Tag: side hustle

Top ten side hustles revealed

Google searches for side hustles have increased by 83% in the last year. In the UK, over 18,000 monthly searches were recorded on average.  With the cost-of-living crisis impacting millions across the UK, it is no surprise that people are turning to side hustles in addition to their regular salaries to make ends meet.

By looking at data from the freelance platform Fiverr, Bionic has revealed that some freelancers earn more than £150,000 by starting businesses at home. Their analysis looked at how much money top-selling freelancers were making in various industries. They also looked at minimum project charges and the number of orders delivered by each top-selling freelancer to provide an overall ranking of the most profitable side hustles.

In the UK, the top ten side hustles, with their average earnings, are:

  1. Creating Web Banners: £739,526
  2. Social Media Design: £605,016
  3. Web Design: £546,403
  4. Audiobook Production: £545,133
  5. E-Commerce Product Videos: £436,021
  6. Catalogue Design: £419,580
  7. Logo Design: £344,245
  8. Book and eBook Writing:  £320,000
  9. App Design: £308,513
  10. E-commerce Development: £294,833

The study also revealed that:

  • Overall, graphic design is the most profitable industry to conduct a side hustle
  • The UK is the best country to earn money from Writing & Translation services
  • On average, top-selling freelancers in the UK are making £97,000 from side hustles
  • Globally, the most profitable side hustle is 3D Production Animation. Top freelancers in this area are making £569,000 on average
  • This highest sum made in any side hustle in the UK was by a freelancer in the UK who made over £3m on Audiobook Production.

Les Roberts, Content Manager at Bionic, commented: “While the data we have here showcases plenty of unique services on offer, the most important thing it highlights is just how many people now rely on freelance work to supplement their income.

“This growing freelance economy isn’t likely to slow down until wages catch up to inflation, which could be well into 2023 or beyond. But since it seems to work for households and businesses alike, we might see people adjust to this new way of living.

“This could in turn make things like the four-day work week more feasible for the UK. Small businesses are the backbone of the UK economy, but it’s entirely possible that side hustles become the new normal even after the economy recovers.”

The full study can be found here: https://bionic.co.uk/blog/most-profitable-side-hustles/

 

 

 

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Language, mechanical, and marketing skills in demand for side hustles

With the massive increase in cost of living in the UK, many workers are looking to side hustles as a way to earn extra cash. New research from the job search engine Adzuna has revealed that the most lucrative side hustles offer extra income of up to £48,000 a year. According to the official ONS data, the number of workers with second jobs increased to 1,252,000 between July and September this year. This is the highest number in 10 years.

Adzuna’s research looked at nearly 1.1 million open roles listed on the website during November 2022, analysing UK job openings that would be ideal as a second job. Twenty-five roles were analysed, and 479,111 job vacancies were found among these roles. This equals 44% of the UK jobs currently available.

The top five best-paid side hustles jobs are:

  • Translator (£48,648)
  • Handyman (£36,980)
  • Content Writer (£36,635)
  • Influencer (£36,461)
  • Music Teacher (£36,441)

Also lucrative are roles are Proofreaders (£32,624), Graphic Designers (£36,145), and Photographers (£33,306). Virtual Assistants (£35,521) and Social Media Managers (£33,729) are also options.

For temporary roles, ideal for students, further opportunities are on offer. With the peak shopping season upon us, retailers are recruiting large numbers of temp workers to meet the spike in customer demand. Seasonal temp roles are the most sought after and workers can expect to earn an average of £32,058 pro rata. These jobs, however, often require shifts during evenings, weekends, and bank holidays. According to the research, over 156,900 temporary job vacancies remain unfilled.

Other popular side gig roles, despite offering incomes of under £31,000, include:

  • Drivers for companies like Uber and Evri
  • Grocery delivery workers
  • Pet Sitters
  • Cleaners
  • House sitters
  • Baby sitters
  • Gardeners

There are also many secondary job options available in the Hospitality sector, such as receptionists and waiter openings with pay in the region of £23,000. Data Entry Clerks and Mystery Shoppers can expect to earn an average of £25,380 and £20,166 each.

There are also more than 96,000 vacancies for Cleaners and Drivers.  The demand for Tutor and Translator roles is also fairly high, with 30,285 and 22,327 job openings, respectively.

Paul Lewis, Chief Customer Officer at job search engine Adzuna, commented: “Despite the tough macroeconomic environment, workers in the UK are finding new ways to increase their income and secure their living standards. Taking up a side gig on top of a 9-to-5 job has become a necessity to make ends meet for many households. For others, a side gig offers the chance to top up the Christmas coffers. Luckily, there’s currently a wide variety of second job options available. Jobseekers who are proficient in foreign languages, skilled at copywriting or fixing things, or who always stay on top of social media trends have a great chance of finding a side job with competitive pay. And for those simply looking for a festive role to earn some holiday cash, there are still thousands of delivery drivers and Christmas temp roles worth considering.”

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Workers taking on second jobs to pay for essentials

Even though a tight labour market has pushed wages up across the board, the increase has not kept pace with inflation. A recent article on MSN has reported that this is forcing workers to increase their hours and look for second jobs to pay for essentials such as gas, food, and rent.

According to a report from the St. Louis Federal Reserve, it was revealed that the percentage of people working multiple jobs in the US has increased from 4% to 4.8% since March 2020.

Usually, taking on multiple jobs signals a healthy job market with plenty of job opportunities available, but the report suggested that it also signals increasing financial strain on Americans’ pocketbooks.

Ken Brotherston, CEO at TALiNT Partners commented: “This is the real gig economy. The vast majority of second jobs are not ‘cool side hustles’ they are the difference between being able to pay you rent or not and are another signal that employment for many people is precarious.” 

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Side hustles are a priority for the next generation

According to new data by business finance lender, Sonovate, flexible work culture is a key consideration for most young workers when choosing a job, with over half (53%) of 18 to 34-year-olds claiming that talented young people won’t join companies that don’t champion flexible working.

The data also suggested that portfolio careers will become increasingly popular among younger workers in the next decade with 59% of 18 to 34-year-olds agreeing and 54% of the same age demographic saying that having a portfolio career will be important to them at some stage in their career.

The majority (57%) of young respondents don’t believe they need to be in an office full time to learn what they need, and feel they are well equipped to do it all virtually. The survey indicates that young workers see the benefits of freelance work, giving them the flexibility to experiment with different career routes (57%) and to have a family or pursue their interests (50%).

Over a third (36%) of 18 to 34-year-olds have made a career change in order to work more flexibly during the pandemic and the report suggested that the pandemic prompted a shift in attitudes towards jobs among the younger working generation with 44% of 18 to 34-year-olds claiming they don’t want to work the way they did before the pandemic. This is why and over half (54%) of this demographic feel that a shift towards more freelance working is a good thing for graduates, school leavers and new entrants into the world of work.

Richard Prime, co-founder and co-CEO at Sonovate commented: “As the pandemic caused a significant proportion of the UK’s younger employees to lose jobs or go on furlough, young workers had more time than ever to consider what they want from their careers. Younger people’s preferences toward portfolio careers and multiple side-gigs are rooted in a desire for a better work/life balance and to make an income from what they are passionate about. Now, these preferences are being heard more loudly than ever, with people and companies learning to juggle accordingly.”

Lotanna Ezeike, founder and CEO at XPO, a platform that helps social media influencers get paid on time, also weighed in: “For young people today, the concept of what a ‘career’ should look like is a lot more malleable than for any past generation. A central priority for many is finding flexibility. But the idea of working on a contract or freelance basis isn’t, to them, just about being flexible to work less or hang out more. Instead, a more contract or part-time work life supports their desire for greater ownership over what they do and how they spend their working lives. Many creators and influencers want to work but it’s important to them to ‘own’ their time and retain their freedom to choose how they spend it doing things they love.”

Managing Director of TALiNT Partners, Ken Brotherston has been outspoken when it comes to the notion of the side hustle. He commented: “While the scenario of a portfolio of work holds true for a certain percentage of the working population, this isn’t so for large part of it. There is a significant portion of the workforce who aren’t influencers and need the certainty of a permanent job, as well as the need to supplement their income to pay bills. This scenario isn’t choosing a portfolio of work because it’s cool and flexible, they do it out of necessity.”

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A new hip and happening ‘thing’ that employers are encouraged to allow their staff time to pursue, the side hustle, should be neither cool nor celebrated as it’s indicative of employers not willing to pay enough for much-needed talent.
As we, sooner or later, look at an economy beyond the pandemic (with hopefully the Omicron variant being just a hiccup) there is one aspect of how a lot of people work that has crept up on us over the years and has generally been accepted as not a bad thing –  the side hustle. But for some time now I’ve been concerned that this cool-sounding, funky term actually disguises something much more invidious and that is a reliance of too many people to need more than one job; and an unwillingness of employers to pay a proper wage.

 

From what I can see, side hustles fall into different categories: doing something you enjoy in your spare time that may or may not make a little money (often traditionally known as a ‘hobby’) is one. Alternatively, it may be a more serious undertaking: one of my senior colleagues here at TALiNT Partners is a trained counsellor and does important work with her clients outside of her work with us from which she gets a great deal of fulfilment. Calling this a side hustle, whilst technically accurate, feels disrespectful and a bit demeaning.

There are jobs done by students whilst studying or during the summer holiday. Back in my day these were mainly referred to as, er, student jobs! I do have a friend whose daughter continues to offer tutoring to students while she studies to qualify as a lawyer. To be fair, that’s a great example of a ‘side-hustle’ although I’m pretty sure once she qualifies as a lawyer and has her 2,000 billable hours to hit, it will almost certainly fall by the wayside.

Renting your spare room used to be called ‘having a lodger’ now it’s having a side hustle through Airbnb. I’m not sure I see much of a difference.

But by far most of the people who seem to have a side hustle – Uber drivers, Deliveroo riders, cleaners – are people who are generating income to pay rent, buy food and generally do the things they need to and there’s nothing ‘side’ about it; it is income that is central to their ability to get by.

A 2019 survey from CV Library suggested that 60% of people who had a ‘side hustle’ were doing it to supplement their basic income and it’s likely that COVID-19 will have made this worse rather than better.

The government announcement of the rise of the national living wage will undoubtedly make a difference, but I can’t help but think that de-glamourising this notion of a side-hustle and calling it what it is for most people and that it’s an essential element of their income – will also help.

So, for most people, a side hustle isn’t optional, and it certainly isn’t cool. And as we look across the economy at sectors desperate for staff – the care sector, hospitality, driving and warehouse staff to name a few, I can’t help but think that those employers who pay enough to have 100% of the work effort from their people, especially those who have shown the commitment, drive and often ingenuity to hold down more than one job will reap enormous benefits. That would be a nice result all round.

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