Millions of workers boosting incomes through side businesses

According to the latest research, millions of British workers are boosting their income through ‘side hustles’.

The study of adults in full-time employment by Vistaprint found that almost a quarter of respondents had turned a hobby into a side business alongside their career, while a further 56 per cent of respondents aspire to do so.

Those with a side business added on average around £6,604.80 per year post-tax to their income, while 15 per cent of those with side businesses make £12,000 annually.

The most popular business sector for a side business is Beauty and wellness, which includes the likes of hairdressers, personal trainers and dieticians.

Other popular areas were arts and entertainment such as artists, DJs and designers, and home improvement including self-employed decorators and gardeners.

The main reason many people have or would like to start their own business is to generate extra cash. However, 36 per cent started a side business to pursue a passion and over one third did so to spend more time doing what they enjoy.

It is believed that this supports previous findings that over half of Brits are unable to find a full-time job related to their interests.

The study also found that almost two-thirds of entrepreneurs treat their enterprise as a ‘5-9’ and work on it in the evenings to fit around their career.

A further one third of respondents work on their side business at the weekends, and one quarter do so in the morning before work.

A typical side business takes up 13 hours a week, while 17 per cent of those polled spend 20+ hours a week working on it. A third of respondents hope it will grow into a full-time business.

Simon Braier, Customer Strategy and Insights Director from Vistaprint, who commissioned the research, said: “Britain’s side business economy is booming, as employees increasingly look for financial, professional and personal fulfilment that may not be present in their main job.

“While many side hustles are born out of a personal interest or hobby, they don’t have to stay small.

“Side business owners can test their venture’s long-term viability, growth and marketing opportunities in a safer setting, helping them to ease the transition into full-time entrepreneurship and spend more time doing what they love.”

The following two tabs change content below.
Avatar

Smailes Goldie Group Accountants in Hull