In today’s fast-paced world, many people are looking for ways to supplement their income or pursue their passions outside of their regular jobs. Side hustles have become increasingly popular as a way to do just that. Some successful businesses, such as Innocent Drinks, Moonpig, and Not on the High Street, were all started as side hustles by their founders. This trend has inspired many others to follow suit and start their own ventures on the side.
The gig economy is booming, and with economic uncertainties and job insecurities, more people are turning to side hustles to make ends meet. According to research by Enterprise Nation, just under half of Brits had a small business as an additional source of income in 2024. The number of people setting up side hustles to supplement their income has also been on the rise. Side hustlers typically spend 10-20 hours a week on their ventures, working around their day jobs and earning an average of £207 a week or £900 a month.
One interesting trend that has emerged is the rise of female founders in the side hustle space. Many women are starting their own businesses to achieve a better work-life balance and create inclusive work cultures. Frustrated by the lack of flexibility in traditional workplaces, these women are taking the leap into entrepreneurship to pursue their passions and build businesses that align with their values.
Starting a side hustle may seem daunting, but there are several important questions you can ask yourself to get started. First and foremost, identify your passion and what you are knowledgeable about. Retail activities, consulting, tech-related jobs, and health and wellness services are popular choices for side hustles. It’s essential to find the intersection between your passion and what your audience needs or wants.
Timing is also crucial when starting a side hustle. It’s important to assess whether now is the right time to launch your business and how much money you need to get started. Setting up a business plan, understanding your core customers, and managing your time effectively are all key aspects of launching a successful side hustle.
When it comes to the practicalities of setting up a side hustle, branding, setting up and running costs, protecting your business, and paying taxes are all important considerations. It’s essential to have a clear plan in place and to seek advice from professionals when needed. Additionally, getting support from business communities, mentors, and financial advisers can help you navigate the challenges of starting a side hustle.
In conclusion, starting a side hustle can be a rewarding and fulfilling experience. By following these tips and asking yourself the right questions, you can set yourself up for success in your side hustle journey. Whether you’re looking to supplement your income, pursue your passions, or achieve a better work-life balance, starting a side hustle could be the perfect solution for you.
