Side hustle could see you earn up to ‘£10,000’ extra each year | Personal Finance | Finance

Side hustlers in the UK are earning almost £10,000 a year through their additional ventures, a new report unveiled today.

The new figures, that form part of a report from Utility Warehouse (UW) and Cebr, show there are over 20 million multi-income individuals (‘Miis’) in the UK representing more than one in three of the adult population. They are thought to be earning an extra £780 on average per month.

However, the report from UW and Cebr found that almost a quarter (23 percent) said they don’t talk about their additional income with family or friends in case they assume they are struggling with money.

Despite this, Miis are helping to boost the UK economy and last year spent £55billion of their extra income on UK businesses – supporting more than 364,000 jobs to deliver a £30billion boost to the nation’s coffers.

Reasons for earning an additional source of income vary, but the cost of living crisis and rising household bills are the main factors, 35 percent and 34 percent respectively, while 18 percent of people cited the COVID-19 pandemic, 15 percent cited fear of a recession and eight percent cited Brexit.

READ MORE: Side hustles can earn ‘£22,000 a year on top of main salary’

Andrew Lindsay, co-CEO of Utility Warehouse, said: “Millions of people in the UK are turning to side hustles or second jobs to help make ends meet in the current cost of living crisis. We think these people – Miis – deserve greater recognition.

“They contribute billions of pounds to the economy through their extra work, but despite this, many think there’s a stigma attached to earning an additional income and don’t want to talk about it – even with family or friends. We want to challenge these preconceptions so people with multiple incomes can continue to help power growth and opportunity across the UK.”

UW is campaigning to increase people’s understanding of why people become a Mii and help break down the barriers that prevent more people from earning an extra income.

According to the utility firm, its word-of-mouth Partner opportunity has enabled tens of thousands of people over the last 25 years to earn an extra income around their main job or other commitments.

Clare Hingott from Wales, is currently earning “four figures” a month and “five figures” annually from her Utility Warehouse Partner side hustle.

Ms Hingott told Express.co.uk: “I’ve been a proud Mii for the past 12 years. I’m now a Utility Warehouse (UW) Partner, actor and singer, but I started out as a secondary school drama teacher – I left teaching to pursue my all-time dream and ambition of becoming a full-time actor. In the beginning, I spent loads of time out of work, with a mortgage and bills to pay – I was stuck and I needed to bridge that financial gap. I had the entrepreneurial spirit inside of me. I was looking and I needed something fast.

“My friend showed me the UW Partner opportunity at his kitchen table one night and I thought what a brilliant idea to make money by helping people save theirs on their essential household bills. I loved that I wouldn’t have a boss, I wouldn’t have targets, that it’s flexible and I can do it on my own terms – that all really appealed to me.”

Ms Hingott said she joined UW when she “was skint” and “always in debt” with her parents bailing her out, but now earns a “meaningful” extra income.

She added: “That additional money in my bank account has given me more options and choices to do the things I want to do in life. This includes the decision to buy a house that I’ve dreamt about living in for 20 years – if it wasn’t for my UW side hustle, that wouldn’t be possible.”

Helena Young, who specialises in side hustle culture at Startups.co.uk told Express.co.uk that visits to their page “shot up” by a sizeable 53 percent between May 2022 and May 2023.

Ms Young said: “Alongside passion projects, many are starting a side hustle as a way to navigate the crippling cost of living crisis, which has seen the price of everyday essentials surge in the UK. In this context, having a second job to rely on feels more financially secure.”

One popular side hustle, according to Ms Young, is being an Uber driver, as evidenced in Startups readers’ interest in “starting a taxi firm” increasing by 17 percent year-on-year.

Ms Young added: “Understandably so, with the average driver earning around £12 per hour in the UK, it means that someone working as little as six hours a month could earn an extra £1,000 a year.”

But these are just a few of many popular and lucrative side hustles taken up by the masses. Pete Hykin, CEO and co-founder of Pension provider Penfold has shared four more.

Online tutoring – up to £1,000 per month

People can leverage their expertise in a specific subject, such as maths or English literature, to offer online tutoring services.

Mr Hykin said: “Determine your hourly rate based on factors such as your qualifications, teaching experience, and the complexity of the subject. For example, you could charge £25 per hour for advanced physics tutoring. With consistent clients, this side gig has the potential to generate an additional income of £500 to £1,000 per month.”

Airbnb hosting – up to £2,000 per month

Those who have a spare room or property in a popular tourist hotspot could consider listing it on Airbnb for short-term rentals.

Mr Hykin said: “Research the average prices for similar accommodations in your area to determine a competitive nightly rate. For instance, you could charge £99 per night for a stylish studio apartment in the heart of the city. Depending on the location and demand, hosting on Airbnb can potentially earn you £1,500 to £2,000 per month.”

Freelance writing – up to £2,000 per month

People with strong writing skills who specialise in areas like technology or fashion could offer their services as a freelance writer.

My Hykin said: “Determine your rates based on the type of project, word count, and level of research required. For example, you could charge £150 for a well-researched 1,000-word article on sustainable fashion. With consistent clients and quality work, freelance writing can earn you £1,000 to £2,000 per month.”

Pet sitting or dog walking – up to £800 per month

Animal lovers could earn a living doing what they enjoy doing best by providing pet sitting or dog walking services in their local area.

Mr Hykin said: “Set competitive rates based on the duration of the service and additional tasks, such as grooming or training. For instance, you could charge £15 for a one-hour dog walk and £40-50 per night for overnight pet sitting. With a steady stream of clients, this side gig has the potential to generate £400 to £800 per month.”