Expert deals finder Will Pointing explains how this could be your year to side hustle, a new paid hobby that could make you happier and richer.
A recent study by the research by 118 118 Money found that 68% of employed UK adults currently have a secondary source of income, earning them an extra £5,000 a year on average.
Nearly a third (31%) started their side hustle in 2020, during the coronavirus pandemic, showing that not everyone was just watching Netflix and chomping on takeaways.
The data indicates podcasting as the most profitable secondary source of income overall, paying people an average of £954 extra a month (or a whopping £11,448 a year). Renting out a room or space is another good earner, pulling in £657 a month or (£7,884 a year) on average.
If you haven’t got an original podcast idea or are not fortunate enough to have a spare room to rent out, below are some ideas to get you started on a new side hustle:
Sell your things online
The easiest to make a quick buck is to sell items online. This could range from old computer games or laptops to things you’ve made yourself. Crafting items have proved very popular this year, with handmade candles topping the leader board in the 118 118 survey.
Selling old clothes is also a good way of earning some extra cash. The main tip is to take some high quality photos and upload them on to an online platform to sell from, such as eBay, Depop, Facebook Marketplace or Etsy. Social media posts are also a very good way to advertise what you’re selling.
Host an experience
Have you picked up a new expertise during lock down? If you think people would pay for this, consider hosting an AirBnB Experience in your local area. You could host a guided walk in a tourist hot spot or teach people to cook, sing or even draw.
Big rumour crushed, you do not need to host your home on Airbnb, in order to host an experience. If you are not keen on AirBnB Experiences, create a listing on withlocals.com, a similar free hosting platform.
Get paid to give your opinion
If you’ve got strong opinions, get paid for them. Brands will pay you give your opinion on goods and services through focus groups. They simply ask you your views about a particular brand’s new product, advertisement or service.
Focus groups tend to pay around £50-60 per hour & even more for longer home-based projects. I’d recommend simply to search “Focus groups in your area” to find out about upcoming work to apply for.
Create a blog
Although it is not a quick way of making income, blogging can be lucrative in the long term. To make a blog work you need patience, a monetisation plan (from Sponsored posts, affiliate marketing or allowing adverts on your site), lots of incoming traffic and engaging content
Tip: Try to pick a niche – it could be about home aquariums or even money saving tips – check out my site GreatDealsMadeEasy for ideas.
Make 2021, “the year of the side hustle”. You never know, your passion project may take off and you can leave the 9-5 office world behind you for fame and fortune or at least enough to get you on a warm holiday.