Launching a side hustle? Here’s what you need to know

From launching a podcast to selling vintage finds on Depop, more and more people are getting a job in addition to their work or study. In fact, four in 10 employees in the UK now have a second job.

In this guide we’ll take a look what these side hustles are, the pros and cons, and a few side hustle ideas to get you started.

So what’s a side hustle?

A side hustle is a job or project that you do or run in addition to your main career or study. There are several reasons people start side hustles: it could be in order to make a bit more cash or as a way to turn their passion or hobby into a career.

A study carried out by the Henley Business School found that half the population will have a side hustle by 2030.

Read more: 15 Saturday job ideas

It’s part of a shift towards a new way of working that recognising not everyone will have one job for life,

or even just one job. You might hear this style of employment referred to as gig-working, portfolio careers, freelancing, or being a “multi-hyphenate”. It essentially means being multiskilled, and having more than one role, working for yourself, or working for lots of employers.

Should I have a side hustle?

There are a few things to weigh up if you’re thinking about launching a side project. Let’s firstly take a look at the pros…

Extra income

Many people rely on their side project to bring in some extra cash. It also provides a safety net if you’re made redundant from your job. It’s important to note though that a lot of side hustles won’t make you a decent amount of cash, or at least, not at first. They might be an outlet for a hobby or creativity rather than a money-maker, but it could be an important step towards making your dream career a reality.  

Experience

If you’re still at school or college, a side hustle can be a great way to gain work experience. For example, launching a business making and selling accessories online requires you to find out who your target customers are and come up with ways to encourage them to buy your products. This knowledge is crucial if you want a career in marketing, business or PR.

Find out where else  business can lead you with our Business Subject Guide, linking the classroom directly to careers

Or maybe you’d like to pursue a career in journalism and want some online side hustles: starting your own blog will give you an insight into writing content people want to read.

Skills

Having a side hustle develops plenty of important transferable skills – from teamwork and communication to taking the initiative and time management. You’ll be showing future employers that you have the determination and commitment to start and project and stick with it.

Launching your own project requires a curious and entrepreneurial streak, which will be important if you want to run your own business and be self-employed in the future.

And as well as strictly work-based skills, getting your own side hustle off the ground bolsters your confidence and self-esteem.

But there are a few cons to think about too….

Time

The big one is time. Depending on the project or side hustle you want to get started, they can take up a huge amount of your time. In fact, 45% of side hustlers consistently work more than 40 hours a week, and 25% work more than 50.

Make sure you have plenty of time alongside school work or your existing job to launch a side hustle. Outside projects often require a lot of energy too, so make sure it won’t add to your stress levels. It’s important to give some thought to your work/study balance; with the existing pressures of school or jobs, your spare time can be an important way to relax and let off steam.

Income tax

If your side hustle does happen to be making a decent amount of money, then you may be required to pay income tax. Figuring out your income tax could give you skills and experience in itself, but it can be a big and complicated undertaking.

Conflict of interest

If you already have a job, it’s very important to check with your boss before launching a side hustle, particularly if it’s more than just a hobby or passion project. There could be a conflict of interest – meaning your new business could affect the business you already work for, financially or otherwise.

Read this next: Why flexible working is on the rise — and how to make it work for you

What are some ideas for a side hustle?

So here are a few suggestions that might work for you. Some of them will earn more money than others! So it’s important to do thorough research first. Many of these online side hustles have apps or digital tools that you can use, for example check out Depop for selling clothes, and Borrowmydoggy for dog walking and pet sitting.

• Teaching a course online
• Private tutoring
• Dog walking
• Pet sitting
• Selling clothes or accessories online
• Gaming (ie through live streaming)
• Blogging or vlogging
• Write a newsletter
• Start a podcast
• Social media for a company/brand
• Mystery shopping
• Launch your own idea as a business!

Main image, podcasting and computer via Pexels