The idea of the crush is no longer on the fringes of finance. You could even say it’s spreading, as new numbers show just how big this economy is getting in Britain.
Here’s everything you need to know about side activities, including what the future may hold in store for you and if it’s worth doing something more on the side.
What is a secondary activity?
Similar to a side dish that accompanies a main meal, you can think of a side dish as a little work on the side that complements your main income.
With the boom in the concert economy and all the opportunities the internet has given us, having a side project that makes money is now easier than ever.
It seems that many people in the UK are taking advantage of additional work opportunities. Would you like your nine to five with a side of extra cash? Yes please!
Why is the economy on the UK side booming?
Obviously, it’s because we are a group of entrepreneurs! New data from the Community Airtasker market shows that more and more Britons are taking side jobs to earn extra money. Are you one of the many who put in an extra graft for extra paste?
According to research, 56% of those surveyed went the extra mile during the coronavirus pandemic. Some are pocketing an additional £ 274 per week. Job insecurity, the leave scheme, and reduced hours have led many of us to earn our money in less conventional ways.
This created a perfect storm for the side bustle to take off – resulting in a mini-economy worth £ 346 billion!
What is a good side activity?
What makes a good side activity for you will depend on your lifestyle and skills. Ideally, a good side activity is one that you can undertake with minimal impact on the rest of your life.
Your qualifications, interests, and free time will all play a role in choosing a part-time activity.
Personally, I used to deliver food by bike in the evening. I did it because it was my full time job and I like to stay active. So I would have cycled for free anyway! Getting paid to do it was a bonus.
What will be the impact of all this on our future economy?
A more flexible economy has been bubbling beneath the surface for some time now. There are many obvious advantages to having a more elastic work structure, and this has become evident over the past year.
Working from home has become the new normal, and it looks like it’s here to stay. Additionally, many people treat their careers like investment portfolios. Instead of having all your eggs in one basket, diversifying your income streams gives you other options to lean on.
There are an ever-increasing number of tools at your fingertips, and I think the informal economy will continue to grow. But with more autonomy over how we make money, it’s even more important for us to take charge of our finances. It means being well prepared when it comes to things like pensions, savings, and investing.
What’s the best side hustle in 2021?
Like the flavors of ice cream, there really isn’t a “better” stir. It is best to play on your strengths. But if you’re really struggling to find inspiration, you can start looking for odd jobs on sites like Airtasker.
Food parcel delivery is a booming field, but as winter approaches you might prefer something warmer and internet-based. The key is to find a business that gives you a decent return on your time investment. If you only have a few hours to spare, avoid a time-consuming project.
Remember that any additional work you do can impact your tax situation. Have a good stampede!
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