The UK’s professional landscape is witnessing a fascinating shift, as revealed in a comprehensive survey conducted among 2,000 individuals engaged in full-time work. A significant trend emerging from this study is the growing inclination towards side hustles. DiscoverPrint delves into this phenomenon, uncovering that nearly a quarter of British workers (23%) have already converted their hobbies into profitable ventures alongside their main careers. Moreover, a substantial 56% are contemplating such entrepreneurial endeavours.
These side businesses are more than just a creative outlet; they’re a significant income booster. On average, individuals running a side hustle supplement their earnings by around £6,600 each year. Some even achieve a remarkable yearly additional income of £12,000.
At DiscoverPrint, we’ve observed a similar trend. The beauty and wellness industry, which includes professions like hairstyling, fitness training, and nutritional advice, stands out as the most popular sector for these side endeavours. This is closely followed by the arts and entertainment sector, encompassing roles such as artists and designers, and the home improvement sector, including independent decorators and gardeners.
Financial motivations are paramount for many pursuing side hustles, as 58% embark on these ventures for additional income. However, for 36%, it’s about chasing a dream and spending more time doing what they love.
Our analysis at DiscoverPrint highlights a crucial point: a significant number of Brits struggle to find full-time jobs that align with their interests, which propels them towards side hustles for both financial and personal fulfilment. This trend underscores an evolving work culture where people seek more than just a pay check from their careers.
Side hustles represent a unique opportunity to test entrepreneurial waters. At DiscoverPrint, we understand the potential of these small ventures to evolve into full-scale businesses. They offer a low-risk platform to assess market potential, strategic growth, and marketing opportunities, smoothing the transition to full-time entrepreneurship.
Balancing a side hustle with a full-time job is a common challenge. Our findings show that 65% of side business owners work on their projects during evenings, fitting them around their day jobs. Additionally, 36% dedicate weekend hours, and 24% manage to squeeze in time during the mornings. These entrepreneurs typically invest about 13 hours per week into their side businesses, with 17% devoting more than 20 hours weekly.
For a side hustle to transition into a primary source of income, our research indicates that an average post-tax income of £2,711 per month is necessary. This target surpasses the average side hustle income, posing a challenge for growth.
Successful side hustlers suggest focusing on high-revenue activities, setting long-term goals, and ensuring your side business aligns with your passions. Networking and establishing a robust social media presence are also key strategies for growth.
At DiscoverPrint, we encourage budding entrepreneurs to embrace the mindset of a full-time business owner, even when managing their side hustle. Recognizing and seizing growth opportunities is crucial for elevating a side project.
Inspirational Stories from the Side Hustle World:
Lewis Journey: Originally a financial advisor in Wales, Lewis embarked on a side hustle as a corsetiere. Her passion and dedication led her to transition from her finance role, fully immersing herself in her creative endeavor. Lewis experience underscores the importance of support, rest, and a balanced social life for anyone starting a side-line career. Her success story is a testament to the rewards of following one’s passion.
Katie Balancing Act: Katie, an HR professional from Northampton, manages a package-free grocery store alongside her job. Juggling her professional duties, motherhood, and her entrepreneurial venture, Katie’s story is one of perseverance and learning. Despite the demanding nature of balancing different aspects of life, her dedication to her side project exemplifies the commitment needed to sustain and grow a side hustle.
The burgeoning trend of side hustles in the UK highlights a shift towards more fulfilling, passion-led work lives. At DiscoverPrint, we stand ready to support this new generation of entrepreneurs with our bespoke printing solutions and marketing services. Whether starting out or looking to expand your side business, we’re here to assist you in turning your entrepreneurial dreams into reality.