New research by Web hosting provider 1&1 Internet, Inc. finds 53% of Americans have considered launching a side business for supplemental income.
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The survey of 1,301 working Americans found nearly a quarter of respondents wanted to be their own bosses, while 19% expressed a desire for a better work-life balance. Additionally, 21% say they want to start a business because of their passion for a hobby.
But the dream of starting a business isn’t just to fulfill personal goals – these entrepreneur-hopefuls also want to make more money. The minimum income expectation is an average of $50,000-per-year to make it “worth the while.”
While $50,000 may seem ambitious as an initial goal – especially for someone starting up a business on the side – it pales in comparison to expectations from German entrepreneurs, who say side business would need to earn at least $67,000 per year, according to 1&1.
More men than women surveyed said they were seriously considering launching a business: 59% vs. 43%. The entrepreneurial spirit also varied by region. Fifty-seven percent of respondents in the Southwest were looking into starting a business, while just half of New Englanders expressed the same level of interest.