- On September 3, 2018
- 1/4 of people in the UK have a side hustle
- 25-34 year olds are most likely to have a side hustle
- The North East is the side hustle capital of the UK
- A new £1,000 tax allowance is helping side hustlers make the most of their earnings
Do you have a hobby that could be making you money? Have you ever wondered if you could become an entrepreneur?
Avoiding the danger of leaving full-time employment, the side hustle has become a popular way to increase your earnings while staying in your current job. From freelance writing to cleaning and translating – the side hustle options are endless.
That’s why we have created our guide to starting your own side hustle and achieving the lifestyle you’ve always dreamed of.
Meet the Side Hustles
Whether you have a spare room, a hidden talent or unusual hobby, there will be a side hustle for you.
Revealed: North East is Capital of Side Hustles while Scotland and Northern Ireland are Falling Behind
According to the Henley Business School at the University of Reading, the North East has the most side hustlers, closely followed by Greater London.
For those with a side hustle, they can be earning an additional 20% of their income from side hustles. This additional income and the opportunity to pursue a passion project make side hustles a great option – particularly if you want to keep the safety and benefits such as holiday pay and a workplace pension through a 9 to 5.
Even if you can’t make millions from your side hustle, it could lead you to a full-time business.
For Beckie Andrews, Founder of online store Not For Ponies her side hustle meant she could be creative as she designs collections, takes the lead on product development, marketing and directing photo shoots She describes her full-time job as ‘the polar opposite to my side hustle’.
For Andrews, her side hustle has been key to keeping in touch with her creativity; ‘I’ve always been a creative person and interested in dressmaking and interior design. I find it therapeutic and getting stuck into something creative helps me wind down from my day at work.’
New £1,000 Tax Allowance for Side Hustlers
One of the most exciting developments for UK side hustlers is the new Trading Tax Allowance.
The government recognised that the complicated tax system was putting off some potential side hustlers. Therefore, they are now allowing the first £1,000 earned through either selling online, working freelance or other side jobs, to be earned tax free.
Even better, you don’t have to declare these earnings until you pass the £1,000 level reducing your time spent on pesky paperwork. And this tax allowance is there for all, no matter how much you earn.
Over 35’s Are Proving Side Hustler Marvels
Side jobs are growing in popularity at a rapid rate and this is largely because of Millennials who are feeling the pressure to boost their low wages and are facing higher housing costs, higher student loans and lower salary prospects.
24% of 16-24 year olds have a side hustle and this rises to 37% for the 25-34 age group.
The number of people with side hustles is expected to rise to 50% by 2030 – as the older population reach retirement age and Millennials reach the older age groups, the spread of side hustle will become more even and side hustles will become even more normalised.
When asked, many young people have cited the security of work and low pay as their main reasons for taking on a side hustle.
60% of Public Sector Businesses Allow Employees to Have a Side Hustle
Side-working is a complex issue for business owners and managers.
The not-for-profit sector is the most supportive, with 71% of not-for-profit businesses allowing side working. In the public sector, a still impressive 60% of businesses allow side working, while just 38% of private sector businesses have a policy in place allowing side working.
Medium and Large businesses are proving the most supportive with 65% having policies in place which allow side-working.
However, there are still some grey areas. In the private sector, 58% of businesses don’t have a policy in place advising employees whether they can or cannot take on a side hustle.
Therefore, if in doubt it is best to check with your employer.
For some business owners and managers, a side hustle is a great way to boost morale and creativity.
Helen Campbell, Business Coach at Jazz Cat, knows the benefits of a side hustle. ‘When I was at my [PR] agency I was perfectly happy for employees to have a side hustle that brought them in some extra income, as long as it wasn’t performing the exact same services as we offered our own clients. A side hustle can develop skills and creativity, help with networking and confidence, and bring all sorts of benefits for the employee and the employer.’
Campbell went on to explain her own managerial approach; ‘Ultimately, I’m all about encouraging people to follow their passions and so I’m a big supporter of hiring employees who have an entrepreneurial spirit.’
Meet the Hustlers
Whether you love writing, photography or art, a side hustle could be a great way to boost your income and your employability. And you never know, you could one day have a side hustle big enough to become your full-time business.