Marian Evans, General Manager at Raise BC Ltd.
One of the things I’ve noticed in my role as an entrepreneur and executive coach is the increasing number of individuals and businesses starting side hustles. Some consider this a very recent phenomenon, but I can honestly tell you that I was already a part-time job before most young entrepreneurs were born. So, based on my experience, let me tell you a little bit more about side issues and why I think it’s on the rise.
According to a recent Barclaycard surveyone in 12 people in the UK have taken on a second job or part-time job to generate more income, with the equivalent of 6.49 million in the country now in so-called part-time jobs.
The ongoing cost-of-living crisis means that for nearly a third of those people, a part-time job is a necessity to make ends meet. But for many more people their busyness is a legacy of Covid-19 when they were fired or fired from their main job and had time left to explore their passions and turn those passions into a business.
In this regard, the pandemic tore through many of the workplace narratives that had been passed down through generations: the need to work 9 a.m. to 5 p.m., to be present in the office, and even the idea that we’re all part of a larger machine. . . Instead, many aspiring entrepreneurs are now turning their backs on the status quo and finding a way to turn their passions into effective income streams and even full-time jobs.
What is an afterthought?
A side job is a paid job or a job that you do in addition to your main source of income. It could be anything from delivering pizzas or driving taxis to selling handmade goods or freelancing.
According to a research by Aviva, the most popular side hustles are selling handmade goods and freelancing, while others are turning to art, photography, and even trying their hand at becoming social media influencers. The average income generated by a side business is about $600 per month, although the survey found that 16% bring in more than $1,200 per month.
Avoid old-fashioned work ideas
The pandemic has certainly accelerated the rise in sideline activities, but the attitudes of younger workers also play a role. I find they are better prepared than those who came before them to take on their employers. They are also less willing to accept the broken social contract that promised previous generations that they would get ahead if they stayed in the same job and worked hard.
Instead, they are increasingly choosing to forego these old-fashioned work ideas, and for many, the perfect way to do that is through side hustle. And whether it’s for love or money, I think now is a good time to find one.
Platforms like eBay and Etsy make it easy for anyone to buy and sell products around the world, while Deliveroo and Uber allow people to sign up for instant driving and delivery work with no strings attached. But it’s not just the younger generations who are forging their own path.
Immediately record number of vacancies (paywall) in the UK job market, older workers are also well on their way to finding a part-time job that suits them. Whether they want to build a pension, supplement a salary or just do something they enjoy doing, they have the skills and experience that many employers value without the ties that many younger workers have, such as childcare, making these older workers more flexible. can work for hours.
Often the best place to start when considering being a side hustle is to think of the areas in which you have a natural flare for something that can add value to others. You should start by exploring if there is a need you could fill. If so, that’s a good place to start. The beauty of testing the water is that you minimize risk and control how much or how little resources you commit (both in terms of time and money). One thing is certain: if you don’t try, you’ll never find out.
A new golden age of entrepreneurship
According to Elite Business magazine, Generation Z entrepreneurs are leading the UK’s post-Covid recovery, and many young entrepreneurs are doing this through their sidelines or businesses that started as sidelines. Among UK sole proprietors, only those of Gen Z experienced an average increase in annual turnover during the pandemic.
The beauty of the sideline is that it allows anyone with an idea or a passion to start a business and grow it slowly while still earning an income from their main job. That gives you the freedom to grow your new business in a gradual, more organic way without having to raise outside financing. This is exactly what I’ve done with each of my companies over the years. The risks are also much lower and so is the pressure because if the side business fails, you still have their primary source of income to fall back on. But all this talk about income and pressure goes against many people’s motivation to start a side business in the first place.
In society as a whole, and in particular younger workers, there is an increasing emphasis on well-being and mental health. Yes, it’s important to be financially stable, but modern workers are less willing to work overtime in the office because some draconian employers expect it. They are also unwilling to sacrifice their financial stability at the expense of their mental and physical health. That’s why the hustle turns out to be such a fantastic option as it gives modern workers the autonomy and flexibility they crave.