10 profitable side hustles you can start in 2022 and earn up to £20,000 extra!

Keen for an income boost in 2022? Check out these top 10 side hustle ideas that could earn you up to £20,000 extra a year.

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.

Hand holding pound notes

Image source: Getty Images.

When investing, your capital is at risk. The value of your investments can go down as well as up and you may get back less than you put in.

Read More

The content of this article is provided for information purposes only and is not intended to be, nor does it constitute, any form of personal advice. Investments in a currency other than sterling are exposed to currency exchange risk. Currency exchange rates are constantly changing, which may affect the value of the investment in sterling terms. You could lose money in sterling even if the stock price rises in the currency of origin. Stocks listed on overseas exchanges may be subject to additional dealing and exchange rate charges, and may have other tax implications, and may not provide the same, or any, regulatory protection as in the UK.

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More.

Are you looking for a side hustle that can bring in some serious cash in 2022?

Maybe you want to earn a little extra spending money or save up for something big like travelling. Perhaps you want to pay off your debt, build an emergency fund, or even invest. Whatever your motivation, a side hustle is undoubtedly one of the best ways to supplement your income.

Are you considering a side hustle this year? If so, Materials Market has conducted a survey and generated a list of the top 10 most profitable side hustles that might be worth a shot in 2022. Let’s take a closer look at the top five.

The top 5 money-making side hustles

1. Carpentry

Carpentry ranks first on the list of the highest-paying side hustles, with the potential to earn nearly £20,000 per year. If you are good with your hands and enjoy woodwork DIY projects, you can easily turn this into a successful side business.

According to Materials Market, carpenters selling bespoke items can make up to £1,600 a month (£53.33 per hour), while those working on practical projects such as wardrobe making can earn up to £1,000 on a single project!

Bear in mind, however, that there are initial expenses involved, including tools and materials, though these could be easily covered by the potential profits of this side hustle.

2. Dropshipping 

If you are looking for a side hustle that’s a little less hands-on but can still bring in some serious cash, you might want to consider dropshipping. This is a form of retail whereby instead of stocking products to sell yourself, you purchase them from a third-party supplier who then sends them directly to the customer.

Dropshipping can earn you up to £1,300 per month (£43.33 per hour) and can be done from the convenience of your own home.

3. Baking

If you are used to making cakes and cookies for special occasions or to share with friends and family, there is no reason you shouldn’t be able to make some extra cash by selling these treats to the public.

According to Materials Market, this particular side hustle can make you approximately £1,000 per month (£33.33 per hour).

4. Streaming

This refers to the creation of any media content, whether live or recorded. If you enjoy playing video games, for example, live streaming on a platform like Twitch could be a dream side hustle.

You could also stream yourself doing some other money-making hobbies, such as baking or carpentry, and in this way, work on two income sources simultaneously. Streaming has the potential to earn you up to £800 per month (£26.66 per hour).

5. Wholesaling

Not to be confused with dropshipping, wholesaling is where you buy products in bulk and then sell them on at a profit. As a side hustle, wholesaling could earn you approximately £650 per month (£21.66 per hour).

The rest of the top ten highest-earning side hustles

We’ve looked at the five most profitable options in top 10, according to Materials Market. Here are the other options that complete the top 10:

  • Beauty therapy: approximately £550 per month (£18.33 per hour).
  • Jewellery making: around £530 per month (£17.66 per hour).
  • Tailoring: roughly £500 per month (£16.66 per hour).
  • Blogger: approximately £450 per month (£15 per hour)
  • Pet sitter/walker: around £430 per month (£14.33 per hour)

Final word

Increasing your income through a side hustle can do wonders for your overall finances and help you achieve your goals. Why not consider one or more of these side hustles to boost your income in 2022?

And if you need more inspiration to help you choose a profitable side hustle, here are a few extra articles with ideas to help you get started:

Should you invest, the value of your investment may rise or fall and your capital is at risk. Before investing, your individual circumstances should be assessed. Consider taking independent financial advice.

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 »