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For many years, the term "side hustle" has been used loosely. However, due to the recent increase in costs, more and more people in the UK have decided to adopt a side hustle to generate additional income. Side hustles aren’t just a straightforward concept; they encompass many different aspects that require a wide range of knowledge before starting one for yourself.
At OddsMonkey, we are experts in the online side hustle sector, helping over half a million people earn an extra income through matched betting. This puts us in a great position to break down everything you need to know about side hustles, so you are fully informed should you wish to explore a side job in the future.
In the simplest terms, a side hustle is a potential way to earn extra money outside of a traditional everyday 9-to-5 job. However, the general term of a side hustle can encompass a whole array of different terms and factors. Still, generally speaking, they can be part-time jobs, freelance gigs, or a small business started on the side while a person continues to work their full-time job.
For several years, side hustles in the UK have become increasingly popular, offering an additional avenue for individuals to pursue their passions and earn extra money to help achieve their financial objectives. In addition to all of this, a side hustle can serve as a means to pay off debts, save for a down payment on a property, or even fund long-term savings goals, such as retirement.
Besides the financial benefits a side hustle may offer, it also allows people to gain control over their own work schedule. People who decide to take up one of these can choose specifically how much time and overall effort they want to put into it and how often they do it, putting the ball in their court and granting an additional layer of freedom. However, as you have more control, it is still essential to remember that a side hustle can be a significant amount of work. They require dedication, commitment, and hard work in most cases; therefore, setting realistic goals and preparing to put in the time and effort to make them successful is always important.
Not only this, but starting a side hustle can also be a great way to acquire new skills and gain valuable experiences. It can provide an opportunity to learn about many different industries and sectors, potentially opening people’s eyes to entrepreneurship, marketing, and other skills that are incredibly valuable in the business sphere.
Although all the benefits may seem enticing when starting a side hustle, it is vital that you carefully plan and set out a host of different checkpoints to prepare for all that is to come. To get you started, consider the following aspects beforehand.
The first step in starting a UK side hustle is to determine what you are passionate about and the skills you have to offer. By identifying these, you can consider what you enjoy doing in your free time and think about how you could turn these interests into a business.
Once an idea for a side hustle has been established, it’s time to begin researching the logistics surrounding your concept. Determining whether there is a demand for your service or product is vital, as this can influence the final decision to pursue predetermined interests. Research isn’t limited to this, though, as selecting a handful of similar businesses could potentially aid in the start-up process by identifying what they are doing, how they are doing it, and how much they generally charge.
Next up in the start-up steps is actually creating a business plan. By doing this, you will be able to define any goals you have set for yourself and refine the overall marketing strategy you will implement for your target audience. Furthermore, a business plan can help identify potential challenges you may encounter, allowing you to develop solutions before actually facing them.
The least exciting part of the whole start-up process is setting up the legal structure of your side hustle. Although this may seem boring at first, it is still an essential component you may encounter, depending on the type of business you are deciding to pursue. Communicating components such as ownership and insurance to the respective mediators will help protect your personal assets and make it easier to operate your business.
Once your side hustle is officially up and running, it is time to start promoting your business. Getting the word out about your service or product is essential to gain traction, and creating websites and social media accounts can be influential marketing materials. The further you delve into the approach for your marketing strategy, the more effective attracting customers may prove to be.
However, the final thing to keep in mind when starting up your side hustle is the overall management of your time. Staying organised can potentially maximise the efficiency of your chosen avenue, and setting set times within your schedule could ensure that you aren’t over-encumbered with a workload should you be balancing it with another job.
Now that we have established how to start a side hustle, it is essential to consider the various avenues you could pursue. There are a host of different sectors to choose from, with each of these having its own niches and nuances that may appeal to you.
One of the best online side hustle ideas in the UK to pursue is e-commerce. Venturing into this sector, which is experiencing a growth in popularity, is being made easier than ever due to the rise of platforms such as Amazon, Shopify, and Etsy. Consequently, selling your products on Fiverr and similar online services has become more effortless. Whether you’re selling your own physical or digital products or simply reselling items from wholesalers, this could be a great option.
Another sector that has seen a recent surge in popularity and thus requires additional freelance work is social media management. If you enjoy being active on social media platforms, you can apply these skills to meet the demand. Holistically, this would generally involve the process of creating and maintaining a brand’s presence on social media platforms, such as Facebook, Twitter, and Instagram. As it can help businesses increase their reach and engagement on social media, it can be beneficial for both you and the client.
If you have knowledge in a particular field or some other expertise that could be valuable, creating an online course could be a side hustle idea for you. There are many platforms, such as Udemy, Coursera, and Skillshare, where you can create and sell your own course. You can choose to create a free or paid course, and you can earn money through course sales, subscriptions, or through partnership models. As long as it provides some form of value, it could be a potential avenue.
Freelancing, in general, is a great side hustle, as it can be applied to a wide range of things. You can turn a hobby, such as photography, into a way of making money by either doing paid shoots or selling your photos online. Whether you are offering your services to events such as weddings or simply taking a more artistic approach with your photos, the pay varies depending on the quality as well as the overall demand for your services.
Freelance writing is another potential option, as it’s ideal for individuals who enjoy writing and possess a talent for crafting words. You can choose to write for blogs, magazines, websites, and even self-publish a book. As it’s freelance, you get to choose the topics you want to write about, as well as set your own rates. This is a great potential choice should you wish to deploy your creativity in full force, as you can put your unique twist on anything you decide to take on. Building a portfolio of distinctive content in this way can be significantly beneficial in both the long and short term, as the more nuanced your writing is compared to the rest of the market, the more likely you are to stand out.
Here are some other examples of side hustle ideas that you can use as inspiration:
Although we’ve just mentioned a couple of different side hustle ideas in the UK you could potentially delve into, actually choosing one that is right for you is an entirely different story. To start with, consider any hobbies, interests, or strengths you may have that could correlate to a specific side hustle. For example, if cooking is one of your strong points, you could consider starting a catering business or offering cooking lessons as an additional service. Alternatively, should you be a skilled writer, freelance copywriting could be an avenue, as populating a blog with content could appeal to both your interests and skills.
Additionally, choosing a side hustle should also fit around your schedule, as a good side hustle should not consume all of your time and energy; after all, you still need to maintain your primary source of income. Before choosing, consider your available time and resources, and select one that fits within these constraints. For instance, if you have limited time, consider an online side hustle that can be done remotely or in short bursts, such as freelance writing or design work.
Furthermore, you ideally want a side hustle that is independent and doesn’t require any over-inclusion of external factors. You want to ensure that, should your services be required, you’re not dependent on anyone else to fulfill your tasks. Keeping the workload to yourself, initially, could be a good move, as this allows you to determine whether it is sustainable for you. By taking it on solely, you can make that decision.
Finally, before fully committing to a side hustle, it may be beneficial to test the waters beforehand. Offering your services on a smaller scale can help you gauge the overall demand for your services, allowing you to determine whether the side hustle idea you have chosen is something you can realistically pursue.
Now that we have broken down a host of different information surrounding side hustles, you may be considering, “What side hustles can I do”? The answer to that is pretty straightforward: anything. As long as you have the passion to try something new and the determination to see it through, there is no reason why you couldn’t try any of the multitude of side hustles in the UK that are currently out there.
From writing reviews for money to photography and blogging, all the way to social media management and value betting, there are so many options you could pursue. And you aren’t just limited to these, as the avenues we have mentioned and discussed are just a handful of the many options available. Realistically, you could take a passion you have and an idea surrounding it, and garner demand to create your own unique service on the market, potentially.
One of the key considerations for a good side hustle is that it should be something you enjoy doing. Not only this, but it should also be sustainable over the long term and have the potential to generate a reasonable amount of income. Therefore, finding the one that is perfect for you can turn your interests and skills into a profitable business.
What makes side hustles so popular is the fact that the sky is the limit when it comes to how much you can earn. Depending on how much time and effort you put into a side hustle, you can create extra revenue streams alongside your job, or you can create a side hustle to earn some extra cash to spend on hobbies and interests.
Whether you are looking for an extra revenue stream or just to create some extra cash, side hustles can be used for all types of people. These ideas apply to both those seeking a casual side hustle and those looking to refine their talents and services through a side hustle.
The main constraint on how much a side hustle can earn you is time. The more time you invest in a project, the higher the potential for growth. For example, if you are looking to earn extra money on maternity leave, then you may have more time to put into an online side hustle from home than someone who is working full-time. With side hustles, it is all relative to your circumstances and how much you can put into it.
Whilst side hustles can be a great way to earn extra cash, there are actually tax rules in the UK for side hustles that everyone must follow.
If your side hustle has generated more than £1000 between the fiscal year with your side hustle, then you need to let HMRC know so you can avoid any tax surprises. You can do this by visiting the HMRC website.
If you're unsure whether to tax your side hustle, the website also features a tax checker that can help determine if you need to be taxed or not.
Online side hustles have become increasingly attractive for individuals seeking additional income streams alongside regular jobs. These side gigs offer a wealth of benefits, chief among them being flexibility. With online side hustles, you can work during your free time, evenings, or weekends, maintaining your primary job and income source while pursuing additional earning opportunities.
One of the main advantages of online side hustles is the low startup costs associated with many of them. With minimal upfront investment, these side gigs become accessible to individuals with different financial situations. Additionally, the nature of online side hustles allows for geographical independence, enabling you to work from anywhere with an internet connection, making it convenient for those who travel frequently or prefer to work remotely.
Diversifying your income streams through an online side hustle can provide financial security and reduce the risk associated with relying on a single source of income. You can really get the best of both worlds as you hone a new skill that can allow you to make money online.
*DISCLAIMER: We’re legally required to state that there is no guarantee of specific results each month. The amount of money that you earn can vary dependant on the time and effort that you commit each month.
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