Recent research confirms that 20% of UK adults have started a “side hustle” since 2020, using a hobby or skill to supplement their income.
The coronavirus pandemic was the original motivation for many. And yet, nearly two-thirds (63%) who started a side hustle during the pandemic are still actively engaged in it.
Reasons for starting included making ends meet (30%), becoming financially independent (21%), and paying off debts (18%).
As the UK’s current cost of living crisis continues, might now be the time to start a side hustle of your own?
Rising inflation is leaving UK households struggling financially
The latest Office for National Statistics (ONS) figures confirm that inflation for the 12 months to June 2022 marks a 40-year high of 9.4%.
With the Bank of England (BoE) predicting a peak at 11%, inflation isn’t expected to return to the BoE’s 2% target until 2024.
Back in March, the Resolution Foundation predicted that the rising cost of living would push 1.3 million people into poverty in 2023. Half a million children are included in this number.
Food prices and household bills are soaring, due in part to Brexit labour shortages, a global supply chain crisis and the war in Ukraine. With fuel bills already at unsustainable levels for many, Money Saving Expert is predicting a massive 65% rise to the energy cap in October.
3 side hustles to increase your disposable income this year
If you have seen a drop in your disposable income this year, you might try turning a passion, skill, or hobby into a profitable enterprise.
Here are three to consider:
1. There’s a huge market for handmade arts and crafts
Research confirms that the most popular side hustle was selling handcrafted products (23%).
This is a potentially lucrative market. According to Crafts Council, the number of consumers buying crafted products is soaring. The success has been helped by the popularity of TV shows like The Great British Sewing Bee and The Great Pottery Throwdown.
Crafting is a simple and fun way to make money, and can motivate you to pick up an old hobby or to learn a new one.
Not only that, but with increasing numbers of online marketplaces and abundant craft markets popping up nationwide, you’ll have plenty of spaces to sell your wares.
Whether you enjoy knitting, pottery, or painting, you’ll find online spaces like Etsy and Folksy to sell your work. Or visit a local craft market and ask about how to rent a stall next time around.
And if you need any more inspiration, this July is World Watercolour Month.
So, if your paintbrushes and palettes have been out of action lately, now is the perfect time to dust them off and rediscover your talent.
2. Photography can be sold at art fairs or via online image banks
Photography is another fun hobby that could be making you money. Along with your crafted and painted products, photographs can be sold at craft fairs and online marketplaces. But you have other options too.
Online image databases like Shutterstock and iStock pay a small amount each time your submitted photo is downloaded and used. But these sites are saturated with images.
Check your work against the quality of the photographs already on these sites. Research the types of photos that are doing well, be sure to upload at a high resolution and use relevant keywords to optimise your search hits.
You can also sell your skills to local businesses and entrepreneurs. Check out the websites of local retailers and venues and begin by making informal enquiries with those whose images aren’t up to scratch.
You might even call it a “free consultation”, offered in the run-up to National Photo Day on 19 August.
3. If you have useful skills, you can make money by teaching them to others
If you have experience or a specific skill that could earn you money, there will be someone out there who wants to learn that skill.
Why not use the talents you already have to go freelance or to teach, setting up classes online or in person?
From watercolour art classes and photography workshops to IT courses and music lessons, you can charge money to impart the knowledge you have.
You might speak a language other than English or consider gaining a TEFAL qualification to teach English as a foreign language.
Teaching is a great opportunity to meet new people, pass on your knowledge, and potentially make a difference in someone’s life.
Get in touch
If you are concerned about the current cost of living crisis or you’d like help fitting a side hustle into your long-term retirement plans, speak to us now.
Get in touch by emailing hello@fingerprintfp.co.uk or calling 03452 100 100.
