Learn to supplement your income with online side hustles and working from home gigs.
For many years now, the term side hustle has been thrown around loosely. However, due to the increase in costs in recent times, more and more people have decided to adopt a side hustle in the UK in order to generate some additional income. But the term side hustle isn’t just a straightforward thing, encapsulating many different aspects requiring a lot of different knowledge before starting one for yourself. Therefore, we here at OddsMonkey will be breaking down all there is to know regarding side hustles, so you are fully clued up should you wish to delve down this avenue in the future.
Put in the simplest of 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 that is started on the side while a person continues to work their full-time job, just to name a few.
For a number of years now, side hustles in the UK have become increasingly popular, as they open up an additional avenue for people to pursue their passions, as well as presenting the potential possibility of making some extra money on the side to help in achieving any financial goals they may have set. In addition to all of this, a side hustle can act as a way to pay off any debts, save for a down payment on a property, or even fund long-term savings goals such as retirement.
However, besides the financial benefits a side hustle could possibly have, 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 park and granting an additional layer of freedom. However, as you have more control, it is still important to keep in mind that a side hustle can be a lot 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 gain new skills and 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 surrounding starting a side hustle, it is vital that you carefully plan and set out a host of different checkpoints for your journey in order to be prepared for all there is to come. In order to get you started, there are a number of different aspects you should consider beforehand.
The first step in starting a side hustle in the UK is to figure out what you are passionate about and what 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 then time to begin researching the logistics surrounding your concept. By determining whether or not there is a demand for your service or product is vital, as this could influence the final decision to pursue the 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 exactly they are doing, how they are doing it, and how much they are generally charging.
Next up in the start-up steps is to actually go out and create a business plan. By doing this, it will help you define any goals you have set for yourself and help refine the overall marketing strategy you will implement for your target audience. Furthermore, a business plan could help identify any potential challenges you may come across, allowing you to lay out some solutions before actually encountering them.
Next comes probably the least exciting part of the whole start-up process; setting up the legal structure of your side hustle in the UK. 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. By communicating components such as ownership and insurance to the respective mediators, this will help to protect your personal assets as well as make it easier to operate your business.
Once your side hustle is officially up and running, it is then time to start promoting your business. Getting the word out about your service or product is essential in order to gain traction, and creating websites and social media accounts could be influential marketing materials. The further you delve into the approach for your marketing strategy, the more effective attracting customers may prove.
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 up a side hustle in the UK, it is important to consider the different types of avenues you could potentially go down. 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 side hustle ideas in the UK you could choose to pursue, in our opinion, is eCommerce. Potentially venturing into this sector which is seeing 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 other such services online 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 which has seen a recent boom in popularity and hence needs additional freelance work is social media management. If you enjoy being active on social media platforms, you could apply these skills in order to supply the demand. Holistically, this would generally revolve around 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 apply to so many different things. You could 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 when it comes to your photos, these could pay varying amounts depending on the quality as well as the overall demand for your services.
Freelance writing is another potential option, as it’s great for people who enjoy writing and have a way with 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 onto anything you decide to take on. Building a portfolio of distinctive content in this way could be significantly beneficial in both the long and short term, as the more nuanced your writing is from the rest of the market, the more likely you are to stand out.
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 off 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 potentially consider starting a catering business or even offering cooking lessons as another 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.
As well as this, choosing a side hustle also needs to 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, you need to consider your available time and resources and select one that fits within these constraints. For instance, if you have limited time, you might consider a 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 depending on anyone else in order to fulfil your tasks. Keeping the workload to yourself, to begin with, could be a good move, as this allows you to determine whether or not it is sustainable for you. And by solely taking it on, you are able to 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 at the start can help you gauge the overall demand for your services, helping you determine whether or not 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 multitudes of side hustles in the UK that are currently out there. From photography and writing all the way to social media management and matched betting, there are so many options you could potentially pursue. And you aren’t just limited to these, as the avenues we have mentioned and discussed are just a handful of those out there. Realistically, you could take a passion you have an idea surrounding and garner demand to potentially create your own unique service on the market.
One of the key considerations surrounding a good side hustle is that it should be something that you enjoy doing. Not only this, but it should be sustainable over the long term, as well as 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.