Hustle and bustle to earn a bit on the side
BRITAIN is turning into a nation of hustlers, as more of us do work on the side to generate extra cash to supplement our earnings and pensions. More than 16 million Britons have a sideline to help cover the cost of living, doing everything from selling crafts and cakes, to renting out a spare room or their driveway.
Whether you are working or retired, this can help you cover your bills and pay down debts, as well as meet new people and enjoy a fresh challenge.
The internet has made it much easier to set up a business or find people willing to pay for your skills.
Is it time for you to do the hustle?
RENT IT OUT
One in four Britons now has a side hustle, according to research by OddsMonkey.com.
Trading items on eBay or Facebook Marketplace is most popular, but selling beauty products through companies such as Avon is more lucrative, making on average
£249 a month or £2,988 a year.
Renting out a spare room is also popular, bringing in £2,892 a year on average. It is also tax-efficient, because you can earn up to £7,500 a year from a lodger under the Government-backed Rent-a-Room Scheme without paying tax on the income.
If you have a driveway or other space and are near a busy train station or sporting venue, you have a potential source of income, with earnings averaging £217 a month.
Homeowner Joy Farrukh rents out her driveway near Wembley through YourParkingSpace.co.uk: “All the first-time drivers have a curious look on their faces, but after 20 seconds they are at complete ease, as if they have parked with me before.”
PIECE OF CAKE
Blogging is another option. Celebrity blogger Zoella, 28, is reckoned to earn £50,000 every month from her 12 million YouTube subscribers and 10.2 million Instagram followers, although the average is a modest, but still handy, £231 a month.
You can make money from advertising, promotions, affiliates and extra services, such as consulting and copywriting. Find a topic you are interested in and be prepared to update your pages at least three times a week.
Crafts and baking are less profitable but can still bring in more than £2,000 a year and were found to be the most enjoyable.
OddsMonkey spokesman Peter Watton said that while money is important, hustlers also want to enjoy what they are doing. One in three fails to declare their earnings, though: “It is important to remember to declare any income above £1,000 a year to ensure you do not get in trouble with the taxman.”
KICK OFF
A great way to get started is to turn a hobby or interest into something more lucrative. Michael Maxwell, 35, from Enfield, London, works full-time for a global digital agency, but turned his love of collecting football jerseys into website FootballShirtCollective.com: “What started out as an idea in the pub became an online home for footballshirt admirers, who love the culture and want to reminisce.”
Michael spends an hour or two on the site every day – “usually before the kids wake up” – earning money from selling football-inspired fashion and artwork, while the proceeds from his book Your First Football Shirt, a collection of interviews with footballers, went to charity.
Otherwise you can pick up all sorts of jobs on a number of websites such as Freelancer.com or find handyman work on TaskRabbit.co.uk or AirTasker.co.uk.
Whether your skills run to cleaning, computer programming, installing shelves or assembling IKEA flatpack furniture, you may find people in your area willing to pay for them.
TIME PRESSURE
Side hustles may not bring in much income until you have built up your customer base. You may also have to work long hours and have to balance this against your family life.
Almost half of side hustlers work more than 40 hours a week in total according to Equifax, which said popular jobs include freelance event photography, dog walking, teaching online courses and private tutoring.
Many say a side hustle boosts selfesteem and confidence but warn it can swallow spare time, while some employers may not like staff moonlighting.
Lisa Hardstaff, consumer credit information expert at Equifax, said: “A start-and-stop income could make it harder to get a mortgage or other credit as lenders like to see a steady income when viewing an application.”
‘Remember to declare any income above £1,000 a year to ensure you don’t get in trouble with the taxman’
FROM LITTLE ACORNS
One in three finds their side hustle more fulfilling than their full-time job, and wish it could be their prime source of income. In many cases, that is exactly what happens.
Half of all company owners started off doing it as a side business before taking it full-time, according to
The Recruit Venture Group. The biggest regret was not starting their company sooner.
Those working in accountancy, banking and finance were most likely to build a company from a side business. Designers, retailers, consultants, engineers, hospitality and events management, and computer specialists regularly took side ventures full-time.
Collectively, side hustles generated £72 billion for the UK economy last year, equivalent to 3.6 per cent of GDP.
With luck and hard work, what starts as a bit on the side could turn into a full-blown business venture.