NEWS… BUT NOT AS YOU KNOW IT
More than 16 million Brits have a side hustle to boost their income, and a third of them intend to make their side hustle their main source of income eventually.
More and more people are looking to diversify their income streams and not rely on one job for their sole revenue.
But what actually is a side hustle, and what ideas could you make into a business of your own?
A side hustle is s small business or second job that brings in money, independently to your main job. They enable the opportunity for additional income, usually from a sector that is different to the person’s main role and something that they have a passion for.
Side hustles usually need a time commitment, potential financial investment, and an interest in the topic.
Be aware that you must pay tax on your side hustle (on its own or combined with your day job), and that it will be taxable once you hit the personal allowance of £12,570. You will be responsible for this by way of a self-assessment, and you’ll also be required to pay National Insurance directly to HMRC. This is important as it will mean you’ll be entitled to National benefits such as State pension and maternity pay.
Getting into a side hustle has never been easier as technology has come on so much in recent years, allowing many fledging businesses to thrive.
Platforms such as Etsy and People Per Hour have also enabled people to be able to reach huge audiences that they wouldn’t have access to previously.
So, you like the sound of extra income, working on your own terms and making your passion your 9-5. But where do you start? Here are some side hustle ideas for 2021 to help you on your way to earning some extra dough.
Not only is this a great opportunity to learn about different cultures and meet people from around the world, but you could also reverse the favour and visit other countries yourself, should you wish.
Websites such as Take Note and UK Transcription offer a platform where you can sell your services to transcribe people’s videos and audio into text, a great idea to fit into your evenings if you have time to spare.
Surveys are a great way of making extra money in an ad hoc way, but there are even medical surveys for clinical trials, should you wish to lend yourself to medical science.
Alternatively, sites such as Prolific and Swag Bucks have lots of opportunities which you can be paid for your opinion on things for market research.
Platforms like Vinted and Depop have made way for a new surge in online pre-loved fashion businesses where people ‘flip’ second-hand clothes to resell.
Even if you don’t want to get into this as a professional reseller, you can still make some extra cash each month by selling off your old clothes and homeware.
You’ll need a food hygiene certificate for this one, but this is a great easy side hustle for providing a service which can be sold all year round.
Similarly, making cakes and providing a delivery service is a great one for all year trade.
With many people having lockdown birthdays, people have been looking for ways to make them extra special. I think this is a trend that will stick around – who doesn’t love cake delivered to their door?
This is a very lucrative business to get into. If you have a design background or are keen to learn, making wedding stationery can be a lovely way of making money.
Lots of businesses have gone Zoom-based. This is a great way of maximising your earning potential as it cuts down on travel time.
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Again, this is great if you’re organised. Lots of people need help getting their own side hustles or businesses in order, and taking on a few clients a month will get you well on your way to making your side hustle your full-time job.
This is a lovely one if you like animals and are free in the day. You’ll need insurance for this and you can use social media local groups to promote your business and get more clients.
Especially now, people are looking for a face-to-face travel agent who will be there for them should their flights get cancelled, or a certain global pandemic mess up their plans.
Anything from music, art, science, language – people are looking for tutors, check out Cambly for selling your skills and teaching others.
Further tips can be found on my YouTube channel and Instagram for daily money saving advice, tips and hacks for living your best life on a budget, and don’t forget to head over to my blog for your free budgeting trackers.
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