Millions of Brits are boosting income by £6,600 with side hustles

Millions of Brits have a ‘side hustle’ to boost their incomes and pursue their passions, according to research.

A study of adults in full-time employment found that almost one quarter have already turned a hobby into a side business alongside their career, while a further 56 percent aspire to.

Those with a side business top up their income with an average of £6,604.80 per year post-tax, while 15 per cent of side hustlers even make £12,000 annually.

Beauty and wellness was found to be the most popular side business sector, which includes hairdressers, personal trainers and dieticians.

Arts and entertainment such as artists, DJs and designers, and home improvement including self-employed decorators and gardeners are also popular areas.

Generating extra cash was found to be the top reason Brits either have or would like to start a side business.

But 36 percent started a side business to pursue a passion and over one third did so to spend more time doing what they enjoy.

A desire and drive to follow one’s true calling is further supported by the finding that over half of Brits can’t find a full-time job related to their interests.

Simon Braier, Customer Strategy and Insights Director from Vistaprint, who commissioned the research, said: “Britain’s side business economy is booming, as employees increasingly look for financial, professional and personal fulfilment that may not be present in their main job.

“While many side hustles are born out of a personal interest or hobby, they don’t have to stay small.

“Side business owners can test their venture’s long-term viability, growth and marketing opportunities in a safer setting, helping them to ease the transition into full-time entrepreneurship and spend more time doing what they love.”

The study also found that almost two thirds of entrepreneurs treat their enterprise as a ‘5-9’ and work on it in the evenings in order to fit around their career.

A further one third also work on their side job at the weekends, while one quarter do so during the morning.

A typical side business takes up 13 hours a week, while 17 percent of those polled spend 20+ hours a week working on it.

It also emerged that one-third of side business owners hope to grow their venture in the future.

But an average of £2,711 a month post-tax would need to be made to consider turning a side project into a full-time job – a figure well above the average side hustle earnings.

When asked for their advice on growing a side business, successful side hustlers recommended focusing on tasks which generate the most revenue, setting long-term goals and ensuring your side business is something you truly enjoy.

Networking with people who run side businesses and building a strong social media presence rounded off their top five tips.

Vistaprint’s UK Market Lead Charlotte Holmes-Darby said: “To grow your side business, you need to think and act like a full-time entrepreneur.

“That also means you should be prepared to seize any opportunities that come your way and enable you to take your side hustle to the next level.”

Carmakers slash factory investment to spend on Brexit preparations

Only £90 million of new investment was committed to automotive plants in Britain in the first half of the year as the industry diverted spending of at least £330 million to Brexit preparations.

Figures from the car industry show that commitments of inward investment in factories all but dried up in the six months to the end of June, compared with an average investment of £2.7 billion a year over the past seven years.

There were only a handful of spending commitments on new projects, adding up in aggregate to £90 million, according to the Society of Motor Manufacturers and Traders.

During the period Honda announced the closure of its site in Swindon and Ford of its engine plant in Bridgend. In contrast, the SMMT said that incomplete data from its members on preparation for a March Brexit, which has been postponed until October, identified spending on stockpiling, extra warehousing, insurance and shutdowns of at least £330 million.

However, since June 30 the industry has received a boost, with Jaguar Land Rover announcing plans to invest £1 billion in turning its Castle Bromwich factory in the West Midlands into an electric vehicle manufacturing plant.

The society’s figures also show that factory gate output has fallen by 20 per cent this year, including a 15.2 per cent year-on-year drop in June, and that three in ten vehicles coming off assembly lines have diesel engines, despite the backlash against diesel cars.

Mike Hawes, chief executive of the SMMT, said: “These figures are the result of global instability compounded by fear of no-deal. This fear is causing investment to stall, as hundreds of millions of pounds are diverted to Brexit cliff-edge mitigation, money that would be better spent tackling technological and environmental challenges.”

Factory shutdowns normally scheduled for the summer were brought forward to April by some carmakers in preparation for a Brexit transition. That accounts for some of the 20 per cent slump in production from 834,000 cars to 666,000 cars in the first six months. The 15 per cent fall in output in June represents the underlying decline in production, according to Mr Hawes.