Side Hustles

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Interested in starting a side hustle and becoming your own boss? Well, with the new year on the horizon—and the opportunity for a fresh start that it brings—there’s no time like the present.

But which industries are the most lucrative for starting a side hustle in? And what are the biggest challenges current side hustle owners are facing? To find out, we conducted an in-depth survey, diving deep into the UK’s side hustle landscape.

We asked people about the sectors they are eager to break into, as well as their biggest worries associated with doing so. We also asked side hustle owners about their top challenges, as well as their financial successes to date. Intrigued? It’s time to dive into our full results!

Aspiring side hustle entrepreneurs

Let’s first dive into our insights on those eager to establish a side hustle in the UK. We found that 21% of our participants are hoping to set up in the creative arts industry, with 19% looking to establish themselves in the retail and e-commerce sector. Less are hoping to set up in hospitality and events (6%) and even fewer in the finance and consulting industry (5%).

When asked about their main reason for wanting to establish a side hustle, a whopping 66% of participants said that they are eager to generate extra income, with a further 31% revealing that it has more to do with pursuing a passion. Finally, 22% of our participants mentioned that they are chasing a more flexible work schedule.

We also enquired about concerns associated with setting up a side hustle, and 36% of people cited time management as a top worry. 32% revealed that they were concerned about juggling a side hustle with a full-time job, and the fear of financial failure also preoccupies 20% of our participants.

Finally, when asked whether they planned on turning their side hustle into a full-time business, most of our survey participants said potentially, depending on success.

Current side hustle owners

Next, let’s focus on the insights we gained from current side hustle owners in the UK. The biggest issue they face seems to be balancing their side hustle with their main job (39%), as well as the toils of administrative tasks and paperwork (27%).

Most of our participants (72%) are spending up to ten hours a week on their side hustle, and a further 18% are spending 20 hours or more! But what about earnings? Well, 73% are making up to £500 monthly, with 20% earning upwards of £1000.

When asked about what has helped them grow, 23% mentioned networking with other entrepreneurs, with 13% also remarking on business tools such as software and apps. Finally, 35% of our participants highlighted the importance of social media marketing for their side hustle.

How do sentiments vary from industry to industry?

Those in the creative arts and design industry state that admin tasks and time management are their biggest hurdles (30%), while marketing and promotion is a struggle for those in accountancy, banking, and finance (36%). Administrative tasks preoccupy those in environment and agriculture too, whereas in media, they don’t seem to be a glaring issue (with only 9% mentioning it).

64% of our survey participants said that they would deem their side hustle a success, but which industries are the most lucrative? Well, information technology is officially the most profitable side hustle industry, with 24% in this field earning over £1,000 per month. This is followed by engineering and manufacturing (20%), and science and pharmaceuticals (14%). Finally, the least lucrative side hustle industry appears to be education, with 54% of people earning less than £100 per month.

Side hustle top tips

With 36% of Brits admitting that their side hustle isn’t yet a success, we thought we’d leave you with a few final tips. From marketing to time management and tapping into support networks, there are a variety of things you can do to help your business flourish:

With 35% of people mentioning that social media has been integral in helping them grow, it’s certainly something you’ll need to bear in mind (especially if you’re just starting out). Platforms such as Instagram and TikTok can help you connect with customers and showcase your offerings, enabling you to build a loyal and supportive community.

We’d recommend focusing on building a strong social media presence, creating content that showcases who you are and what you offer. For instance, if you’re in the creative industry making handmade goods, an Instagram Reel detailing the creative process from start to finish is bound to interest shoppers.

And if you’re not new to the world of side hustles, there’s no harm in giving your social media accounts a quick refresh to entice new business. Why not use our free, easy-to-use, Instagram Story template to showcase your offerings?

2. Practice effective time management

With 44% of people spending between 5-10 hours a week on their side hustle, and 9% spending 20 hours or more, balancing a side hustle with a full-time job requires effective planning. Time management skills are therefore a key ingredient for success.

We’d recommend using a paper or digital planner to categorise the time you’ll be dedicating to your side hustle weekly. A clear to-do list will help you stay organised, and you’ll know exactly what needs completing by when.

Also, it’s important to set boundaries to ensure a healthy work-life balance, as failing to do so may lead to burnout— something that will negatively impact your side hustle in the long run. So, set designated working hours and stick to them where possible.

3. Tap into support networks

Running a solo side hustle may lead to feelings of stress or isolation, but tapping into your support networks can be a huge help. One way to do this is to network locally, perhaps attending free events or meet-ups for entrepreneurs in your area.

Or, platforms such as LinkedIn are great for virtually connecting with others in your industry. You’ll be able to chat with likeminded people, sharing tips or simply speaking with someone who understands. With 34% of participants mentioning that friends and family have been a great help, don’t forget to look to those closest to you for support too.

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