Entrepreneurs are making, on average, £22,900 a year in supplemental income from side-hustles, according to a new study.
And while those that provide services or manual jobs continue to thrive, e-commerce has recently been at the heart of this success, with online businesses generating £21,400 a year on average.
Three in five said their new venture cost them as little as £500 to start, while nearly one in six had set-up costs of less than £1,000, according to GoDaddy’s Venture Forward research.
Their study also showed that starting an online side hustle is also time-effective. Web-based tools and services mean that almost half of business owners had their website built and up and running in a couple of days. Just over one in nine took a day and a similar number, under four hours.
Increasing numbers are also using artificial intelligence to help build and grow their businesses. More than a third have used AI tools to contribute to their business with generating social media copy, conducting market research, devising social media strategy and researching competitors being the most common uses.
Seven in ten reported that they now hope to turn it into their primary business. Of these, four in five were aged 18-34, showing that Britain’s entrepreneurial community could be getting younger. The average age of side hustlers in the UK is 32, while one in nine started their first side hustle when aged under 18.
One such ‘hustler’, Katie Anderson (right) launched a vintage and slow-fashion business, Pine & Treasure, to make extra money whilst travelling in New Zealand, selling second-hand items through Instagram.
She said: “When I returned to the UK, I wanted to continue the business and expand online. Setting up a website was incredibly simple and stress-free, costing me just £230.
“Since going online, Pine & Treasure has grown significantly. I’ve also created a slow-fashion clothing line, and the business is generating enough profit for me to manage it full-time, matching my previous salary as a marketing director for a creative agency.”
Andrew Gradon, head of GoDaddy UK & Ireland, said: “Technology has dramatically reduced the barriers to entry, giving entrepreneurs the tools to start and grow their businesses in no time at all.”