‘Game-changing’ money move could boost your income by up to £24,000 a year
Side hustles could boost annual income by thousands of pounds
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Britons could boost their income by up to £24,000 by setting up a side hustle, research suggests.
Some of the most lucrative ventures include letting a property for a short period of time.
Becoming an Airbnb host in a popular location could lead to earnings between £1,500 to £2,000 a month, according to new data released by the workplace pension provider Penfold.
Pete Hykin, Penfold CEO and co-founder, said: “In today's gig economy, side hustles are no longer just an option - they're a smart financial move.
Tutoring could be a good way to share knowledge and boost income
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“With the potential to supplement your income by as much as £24,000 annually, they represent a real and accessible opportunity to enhance your financial stability.”
With access to digital platforms and the range of ideas available, setting up a side hustle in one’s spare time could pay off.
Mr Hykin added: “Whether you're leveraging an existing skill or pursuing a passion, the return on investment for time and effort in side hustles is impressive.
“It's a game-changer, truly democratizing the process of wealth building.”
The workplace pension provider has compiled a list of some side hustle ideas, plus the earnings which it could bring in.
Airbnb hosting
Expected earnings: £1,500 - £2,000/month
People with a spare room or property in popular tourist destinations may be able to rake in a small fortune by listing it on Airbnb as a short-term rental. People could charge up to £99 per night, according to analytics company Airbtics, and depending on location and demand, it’s estimated that side hustlers could earn up to £1,500 to £2,000 a month.
Freelance writing
Expected earnings: £1,000 - £2,000/month
People with strong writing skills who specialise in areas such as technology or fashion may choose to offer their services as a freelance writer. Rates can be based on the type of project, word count and level of research required. According to Penfold, freelance writing could earn between £1,000 and £2,000 a month, if the writer has consistent clients and creates quality work.
Social media management
Expected earnings: £800 - £1,500/month
Social media users could utilise their experience and make money by managing the online presence of small businesses. People can determine their monthly rate by thinking about factors such as the number of platforms managed, content creation, and engagement strategies. With multiple clients, it’s estimated social media management could earn a person between £800 and £1,500 a month.
Online tutoring
Expected earnings: £500 - £1,000/month
Experts in a particular subject, be it maths or English literature, could turn their skills into cash through online tutoring services. Qualifications, teaching experience and the complexity of the subject may play a role in the hourly rate, but people with consistent clients could boost income by £500 to £1,000 a month with this side gig.
Virtual assistant
Expected earnings: £400 - £1,000/month
A virtual side gig helping busy professionals and entrepreneurs with email correspondence, scheduling and data entry could be fruitful. Hourly rates can be determined based on the complexity of the tasks and the level of expertise required. Consistent clients and efficient service are required, but it’s estimated virtual assistance can earn £400 to £1,000 per month.
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Dog walking and pet sitting could be a good way to earn extra cash
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Pet sitting/dog walking
Expected earnings: £400 - £800/month
People who are passionate about pets could get both enjoyment and an income boost by pet sitting or providing dog walking services. It’s suggested those interested set competitive rates based on the duration of the service and any additional tasks, such as grooming or training. With a steady stream of clients, this side hustle could generate £400 to £800 a month.
Equipment rental
Expected earnings: £200 - £600/month
Clothes rental is fast becoming a go-to way to find an outfit for a special occasion, and it doesn’t stop there. People who own high-demand equipment, from professional photography items to camping essentials, could rent them out to individuals or event organizers. Demand and availability of equipment will affect rates, but it could potentially see you earn between £200 to £600 a month.
Handmade crafts
Expected earnings: £150 - £500/month
From unique jewellery or handcrafted home décor, people are turning their creative hobbies into cash via platforms such as Etsy. It’s suggested people research the market so they can set competitive prices for their creations. It depends on demand and marketing efforts, but selling handmade crafts can generate £150 to £500 a month.