Easter holidays to cost home businesses £220 million
Our new research finds that 60% of the 844,000 home business owners with dependent children take time away from their business to spend it with their children during school holidays.
London, 19th March 2015: New research[1] from small business insurer, Direct Line for Business reveals that three fifths of the 844,000 home business owners [2] with dependent children (60 per cent) take time away from their business to invest in their children during school holidays. The findings are also illustrated in this infographic.
On average these home businesses lose four hours of working time every day, or 20 hours per working week, as they take time away from work to look after and entertain their children during school breaks. This is estimated to cost home businesses in the region of £220 million over the Easter break and around £658 million during the six week summer holiday [3].While there may be financial cost to the business the research reveals that many children gain valuable exposure to the world of business through their parents. Three in ten (30 per cent) parents suggest that their children learn entrepreneurial skills and over a quarter (27 per cent) of children learning the value of work.
Almost a third of parents (31 per cent) feel their children being at home during the holidays gives them a reason to work hard and succeed, more than a quarter (26 per cent) receive moral support and 13 per cent benefit from the extra company they receive during the school holidays.
Additionally, 10 per cent of home business operators highlighted that they get more work done when their children are on holiday and a quarter (26 per cent) even believe that their business could not operate without the help of their children.
Jane Guaschi, Business Manager, at Direct Line for Business said: “Running a business from home is not for the faint hearted. Running such an enterprise whilst taking care of children is even tougher and we should be rewarding these enterprising parents who can simultaneously run a household and a successful business.
“This additional responsibility can be difficult to manage, so ensure you are well prepped for any surprises that may crop up during the busy holiday periods. At the least, it is worth considering home business insurance to cover you against any liabilities so that you can enjoy the time with your children whilst having one less thing to worry about.”
“That said, it is great to see that many business owners rely on their children and feel motivated to succeed and work harder when they are around their children.”
Annabel Karmel MBE, author and entrepreneur, added: “Being your own boss isn’t a job, it’s a lifestyle, and so reducing the workload when the children are at home is easier said than done. To keep Britain’s businesses as productive as possible I believe there should be further investment into subsidising childcare costs for those operating home businesses.”
“Making the decision to run a business from home is often triggered by the need to have more flexibility as a parent, so give yourself a break. Don’t feel guilty about swapping your laptop for a playdate, or exchanging emails for an Easter egg hunt.”
The regional effect on the income of home businesses with dependent children over the Easter holidays (10 working days):
| Region | Losses |
|
South East |
£39,424,840 |
|
London |
£32,972,160 |
|
East of England |
£24,333,660 |
|
South West |
£22,350,640 |
|
North West |
£21,060,000 |
|
West Midlands |
£18,549,960 |
|
Yorkshire and the Humber |
£16,619,980 |
|
East Midlands |
£15,074,800 |
|
Scotland |
£13,160,160 |
|
Wales |
£9,119,760 |
|
North East |
£6,760,000 |
|
UK |
£219,440,000 |
Source Direct Line for Business
Notes to editors
1Research conducted by Atomik Research amongst a representative sample of 1002 UK adults who run a business from home and have children under the age of 18. The research was conducted between 3rd and 6th March 2015.
2844,000 self-employed home workers with dependent children in the UK. Data from ONS table: http://www.ons.gov.uk/ons/about-ons/business-transparency/freedom-of-information/what-can-i-request/published-ad-hoc-data/labour/march-2015/number-of-home-workers--2013.xls
3Easter holidays calculated as 10 working days and minimum wage rate (£6.50) used as basis of monetary figures: https://www.gov.uk/national-minimum-wage-rates
Citigate Dewe Rogerson
Amrit Nijjer
Tel:
020 7282 2803
Email: amrit.nijjer@citigatedr.co.uk
Direct Line Group
Simon Henrick
Head of News and Issues
Tel:
0208 313 5965
Mobile:
07833 166 717
Email: simon.henrick@directlinegroup.co.uk
Direct Line for Business
Launched in 2007 Direct Line for Business provides a range of insurance products for the small business sector direct by phone or on-line.
Direct Line for Business insurance policies are underwritten by U K Insurance Limited, Registered office: The Wharf, Neville Street, Leeds LS1 4AZ. Registered in England and Wales No 1179980. U K Insurance Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Direct Line for Business and U K Insurance limited are both part of Direct Line Insurance Group plc.
Customers can find out more about Direct Line for Business products or get a quote by calling 0345 301 4827 or visiting www.directlineforbusiness.co.uk