As inflation drives up the cost of living, Brits are increasingly looking for extra sources of income to help make ends meet.
A new survey of 2,000 British workers by Money.co.uk has found that almost a third (31%) already have a side hustle and 42% are considering starting a side hustle. Just 28% say they are not considering a side hustle.
The top reasons for starting a side hustle are:
- To make more money (70%);
- To fulfill a passion (24%);
- As a route towards running a business full-time (18%).
Serial side hustlers are on the rise
A new survey of online entrepreneurs from GoDaddy suggests that the boom in British side hustle culture shows no sign of slowing down, as many people now run more than one side hustle. It has found that 17% of so-called "side hustlers" run more than one business alongside their day job. Of those that have a single side hustle, the data from GoDaddy indicates that a further 42% are considering starting a second.
GoDaddy's research has found a number of key factors driving the push for second side hustles. Just over half (54%) said they were following a passion and wanted to make more money from something they love, while 32% had spotted a gap in the market and an opportunity to make extra money. One in seven (14%) said the extra cash was necessary to cover household expenses.
Three in five (58%) side hustlers said their new venture cost them as little as £500 to start; the average UK side hustle generates £22,900 annually.
Britain's entrepreneurial community could also be getting younger, with four in five (81%) side hustlers aged 18-34. The average age of side hustlers surveyed in the UK is 32, while one in nine (12%) said they had started their first side hustle when aged under 18.
Case Study: Lucy Stone
One serial side hustler who has set up multiple ecommerce businesses is Lucy Stone, owner of Meditation Rocks and Find Your WOW: "I started my first side hustle, Meditation Rocks, during the pandemic, after my meditation live streams began attracting thousands of viewers every day ... I've now launched a second venture, Find Your WOW, which is based on what I've learnt from teaching meditation. To anyone thinking of setting up a second business, it's important keep your eyes open for new opportunities and trust your gut. You never know what will happen in the future so having multiple sources of income can help ensure your longevity."
Written by Rachel Miller.