Over a third of ambitious Brits have set up a side hustle in the last year – and are bringing in an average income of nearly £250 a month from their passion project
Over a third of ambitious Brits (35%) have set up a side hustle in the past 12 months – with e-commerce buying and selling topping the list of most popular enterprises, a study has found.
The trading of products online was followed by running creative or artisan workshops, and pet-sitting or dog-walking, on the top 20 list of popular passion projects set up since January 2023.
And baking, crocheting, upcycling clothes, and selling their own artwork, are other “hobbies” from which Brits are making money – bringing in an average income of £249.35 a month from their side hustles, before any deductions.
But while a quarter (26%), of the 1,500 adults polled, who have started a side hustle, reckon they could one day turn this into their main profession, they also admit that it does not come without its challenges.
The top barriers they have faced include securing an initial investment to get their business up and running, as well as gaining and growing a customer or client base.
One in four feel they have had a slower start than they anticipated, while 72% admitted it took them some time to pluck up the courage and take the plunge to get it started.
However, half of those polled feel 2024 is “their year”, with 39% of those putting this down to having more time to dedicate to their passion project. And 24% expect an increased demand in the next 12 months for their offering.
In light of the findings, this fun, interactive quiz has been created, to test whether you’ve got what it takes – to start up your own, successful business.
Phil Jones MBE, managing director at Brother UK, which commissioned the research, said: “It is interesting to see how different kinds of side hustles compare – there seems to be more growth in creative pursuits and making products.
“There are numerous factors contributing to this, including the popularisation of crafting via mainstream television, the amount of free time people had during the pandemic period – which drove a crafting renaissance – access to markets through selling platforms like Etsy, or building audiences via Facebook and Instagram.
“The UK economy needs small businesses – the ONS recognise 413,000 sole proprietors in the UK, and just over two million companies. They represent 90% of all enterprises in the UK, and are a vital part of economic growth.”
The research also found 46% reckon it’s generally easier to turn a hobby into a side hustle now, compared to five years’ ago.
Nearly four in 10 (39%) said this is due to social media offering more advertising and promotional opportunities, with the countless online platforms and marketplaces making it easier to sell goods (38%).
And three in 10 feel the rise in flexible and remote working has allowed them to dedicate more time to turn a passion into profit – as 80% currently conduct the majority of their side hustle in a separate workspace.
For 60%, these side hustles were born from hobbies before they started making money from them.
But of those who were reluctant to initially take the leap, 36% were threatened by the competition, while a third lacked confidence in their own business acumen.
And while 65% started their business to make some extra cash on top of their main job, 22% did so as they wanted to challenge themselves.
However, it doesn’t come without its difficulties – as tax returns (18%), finding suppliers (11%), and managing deliveries and postage (17%), were among the top 10 barriers respondents have had to face.
The study, conducted via OnePoll, found that, of the 21% who think it’s now harder to start a side hustle than it was five years ago, 36% blame inflation and the growing expense of materials.
Phil Jones MBE added: “Starting a side hustle has its challenges, but it can be a great way to pursue something you care about while making some additional income. The conditions have never been more favourable to turn your passion into a viable product or service to sell to others.”
TOP 20 SIDE HUSTLES LAUNCHED FROM JANUARY 2023 ONWARDS:
- Buying and selling products/e-commerce re-selling
- Running creative or artisan workshops
- Pet-sitting/dog-walking
- Upcycling clothes
- Selling your own artwork
- Influencer/social media content creator
- Baking
- Online courses/coaching
- Crocheting
- House cleaner
- Babysitting/childcare
- Private educational tutoring
- Making your own jewellery
- Upcycling furniture
- Making candles
- Gardening for others
- Knitting
- Designing and selling t-shirts
- Renting your home or a spare room
- Selling personalised stationery
TOP 10 CHALLENGES OF STARTING A SIDE HUSTLE:
- Finding the time to balance a side hustle, alongside a main job or other commitments
- Gaining a client/customer base
- Competing with existing, more established businesses in the same industry
- Doing tax returns
- Marketing
- Managing deliveries/postage
- Ensuring you make the same amount of money/sales each month
- Finding the right suppliers
- Coming up with the initial investment to get the business off the ground
- Registering the business
