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Have you got a successful side hustle?

20 December 2018 No Comment

Working previously as a hairdresser, social media sensation Sophie Hinchcliffe known as Mrs Hinch  started her cleaning ‘side hustle’ just 7 months ago. With the rise in social influencers and gig economy platforms, millions of young Brits are following their passions and unleashing their skills by running their own side hustle. With the use of social media platforms, budding entrepreneurs are monopolising on even the most specialist of skillsets to achieve their end goals.

According to a recent survey by Airtasker, 70% of young Brits say they have a second job, with up to 34% spending a good 20 hours a week extra on their side hustle. While some are taking up a second job to make ends meet, many are embracing the opportunity to do what they love and make extra money while keeping their day-job.

  • 20% use the extra money to cover debt and expenses
  • 14% are saving up for a house
  • 12% are fulfilling an interest/hobby
  • 9% use it to acquire new skills.

When asked about the most popular industries of choice, it seems that restaurants/cafes are the most popular businesses Brits would be interested in starting with 21% choosing this option. If given the opportunity, men are more inclined to starting the following businesses:

  • Pub/bar – 13%
  • Plumber/electrician – 12%
  • Restaurant/café – 11%
  • Web designing – 11%

On the other hand, women would like to start:

  • Restaurant/café – 31%
  • Interior designing – 14%
  • Landscape gardening – 10%

Most intriguingly, when asked about whom they would prefer to start a business with, the UK’s top choice was in fact ‘a friend’ winning with a majority of 36%, leaving ‘spouse’, ‘family member’ and ‘stranger’ as less popular choices. However, looking at the difference in sexes, women seem to be a lot more trusting than men in the fact that their partners will make for good business partners.

Although, an increasing number of Brits are embracing the ‘side hustle’, throwing caution to the wind in lieu of achieving their dream job, dream home or even just having a little extra in the bank, it seems that some are still weary of such a venture.

When asked what would keep them from starting their own business, most admitted that they weren’t sure how they would raise the capital at 42%, while 33% admitted to having a fear of failure and 25% simply do not feel they have the skills. Additionally, when asked about the Gig Economy, 53% admitted they didn’t know what it was, while only 8.3% were very familiar with the term.

More and more people are looking for extra ways to make money and by starting your own side hustle it provides the perfect opportunity to dip your toes into a ‘passion-project’ without having to commit to anything long-term.

You don’t necessarily have to raise capital or commit full time.

Because the fear of failure is so high, social media and shared economy platforms are the perfect gateway to earn some extra money without the stress or financial backing of a full-time business. You keep your day job and enjoy the perks and freedom of being your own boss on the side…at least until you become a superstar in your industry.

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