- Side hustles are becoming more popular in the U.K., with nearly one-third of the population having a side hustle.
- Lack of job security, rising living costs, and greater flexibility drive individuals to side hustles.
- People can pursue their passions while monetizing their skills and interests through platforms like Instagram, YouTube, Etsy, and Amazon Marketplace.
- Construction, e-commerce, consulting services, and tutoring are some of the best industries for side hustles.
- With the gig economy rising in the U.K., side hustles offer an excellent opportunity to supplement income and gain financial security.
It’s no secret that side hustles are becoming increasingly popular in the U.K. and worldwide. In fact, according to a recent study by Henley Business School, nearly one-third of the U.K.’s adult population now has a side hustle. Here’s what you need to know about side hustles, why it’s so common in the country, and which are the best industries to join for a side hustle.
The world has changed drastically over the past few years, and the gig economy is rising. With technology advancements, increased freelance work opportunities, and more people working remotely, side hustles have become increasingly popular to supplement income. This has benefited those looking to break into new industries or start businesses without quitting their day job. Here are some growing reasons why people are taking up side hustles:
Lack of Job Security
In today’s economy, job security is becoming a thing of the past. With companies downsizing and outsourcing jobs, relying solely on a full-time job for income is no longer safe. Side hustles provide an additional income stream, offering individuals added financial security. Moreover, they can also serve as a backup plan in case anything unexpected happens in their full-time career.
Rising Living Costs
The cost of living in the U.K. is rising alarmingly, and many people are struggling to make ends meet. However, with side hustles, individuals can earn extra income to bridge the gap between their primary income and expenses. Depending on the type of side hustle, this additional income can even help them save up for major expenses, like buying a house or funding a child’s education.
Many people turn to side hustles because they offer greater flexibility than traditional jobs. With a side hustle, individuals can work when they want, often from the comfort of their homes. This flexibility makes it easier for individuals to balance their side hustle with their full-time job, family responsibilities, and other commitments.
Side hustles allow individuals to pursue their passions, explore their interests, and turn their hobbies into a money-making venture. Whether selling handmade crafts or providing freelance consulting services, side hustles allow individuals to monetize their skills and interests, potentially leading to a fulfilling and rewarding career path.
Social Media and Digital Platforms
The rise of social media and digital platforms has made it incredibly easy for individuals to start their side hustle with little to no upfront costs. Instagram, YouTube, Etsy, and Amazon Marketplace are just a few platforms allowing individuals to sell their products or services to a global audience, making it easier than ever to start a side hustle.
Best Industries For Side-Hustles
Now you know why people are taking up a side hustle, and you might be thinking of getting one yourself. Here are four industries you can join for side hustles and how to get started.
The construction industry in the U.K. is worth billions of dollars. It’s a great option for many side hustlers and has an easy way to start. First, get your essential CITB exam for joiners. This exam covers all the relevant skills and knowledge needed for constructing. After you pass your exam, you can start offering services as a joiner or carpenter.
E-commerce is one of the fastest-growing industries in the U.K., with many people setting up online stores to sell their products without renting traditional shop space. If you have an idea for a product that could be sold online, plenty of resources are available to help get you started. Consider platforms like Amazon Marketplace, Shopify, and eBay which will allow you to list your products quickly and easily.
Providing consulting services is another excellent way to make money on the side while using your experience and expertise. Job roles include freelance marketing consultants, social media managers, financial advisors, and IT professionals. You can start by making a portfolio of your skills and offering your services online through professional networks such as LinkedIn or Upwork.
Tutoring is ideal for those with the right qualifications who are looking to supplement their income on the side. There’s plenty of demand for tutors in English, Maths, Science, and Languages. You could even offer virtual tuition services through Skype or Zoom if you don’t want to meet clients face-to-face. Platforms like Tutorful allow you to easily create a profile online so prospective students can contact you directly to book lessons.
Overall, there are many opportunities and options regarding side hustles. Whether you want to pursue a passion project or tackle a new industry, the U.K.’s gig economy provides plenty of opportunities for individuals looking for extra income with flexible hours. Do your research, pick an industry you’re interested in, and get started!