How much money can you really make with a side hustle?

A side hustle is a perfect way to bring in some extra cash without leaving your full-time job. But how much can you expect to make from it?

The content of this article was relevant at the time of publishing. Circumstances change continuously and caution should therefore be exercised when relying upon any content contained within this article.

Young woman sat at laptop by a window

Image source: Getty Images

A side hustle is an increasingly popular option for people hoping to make a little extra money. But how much can you realistically make from one? Read on to find out how much the average person makes from a side hustle. I’ve also included some tips on how to maximise the earning potential of your side gig.

[top_pitch]

5 Stocks For Trying To Build Wealth After 50

One notable billionaire made 99% of his current wealth after his 50th birthday. And here at The Motley Fool, we believe it is NEVER too late to start trying to build your fortune in the stock market. Our expert Motley Fool analyst team have shortlisted 5 companies that they believe could be a great fit for investors aged 50+ trying to build long-term, diversified portfolios.

Click here to claim your free copy now!

What’s happening with side hustles?

A side hustle is basically a second job that brings in extra money to supplement your income. Millions of people have them, and they’re on the rise in the UK. Indeed, recent research reveals that 46% of people in the UK currently pocket a second income through a side hustle.

Additional research by online freelance marketplace Fivver shows that 58% of those who have a side job started it after March 2020, that is, after the Covid-19 pandemic hit.

According to Fivver, more Brits have needed to earn some extra money due to irregular employment resulting from the pandemic and higher costs of living.

There are many side hustle ideas out there to choose from. Here are a few of the most popular:

  • Freelancing (web design, article writing, or transcribing)
  • Affiliate marketing
  • Driving for a ride-hailing service
  • Selling goods online (e.g., on eBay)
  • Dog walking

What does the average person make from a side hustle?

According to the survey conducted by Fivver, those with side hustles added an average of £6,300 to their income last year. This equates to about £525 per month, which is quite a sizable sum to add to your regular income.

Of course, this is an average figure. Side hustles come in all shapes and sizes, so it’s not always easy to predict how much you might make. The exact amount will depend on the type of side job you do and how much time and effort you put into it, among other factors.

[middle_pitch]

How can you increase the earning potential of your side hustle?

Here are four tips to help you maximise the income from your side hustle.

1. Choose a side hustle that you actually enjoy

When it comes to a side job, it’s best to pick something you actually enjoy doing. You’ll be more motivated to run it and increase your chances of success if it’s something you consider to be fun rather than something that feels like a chore.

2. Go for something that is scalable (if possible)

A scalable side hustle is one that has potential to grow into something bigger. You’ve probably heard or read about people who have been able to grow a small side hustle into a full-fledged business.

Not all side jobs are scalable. Take driving for Uber, for example. On one hand, it’s a great side hustle because you get to choose your schedule and set your own hours. However, you have to drive for every pound you earn. Because there are only 24 hours in a day, there are only so many hours you can drive, and thus, there is a limit to how much you can realistically make.

Online sales, blogging, and affiliate marketing, on the other hand, are excellent examples of scalable side hustles. The potential for growth here is almost limitless, not to mention that you can make money in your sleep with these side jobs.

3. Boost your skills

Developing the skills related to your side hustle is ultimately one of the best ways to increase your earning potential. You could, for example, take online courses or even seek advice and guidance from more experienced people in the field you are interested in.

4. Invest your earnings

Finally, you can significantly boost your side hustle money by investing some of it. Although investing is inherently riskier than, say, putting your money in a savings account, it has the potential for greater returns. Investing essentially means making your money work harder for you and it could help you build wealth in the long term.

Looking to boost your income in 2022 through a side hustle? Check out these three top sectors for generating a second income with a side hustle.

Is this little-known company the next ‘Monster’ IPO?

Right now, this ‘screaming BUY’ stock is trading at a steep discount from its IPO price, but it looks like the sky is the limit in the years ahead.

Because this North American company is the clear leader in its field which is estimated to be worth US$261 BILLION by 2025.

The Motley Fool UK analyst team has just published a comprehensive report that shows you exactly why we believe it has so much upside potential.

But I warn you, you’ll need to act quickly, given how fast this ‘Monster IPO’ is already moving.

Click here to see how you can get a copy of this report for yourself today

More on Personal Finance

Note paper with question mark on orange background
Personal Finance

Should you invest your ISA in a model portfolio?

Which model ISA portfolios offer both high performance and low fees? Hargreaves Lansdown, Interactive Investor and AJ Bell go under…

Read more »

Economic Uncertainty Ahead Sign With Stormy Background
Personal Finance

Is it time to exit emerging markets investments?

Investors may well be sitting on losses from emerging markets funds. Is it worth keeping the faith for a sustained…

Read more »

Personal Finance

Share trading? Three shares with turnaround potential

Share trading has been difficult in 2022, but which companies have turnaround potential? Jo Groves takes a closer look at…

Read more »

Man using credit card and smartphone for purchasing goods online.
Personal Finance

Revealed! Why Gen Z may be the savviest generation when it comes to credit cards

New research reveals that Gen Z may be the most astute when it comes to credit cards. But why? And…

Read more »

Environmental technology concept.
Personal Finance

The 10 best-performing sectors for ISA investors

The best-performing sectors over the past year invested in real assets such as infrastructure, but is this trend set to…

Read more »

Road sign warning of a risk ahead
Personal Finance

Recession risk ‘on the rise’: is it time for investors to worry?

A major global bank has suggested the risk of a recession in the UK is 'on the rise'. So, should…

Read more »

pensive bearded business man sitting on chair looking out of the window
Personal Finance

1 in 4 cutting back on investments amid cost of living crisis

New research shows one in four investors have cut back on their investing contributions to cope with the rising cost…

Read more »

Image of person checking their shares portfolio on mobile phone and computer
Personal Finance

The 10 most popular stocks among UK investors so far this year

As the new tax year kicks off, here's a look at some of the most popular stocks among UK investors…

Read more »