HomeFinanceSide hustles: What are they? Are their any risks?

Side hustles: What are they? Are their any risks?

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In the last decade the UK has seen a huge increase in those looking to earn some extra cash outside of their mainstream job or work, especially in recent years which has seen many people with financial struggles to undertake what is known as a side-hustle. According to recent figures, close to  25% of Brits are believe to have at least one form of a side hustle.

When looking at side hustles, there are many things to consider in order to be successful. Do you have the skills for this job? Is there enough demand for this job? Can you dedicate enough time to it to make it worth it? If the answer is yes to all the above, then you are in luck!

What type of side hustle should I do?

The most successful types of side hustles are those that you enjoy in your personal life as well as have a talent for!

One great idea is blogging! Blogging is one of increasing popularity as the format has evolved! Personal blogs where you review products, or discuss trips are always popular! And if you don’t have the time for your own personal blog, you can always guest post on other sites, or do freelance work! Freelance work is a very popular method of blogging as it allows the writer to discuss either a niche or a variety of different subjects If they so with!

If you are a more hands on person with an artistic streak you may consider creating Art/Jewellery. Everyone has their own unique tastes in fashion and music, so no matter what your art/jewellery looks like, there will be demand for it! The best way to succeed in this type of side hustle is to ensure you have the right sort of social accounts. Instagram and TikTok accounts are a must have to help boost your visibility as a small business. If you have a real knack for digital art you should consider looking into NFTs!

A popular movie trope but also an excellent business idea is private tutoring! Whether your tutoring someone in a subject your great at or looking into teaching someone your native language, private tutoring is an ideal method of earning some extra income. You can tutor both in person and online with the help of many different companies who specialise in connecting students with tutors. The best part is that you can set you own hourly rates, though if your starting out, its recommended you start at a lower cost in order to get some experience and reviews!

Another working from home side hustle is that of a virtual assistant! A virtual assistant is someone who can offer a range of different digital skills. From managing business emails to helping control their social media channels this role has become increasingly in demand with the rise of online influencers!

If you have your own personal interests, you might consider becoming an instructor for that hobby. A hobby instructor allows you to do something you enjoy as well as earn some money for it. Whether it’s teaching code or offering paddle boarding lessons, offering yourself as an instructor both gives you the opportunity to earn from your passion as well as help others get interested too!

What are the risks to a side hustle? 

Like with anything in life, trying your luck at a side hustle comes with its own risks. If you try and enter a side hustle that has too many suppliers but not a lot of demand, your going to be in tough competition. Look at the market for what you want to start your side hustle as, look at other people successes and failures before launching yourself at it.

Another big risk is investing too much money into a side hustle and not receiving much profit. Look for side hustles that you have the equipment and the skills in. If your offering hobby lessons, maybe make it mandatory that they bring their own equipment, or if you’re an artist, don’t use expensive materials and then under charge. Take into account extra costs such as shipping products, or membership costs for sites if you need them.

Caunce O’hara took a more in-depth look at the many successes and downfalls of side hustles and found that  59% of people who have side hustles earn between £500 and £2,500 monthly! This goes to show that with enough effort you can earn yourself a substantial amount from just a side-hustle alone!

Essentially, a side hustle is a great way to help boost your wallet. With enough time and effort you can bring in a sizable extra income, but to be successful you have to weigh in on all the risks and benefits before you fully invest in a side-hustle.

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