Looking for a side-hustle? If so, you’re not alone: it’s estimated that nearly one in five teachers worked second jobs during the recent cost-of-living crisis in the UK. Workers across industries can’t afford to rely solely on their primary income source.
Whether you need some spare cash fast or you’re simply hoping to start a business, it’s worth learning how to pick up another source of income. From freelance writing to setting up an online company, the opportunities are vast.
Finding a second income: What are my options?
If you’re serious about picking up a side-hustle, you’ve got plenty of options to consider.
Freelance options consistently prove popular due to the added flexibility, but if you’re looking for something with an element of security, part-time shifts at a local business could be just right. A few of the potential options available to you might include:
- Dog sitting in your local community
- Tutoring for children on a freelance basis
- Investing in shares and online trading on a beginner-friendly platform like Tradu
- Starting a blog or podcast
- Business consultancy services
- Crafting or restoring vintage furniture
The best way to make more money and be in control of your second income is to get entrepreneurial and use your skills or talents. That way, you can harness your existing knowledge and get to grips with enjoying the tasks at hand.
How to set up a side-hustle: Our three top tips
- Know your area of expertise
First, you should take some time to evaluate the skills, passions and hobbies you already have. Though you might be keen to learn something new, you can make money faster by leveraging your existing abilities and building on them.
Think about something you’ve created or invented. If you’re a musician, perhaps there are a few compositions you could start performing in local restaurants. Or, if you’re skilled with woodwork, you could start a carpentry business using locally sourced wood. There are so many possibilities.
- Keep things official
While you might start your side-hustle on the back of a hobby, it’s important to follow the correct processes and make sure that you’re not ignoring any official advice. In 2022, there were at least 27 million self-employed workers in the EU, all subject to the same tax implications as other workers in their respective home nations.
When you’re just starting out, it’s important to do your research. Check local and national guidelines to see if any specific laws apply to you and the nature of your business, especially if you work in a specialised trade.
- Set realistic goals
Finally, if you’re only just starting out, it’s important not to see your venture as more profitable than your primary income source at first. Don’t get carried away with your long-term vision when you’ve only just started laying the groundwork for success in what you’ve started now.
To help along the way, make sure you set specific, measurable, and achievable goals. These need to be relevant to the work you’re doing – and preferably bound by a timeframe too. That way, you can make sure your project stays on course. Good luck!
Leave a Reply