Side hustles have been around for a few years now, but they have increased since the pandemic made people think about their careers and finances. 25 percent of Brits have a side hustle in addition to their full-time job, and side hustles are a source of extra income!
Many of us would love some extra pocket money every month, but running a hustle isn’t as straightforward as you might think, and there are some things to consider before you get started.
In order to understand why part-time entrepreneurs decided to set up their own business, and how they prepared for it, Caunce O’Hara, specialists in business insurance for freelancers and self-employed business owners, surveyed 1,000 part-time entrepreneurs.
There are so many sectors out there that you can get into for your hustle, but here are some suggestions for inspiration: retail, digital marketing, content creator, research, and finance.
What could be better than making extra money from something that you love? No matter if you have an eye for SEO or accountancy, or if you have particular skills in seamstressing or design.
Due to the rise of creative small business owners, selling their products online has enabled them to reach huge audiences of customers, enabling them to make a living out of their side business.
As a UK-based marketplace for creative sellers, Not On The Highstreet was founded in 2006 and has since helped some of its sellers reach million-pound status. Over 2 million unique viewers a month make it easy to see why small creative businesses are expanding online.
Most people work on their side after work, however, some people working from home have been tempted to dabble during working hours, so it is not difficult to understand why a significant 66% of respondents have multiple side hustles.
Having a side allows people to start their own business without the financial pressure of relying on it to succeed. It allows people to spend time doing something that they are passionate about, rather than being stuck in a job just for money, with 37% of respondents saying that the main reason was to make more money.
The respondents also mentioned that some set up a side because they didn’t like their full-time job, and some intend to eventually work for themselves, and a side hustle is a great way to test the waters and build their own empire.
With 43% of those we spoke to being uninsured, side hustles may appear foolproof, but this leaves room for error. Caunce O’Hara is a specialist business insurer that has seen claims against businesses of all sizes, including hustles that you may not think are substantial enough to be a target.
Despite 47% of respondents believing they do not need business insurance, 28% said they didn’t even know side hustle insurance existed, showing the importance of knowing about insurance for small businesses and freelancers.
There are a lot of risks associated with side hustles. In the event of a claim being made, they can be left with hefty legal fees and even compensation payments, which can not only ruin their hustle but also affect their main source of income.
Due to so many opportunities to earn some extra money each month, there is no sign that the rise of inside hustlers will slow down in the near future. The result has been a need for specialist business insurance policies, but thankfully businesses like Caunce O’Hara are on hand to help!
Is your hustle your own business? Tell us about your experience venturing into self-employment and if you’ve encountered any difficulties!