The idea of the side hustle is no longer on the financial fringes. You could even say that it’s going mainstream as new figures show just how big this economy is becoming in Britain.
Here’s everything you need to know about side hustles, including what the future may hold and whether it’s worth doing something extra on the side.
What is a side hustle?
Similar to a side dish that accompanies a main meal, you can think of a side hustle as small job on the side that supplements your primary income.
With the rise of the gig economy and all the opportunities that the internet affords us, having a side project that earns cash is now easier than ever.
It looks like many people in the UK are taking advantage of extra working opportunities. Would you like your nine to five with a side of extra cash? Yes, please!
Why is the UK side hustle economy booming?
Obviously, it’s because we’re an entrepreneurial bunch! New data from community marketplace Airtasker shows that more Brits are taking on side jobs to earn extra money. Are you one of the many out there putting in some extra graft for some extra dough?
According to the research, 56% of survey respondents took on an extra hustle during the coronavirus pandemic. Some are pocketing an extra £274 per week. Job insecurity, the furlough scheme, and reduced hours have led many of us to earn our money in less conventional ways.
This has created a perfect storm for side hustling to take off – resulting in a mini-economy worth £346 billion!
What’s a good side hustle?
What makes a good side hustle for you will depend on your lifestyle and skills. Ideally, a good side hustle is one that you can undertake with minimum impact on the rest of your life.
Your qualifications, interests, and how much spare time you have will all play a part when picking a part-time hustle.
Personally, I used to deliver food on a bicycle in the evenings. I did this because it fitted in with my full-time job and I love to keep active. So I would have cycled around for free anyway! Getting paid to do it was a bonus.
How will all this impact our future economy?
A more flexible economy has been bubbling under the surface for a while now. There are many obvious benefits to a more elastic working structure, and this has become evident over the last year.
Working from home became the new normal, and it looks like it’s here to stay. Also, many people are treating their careers like investment portfolios. Instead of having all your eggs in one basket, diversifying your income streams gives you other options to fall back on.
There’s an ever-growing number of tools at our fingertips, and my view is that the side hustle economy will continue to grow. But with more self-reliance over how we earn money, it’s even more important for us to take ownership of our finances. This means being well-prepared regarding things such as pensions, savings and investing.
What is the best side hustle in 2021?
Like ice cream flavours, there’s not really a ‘best’ hustle. It’s best to play to your strengths. But if you’re really struggling for inspiration, you can begin looking for odd jobs on sites like Airtasker.
Food package delivery is a booming area, but with Winter approaching, you may prefer something warmer and internet-based. The key is to find a hustle that gives you a decent return on your time investment. If you only have a few hours to spare, avoid a time-intensive project.
Just remember that any extra work you do has the potential to impact your tax situation. Happy hustling!
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