16th July 2015
It is estimated the summer holidays will cost home businesses at least £658m as owners with dependent children take time off.
The analysis from insurer, Direct Line for Business, found that around 60% of the UK’s 844,000 home business will take time off to spend time with their children during the six-week break.
On average, these home business owners will invest four hours of working time every day, or 20 hours per working week, to make up for the time they take away from work to look after and entertain their children during school breaks.
Home business owners in the South East are set to lose nearly £120m, the most out of any region. In London, the summer holidays will cost home business owners nearly £100m because of the time they need to take away from work to look after children, while the figure for Eastern England is £73m.
While there may be financial implications for home businesses, the research reveals that many children gain valuable exposure to the world of business through their entrepreneurial parents. The research found 30% of parents suggest that their children learn entrepreneurial skills and over a quarter, at 27%, learn the value of work.
Almost a third of parents, at 31%, feel their children being at home during the holidays gives them a reason to work hard and succeed, while more than a quarter, at 26%, receive moral support from their kids and 13% said they benefit from the extra company they receive during the school holidays.
Additionally, 10% of home business operators highlighted that they are more productive when their children are on holiday.
Jane Guaschi, business manager, at Direct Line for Business said: “Running a business from home requires blood, sweat and sometimes tears. If you add taking care of children to the mix, running a home business becomes ever harder.
“The additional pressure of fitting everything in can be difficult to manage, so ensure you are well prepped ahead for any surprises that may crop up during this busy period. 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, and have one less thing to worry about.”
“It is, however, fantastic to see that so many home business owners feel motivated to succeed and work harder during the school holidays.”
The regional effect on the income of home businesses with dependent children over the summer holidays (6 weeks):
|East of England||£73,000,980|
|Yorkshire and the Humber||£49,859,940|
Source: Direct Line for Business, 2015