Entrepreneurs who run their businesses from garden sheds contribute £16.6bn annually to the UK economy, according to a recent study.
Research by Starling Bank has revealed that 104,000 micro-businesses and sole traders operate from a garden shed, with almost one in three (29%) such traders now using their shed as an office.
The study suggested that shed workers were four times less likely to be stressed at work compared with those working from an office, were more likely to have a good work-life balance and were more likely to be confident about their businesses’ prospects in 2020.
On average, a shed worker spends £3,343 on garden workspace, but saves £8,738 a year on rent, commuting costs, food expenses and other overheads.
Anne Boden, founder and CEO at Starling Bank (pictured above), said: “We have a tradition of entrepreneurialism in the UK and this — combined with the growing emphasis on a healthy work-life balance — has led to an explosion in people working from their homes.”
Katrina Murrell, a psychotherapeutic counsellor from Northampton, who runs her business from her garden shed, added: “My practice has grown consistently, with up to 20 clients a week.
“My home-based business has allowed me to flex my working hours and achieve my parenthood dreams.”
Temenos partners with ClearBank for cloud payments
Banking software company Temenos has formed a strategic relationship with ClearBank to provide banks with a faster route to market for real-time cloud payments...
Unity Trust Bank registers 34% rise in profits
Unity Trust Bank increased profits by 34% in 2019...
Believe the hype – why explainable AI is a trend that’s here to stay
Technology has become a ubiquitous part of our day-to-day lives...
Piloting tech updates: ‘The bigger the bank, the harder it is to get anything done’
In the latest Medianett filmed roundtable session, we discussed how important technology is in the banking space, and what impact the industry expects it to have on its businesses in the future...
What banks need to know about cloud security
One of the most common perceived concerns when adopting the cloud is the issue of security...
OakNorth sees 95% increase in pre-tax profits
OakNorth Bank has announced a 95% rise in pre-tax profits in 2019 to £65.9m, up from the £33.9m recorded in 2018...
Redwood Bank signs up to Women in Finance Charter
Redwood Bank has announced that it has signed up to the Women in Finance (WIF) Charter...
Masthaven launches digital Women in Leadership programme
Masthaven Bank has launched a new Women in Leadership digital development programme for female senior leaders...
Protecting against supply chain disruption and the domino effect
Disappointingly, many UK SME business owners don’t understand their supply chains...
Confused about which Isa to choose? Hopefully this mini-guide will help…
We are now firmly in Isa season, so you’re likely to read multiple articles about the most competitive Isa products in the market and how best to make the most of your Isa allowance before the end of the tax year...
Garden shed entrepreneurs contribute £16.6bn to the UK economy
Entrepreneurs who run their businesses from garden sheds contribute £16.6bn annually to the UK economy, according to a recent study...