Over a third of UK residents currently have a side hustle in 2018, and this number is set to rapidly increase over the next 10 years according to The Independent.
Many workers start hustling in their spare time to make some extra money, while others want a new venture to channel their skills into, outside the constraints of their unfulfilling 9-5 job. So what is a side hustle and why are you missing out if you don’t have one?
What is a side hustle?
A side hustle is a hobby or second job that you pursue in your spare time that provides you with an additional income stream. Side hustles can be pretty much anything from starting your own business selling products online to delivering takeaways. They can provide an additional boost to your monthly income alongside your usual job. Plus you never know what might happen, it could potentially turn into something more like these 5 successful side hustlers.
Why start a side hustle?
Perhaps you have a dream holiday you’re struggling to save for? Maybe you want a new car? Or you’d like to put a deposit down on a house? Whatever it is, your side hustle can help you to get there sooner. It provides you with more disposable income to play around with, getting your one step closer to your financial goal.
It’s not just about the money though. With a side hustle, you’re able to take up something you’re passionate about that’s both fulfilling and enjoyable at the same time. It’s a win-win situation.
Who can start a side hustle?
Absolutely anyone with a little spare time and motivation can start a side hustle. Maybe you have a full-time job or a part-time job. Perhaps you’re a student, you’re on maternity leave or maybe you’re retired. Whatever your current situation is, if you have a knack for something that can benefit others, why not use it to make some extra cash?
Examples of side hustles
As discussed earlier, side hustles can be pretty much anything that makes you money. See the list below for some of the most popular side hustles in the UK:
- Selling handmade crafts
- Furniture restoration
How much can you earn from a side hustle?
The average side hustle in the UK earns around £3000 extra a year according to Oddsmonkey. That’s £3000 extra to spend as you please, just for putting in a few hours of additional work each night. Of course, the more hours you put in, the more you could potentially earn, but it’s all about finding a balance that you’re happy with.
Top tips for starting a side hustle
Now we’ve given you the low-down on side hustles, we’ll give you some top tips when starting one.
1. DON’T PUT YOURSELF UNDER TOO MUCH PRESSURE
Go into your side hustle with the right mindset. Think of it as a fun hobby to make some extra cash, and if it grows into something more then that’s a huge bonus. You’re going to put too much pressure on yourself if you start making plans to quit your job straight away, and it’ll actually prevent you from enjoying the process. Instead, take each day as it comes while continuing to perform well in your primary job. The last thing you want to do is lose your regular income! Take a look at more tips for starting a business in your spare time.
2. IF YOU’RE NOT WORKING, YOU’RE NOT EARNING
In the early days of starting a side business, it’s crucial that you manage your time well by focusing on tasks that earn you money. If you spend more time planning and less time actually doing, you’re just putting things off and delaying your business.
For example, let’s say you start selling handmade jewellery online. Is your time better spent making your spreadsheets look pretty, or are you better getting hands on and creating more products? Spreadsheets aren’t going to make you money, online sales are. Focus on the essential tasks at hand, and the admin can come later.
3. BE WILLING TO MAKE SACRIFICES
If you really want to make your side hustle a reality then something’s got to give. Saying no to plans with friends and cutting down your TV time are just some of the sacrifices you’ll have to make if you want to make this happen.
This is why it’s absolutely crucial that you’re pursuing something that you genuinely love doing, because at the end of the day, it won’t feel like work. Your side hustle shouldn’t feel like a chore, it should be something that you enjoy doing that you’re happy to pick up at the weekends.
If you’re interested in earning some extra cash by selling your own products online, then feel free to get in touch with our team. We’re more than happy to advise on how you can set up your own online shop to sell your products from. You never know, you might earn yourself an extra £3000 a year!