Supporting your side hustle
Lockdown has seen a huge rise in entrepreneurial Brits starting side hustles to “make ends meet”
The new 9-to-5? How and why Superscript is championing the side hustlers
Earning on average £4,500 a year, side hustles are becoming a crucial form of additional income for many people - our latest research reveals. But while financial necessity may be the reason for side hustles right now, a third (33%) of young people say they plan to turn their side hustle into their full-time job in the future - dropping to just below a quarter (24%) of all of those with side hustles. For those thinking about starting a side hustle, or are ready to take the jump from side hustle to ‘full-time hustle’ - we’re here for you!
Why start a side hustle?
Side hustles are by no means a new thing, however up until the pandemic they were commonly an extension of people’s hobbies. While money is by far the biggest motivator for those with side hustles, 16% say that flexibility over their work-life was a reason for starting their side hustle and (14%) wanted to be their own boss. A similar number (15%) started their side hustle to test if it could work as their full-time job.
The COVID-19 pandemic has impacted side hustlers’ motivations. Of those with side hustles, our research shows that three in 10 people started these ventures during lockdown. For young people (16-24 year olds) in particular, 20% did so to earn money whilst on furlough, while 17% started a side hustle to earn money after they or their partner lost their job.
Here to help
Many of those with side hustles will be experiencing the operational side of running a business for the first time. It’s not surprising therefore that many report operational challenges with: understanding taxes (20%), managing finances (16%) and getting the right insurance (8%). Furthermore, 75% have no insurance in place for their side hustle, despite 37% saying they know what insurance they need.
Thankfully, we have some great resources to help make your side hustle a success.
What insurance do you need for your side hustle?
No matter how small your business, it can really pay to be protected - and it won’t necessarily cost you much. Check out our guide to find the right cover.
Hear from some super side hustlers
Irina first started her brand, Kikina Designs, in 2018. We talk to her about the turbulence she went through when transitioning from full-time employment through redundancy, and now to being her own boss.
Tips on starting a side gig
Rosie Pope saw a gap in the market for sustainable, luxury hair scrunchies. We sit down with Rosie to chat about her new business, SilkPie, and get her advice for anyone thinking of setting up a similar side hustle.
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Protected by the FSCS
If you are a business with an annual turnover under £1m, charity with an annual income under £1m, or trust with net assets under £1m, then you will be entitled to compensation from the FSCS in the unlikely event we cannot meet our obligations. Full details and further information on the scheme are available at www.fscs.org.uk.