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.

Side hustle earnings in the UK

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.

Side hustle insurance

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.

Giveaway

We want to champion all side hustlers and help you thrive. Tell us about your side hustle and be in with a chance of winning:

  • Business insurance for a year from Superscript
  • A self-assessment tax return completed and filed for you by a certified accountant from TaxScouts (worth £119)
  • Website domain and design with support on accelerating your visibility online from UENI (worth £360 for a year)
  • £100 Patch Plants voucher

Head to our Instagram page to find out more! By entering, all entrants agree to our social media competition terms and conditions.

In partnership with:

Tax ScoutsTax Scouts

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.

Get insurance for your side hustle in less than 10 minutes

More tips for your side hustle

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The FCA supervises UK financial services firms to protect consumers. We are directly authorised and regulated by the FCA and our Firm Reference Number is 656459. These details can be confirmed on the Financial Services Register at www.fca.org.uk or by calling the FCA on 0845 606 1234.