Google searches for "side hustle ideas" are up 326% as Brits look for ways to pay for rising living costs.
Amid soaring energy prices and the cost of living crisis, more and more Brits are searching online for ways to make extra money on the side. Analysis of Google data by Novuna Business Cash Flow has found that searches for "side hustle ideas" have increased by 326%, with 8,100 Brits inputting this search phrase on Google last month - 6,200 more than this time last year.
Other popular search terms for would-be entrepreneurs include: How to start a business (18,100 monthly searches) and How to write a business plan (3,600 monthly searches). The findings show that the most popular searches related to starting a business are:
- How to start a business;
- How to write a business plan;
- Side hustle ideas;
- How to register a business;
- How to build a website;
- How to pay self-employed tax;
- How to get a business loan;
- Getting a mortgage when self-employed;
- How to start a business with no money;
- How to start a business from home;
- How to register a business name in the UK.
With more people looking to set up their own business, Novuna's head of commercial business, John Atkinson, advises that entrepreneurs do their homework. "Many people want to start their own business, but often don't know where to start," he said. "First of all, it's most important to get the basics sorted. Hopefully you have a rough idea of what you'd like your business to be, but if not, spend time researching potential options, including competitors and the opportunities in the market. Ask yourself is it a growing market, or a fad which could go out of fashion further down the line?"
Despite the increased interest in entrepreneurialism, a new survey suggests that business owners and start-ups are finding it difficult to get finance. A poll conducted by Sonovate has found that more than a quarter (26%) of business leaders have had difficulty accessing finance from the main banks, 38% say that banks don't understand their business needs and 41% think banks' lending policies haven't kept pace with modern business needs. It comes as the Financial Conduct Authority (FCA) has warned banks to improve their treatment of small business owners after a review found instances of lenders treating small businesses unfairly.
Meanwhile, the findings show that businesses that access non-traditional forms of finance are seeing tangible benefits. Over a third (37%) of businesses surveyed say that alternative lenders make it easier to access funding and 76% say that invoice financing tools have greatly benefited their business. However, only 5% of those polled secured a loan or accessed invoice finance from an alternative lender in the past 12 months.
Written by Rachel Miller.