a recent Real Business Report titled: The UK’s top 25 businesses run from home, a large majority of these home businesses operate across a range of sectors that include e-commerce, travel, marketing, recruitment and legal.
Furthermore DL4B has identified an increase in home businesses operating in other key trades such as catering, photography, hairdressing and arts & crafts.
DL4B’s analysis showed that the South East and South West had the highest concentration of home business owners, both representing a tenth of total workforce in both regions.
Men are more than twice as likely as women to run their own business from home, with 1.7 million male home business owners across the country, compared to around 818,000 female home business owners.
Jazz Gakhal, head of Direct Line for Business said:
“Self-employment has been on the rise for several years and our research now shows that a great number of these people work for themselves from home.
“Once an individual has taken the decision to set up a home business, it is crucial that they fully appreciates their responsibilities as a business owner and ensures that adequate protection is in place should anything happen to threaten what they have worked so hard to achieve.”
The research showed that when asked about how these home business owners prioritised key actions when they first became operational, sorting tax arrangements and organising insurance ranked sixth and eighth.
This was particularly concerning given that three in four (74 per cent) home businesses kept all their stock at home, worth £4,388 on average.
“We urge anyone looking to operate as a business from home to organise home business insurance from the start.
The potential emotional and financial loss from an accident or theft could be devastating.
“For example, stock stored at home may not be covered by a standard home insurance policy and neither will cover public liability or loss of earnings due to an insurable event.”