Published On: Wed, Mar 27th, 2024
Business | 3,465 views

Have you got what it takes to start a successful side hustle? Take this quiz to find out | City & Business | Finance

Have you got what it takes? Take this quiz to see how you’d fare starting your own business. The fun, interactive challenge has been created to give people a chance to see how well they’d do if they were to go it alone.

It was created after research revealed the top side hustles for 2024 – including pet sitting, upcycling clothes, and running artisan workshops.

The study of 1,500 adults, who have started a side hustle, revealed other top money-makers growing in popularity – with crocheting, making their own artwork, and tutoring, also featuring high on the list.

Meanwhile babysitting, upcycling furniture, and selling personalised stationery are also proving popular, among the 35 percent who started a side hustle in the last year.

The average income from these “hobbies” comes in at £249.35 each month, before any deductions – with 26 percent believing they could one day turn their hustle into their main profession.

However, a quarter of the 1,500 adults polled, who have a side hustle, said their money-maker has had a slower start than they anticipated. And 72 percent admitted it took them some time to pluck up the courage and take the plunge to get it started.

But half of those polled feel 2024 is “their year”, with 39 percent of those putting this down to having more time to dedicate to their passion project. And 24 percent expect an increased demand in the next 12 months for their offering.

Phil Jones MBE, managing director at Brother UK, which commissioned the research, said: “It is interesting to see how different kinds of side hustles compare – there seems to be more growth in creative pursuits and making products.

“There are numerous factors contributing to this, including the popularisation of crafting via mainstream television, the amount of free time people had during the pandemic period – which drove a crafting renaissance – access to markets through selling platforms like Etsy, or building audiences via Facebook and Instagram.

“The UK economy needs small businesses – the ONS recognise 413,000 sole proprietors in the UK, and just over two million companies. They represent 90 percent of all enterprises in the UK, and are a vital part of economic growth.”

The research also found 46 percent reckon it’s generally easier to turn a hobby into a side hustle now, compared to five years’ ago.

Nearly four in 10 (39 percent) said this is due to social media offering more advertising and promotional opportunities, with the countless online platforms and marketplaces making it easier to sell goods (38 percent).

And three in 10 feel the rise in flexible and remote working has allowed them to dedicate more time to turn a passion into profit – as 80 percent currently conduct the majority of their side hustle in a separate workspace.

For 60 percent, these side hustles were born from hobbies before they started making money from them.

But of those who were reluctant to initially take the leap, 36 percent were threatened by the competition, while a third lacked confidence in their own business acumen.

And while 65 percent started their business to make some extra cash on top of their main job, 22 percent did so as they wanted to challenge themselves.

However, it doesn’t come without its difficulties – as tax returns (18 percent), finding suppliers (11 percent), and managing deliveries and postage (17 percent), were among the top 10 barriers respondents have had to face.

The study, conducted via OnePoll, found that, of the 21 percent who think it’s now harder to start a side hustle than it was five years ago, 36 percent blame inflation and the growing expense of materials.

Phil Jones MBE added: “Starting a side hustle has its challenges, but it can be a great way to pursue something you care about while making some additional income.

“The conditions have never been more favourable to turn your passion into a viable product or service to sell to others.”

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