Side hustles – would they work for you?
A growing phenomenon, especially amongst the young, side hustles are proving particularly attractive to the generation who joined the job market in the last decade.
Basically, a side hustle means having a second source of income, this can come from hobbies and passions or simply spotting a gap in the market. Popular side hustles include activities like dog walking at the weekends, selling clothes or handicrafts in the evenings, or teaching or tutoring in the school holidays, or even developing things like a new phone app.
It’s not the same as a part-time job. A part-time job entails working for someone else who governs the terms of your employment and the hours you work. Side hustles often involve doing things that you’re passionate about that might one day become your main occupation.
A GROWING TREND
Many people see this trend as a result of the last recession. The demise of jobs for life, the rise of the gig economy and wage stagnation have all played a part in changing the work perspective of younger people, with more now determined to follow their dreams and unleash their entrepreneurial spirit.
Research1 found that a quarter of UK workers have a side hustle, and figures from the Centre for Economics and Business Research2 show that the number of side hustles in the UK has risen by 32% over the last decade. It’s popular amongst those aged 25 to 34, and attractive to women who might be thinking about a career change at some point and want to explore their options.
1Henley Business School, 2018
2CEBR, Nov 2018