Over one in ten Britons are now making upwards of £700 per year through the products of their hobbies and skills, new survey findings have revealed.
The research, from Norton Finance, found that 12 per cent of UK residents have become so-called “side hustlers”, looking for creative ways to top up their regular income.
While Britain’s side-hustlers are earning an average £738 per year from the fruits of their hobbies and skills, over one in ten survey respondents were taking home £2,500 on top of their regular salary.
The primary reason so many Brits have turned to side-hustling as they struggled to get by on their basic earnings. Some 71 per cent felt the extra income was “necessary”.
Meanwhile, over one in ten were looking to fund travelling adventures. This was a particular motivation for young people aged 18 to 24 years old, of whom around a fifth had dreams to see new parts of the world.
Looking at the kind of business ventures being launched on the side, professional services were the most common, counting for 16 per cent.
Tax awareness gap
While entrepreneurial spirit is running high across every UK region, the findings did suggest side-hustlers carried a low awareness of their legal responsibilities.
Over half of those turning their hobby into a full-time business or considering starting one admitted they didn’t understand the tax implications involved.
The tax questions also emerged as a deterrant to many would-be entrepreneurs. More than a quarter claimed tax admin put them off starting a business.
Other factors holding back new ventures included managing cash flow (25 per cent) and implementing marketing campaigns (19 per cent).
Commenting on the research, Paul Stringer, managing director of Norton Finance welcomed the enthusiasm for business, but warned side hustlers to take a realistic approach.
“For many, launching a business can be an absolute dream, but there are a huge number of unglamorous, uninviting considerations people must truly explore before making such a life-changing decision.
“Norton Finance has compiled a guide of practical points to inform potential business owners how to make the transition from side earner, to savvy business professional. Ultimately the public is becoming increasingly sharp-thinking and versatile in turning their talents into real successes – a fact which can only stand to boost entrepreneurial spirit in a post-Brexit Britain.”
Norton Finance produced the below infographic to demonstrate the findings
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