Third of small businesses now run as side hustle - My London

Summary

It is estimated that roughly ‘a third of businesses with fewer than ten employees are now run as side hustles, compared to 20.8 per cent in March 2020’ and that the majority of these businesses are run by millennials (under 35’s). Another estimates that side hustles generate £72 billion for the UK economy. In addition, Twitter reported a 231% rise in the number of mentions of ‘side hustle’ on its platform.

Crunch CEO and Founder Darren Fell gives his top tips on how to turn a hobby into a career. Darren said: “Over the years here at Crunch, we’ve seen thousands of people – motivated by circumstances beyond their control – decide to take the leap and go self-employed. In fact, experience tells us that periods of economic downturn like we’re undergoing at the moment post pandemic coupled with the cost of living crisis often result in uptake in self-employment.

It is estimated that roughly ‘a third of businesses with fewer than ten employees are now run as side hustles, compared to 20.8 per cent in March 2020’ and that the majority of these businesses are run by millennials (under 35’s). Another estimates that side hustles generate £72 billion for the UK economy. In addition, Twitter reported a 231% rise in the number of mentions of ‘side hustle’ on its platform.

Crunch CEO and Founder Darren Fell gives his top tips on how to turn a hobby into a career. Darren said: “Over the years here at Crunch, we’ve seen thousands of people – motivated by circumstances beyond their control – decide to take the leap and go self-employed. In fact, experience tells us that periods of economic downturn like we’re undergoing at the moment post pandemic coupled with the cost of living crisis often result in uptake in self-employment.

Although self-employment can be extremely liberating, it comes with an element of risk so if you’re thinking of turning your hobby into a career, whether you’re looking to go freelance, set up a limited company or become a sole trader there’s a lot to consider. You’ll stand the best possible chance as a self-employed worker if you follow these tips:

· DO seek advice – Someone, somewhere in the world will inevitably be doing something similar to what you’re aspiring to do, so why not reach out to them? In our experience, local freelancers can often become valuable allies and even sources of leads or collaborators. Also, ask your friends for advice – they know you the best and will have your best interests at heart. We run Crunch Chorus – a successful and integrative community that helps people who want to make a living doing what they love. This is free to join so why not sign up and take advantage of our Facebook group and meetups?

· DO test the water first - Just because you love doing something, doesn’t mean you’ll be better at it than your competitors, or that people will pay you to do it. Regardless of your chosen profession, it’s wise to pick up some clients in your spare time before going in headfirst and turning a hobby into a career. Don’t forget that freelancing on the side means you’ll need to pay tax on your extra income so ensure you get proper advice.

· DO push yourself forward - Some people are just way more productive under pressure. Having targets and bank balance looming over you may also serve as a catalyst to you really upping your game and becoming a go-to industry expert. With plenty of expertise and opinion to share, you could promote your business through your social media presence, blogs, interviews and even podcasts.

· DO keep your skills up – Keeping your skills sharp and current can only be a good thing and this is even more important when you are running your own business. This will keep your business current and give you a competitive edge.

· DO give us a call - If you’re ready to take the plunge and start hustling, Crunch can help. Not only can we form your new company on your behalf, but we can also offer you a suite of online accountancy packages tailored to your business and the unique challenges you’ll face. If you’d like to learn more about the Crunch platform and the various packages we offer, give our team of friendly advisors a call or visit www.crunch.co.uk. They’ll be able to answer your questions, help you figure out what package and services would be right for you, and help you take your next step into the exciting world of the side hustle.

Third of small businesses now run as side hustle - My London
Photo Credit: My London

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