A SIDE hustle is a way for you to generate some additional income that supplements the salary you receive from your full-time job. For some it represents a means to an end – a way to ensure greater financial security – while for others it’s about harnessing a real passion, with any economic benefits little more than a welcome bonus.
Pre-Covid rankings of the easiest countries to do business in revealed that the UK sits within the top 10, so if you’re thinking about setting up a venture of your own, the signs are encouraging. Of course, many may feel they don’t have the time. After all, it can be hard enough to concentrate on holding down one job, especially when you also have your family commitments and social lives to make time for.
But despite all that, they’re becoming increasingly popular. So, what does the data tell us, what are the reasons for these trends and what are some examples of common side hustles? Read on to find out more.
How much have side hustles increased in popularity?
A 2018 study from Henley Business School found that one-in-four UK adults had a side hustle, while more recent data from Simply Business suggested that proportion had risen to above one-in-three.
Why have we seen such an increase?
The coronavirus pandemic has certainly had a major impact on this trend. When lockdown restrictions were at their most severe, a lot of people had more spare time either side of their working day – time which previously would have been spent commuting. Technological advances also mean it is becoming increasingly simple to run a business from the comfort of your own home, with the requirements stretching to little more than a laptop and a stable internet connection.
What are some of the most popular side hustles?
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There are a wide range of options available, from dog walking and freelance writing to drop shipping and arts and crafts. Then there are others who have opted to play the financial markets, setting up spread betting accounts to speculate on the future performance of certain assets.
What does the future hold?
With the cost of living on the rise, it stands to reason that side hustles will continue to grow in popularity as people seek additional ways to make ends meet. And, with more companies happy to convert to flexible working arrangements, it may just provide budding entrepreneurs the time and space they need to make sure their venture turns out to be a successful one.
