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Rise of the side-hustle

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Rise of the side-hustle

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Women making an average of £339 a month from second jobs

17 per cent of women in the UK have a ‘side-hustle’, a second job on the side of their main source of income, while 33% say they would like to have one in the future, according to a new study by Informi, who provide expert advice and guidance for small businesses.

Those women who have a side-hustle make an average of approximately £339 a month from it – compared to an average of £482 for men – totalling £4,068 over the course of a year. Three per cent of them reported that they make at least £2,000 every month from their second venture, which is almost equivalent to the average UK salary.

Most women with a side-hustle say their boss in their main job is aware of it (76%), but a small minority (8%) warned they believe their employer is not overly happy with them carrying out a second job. 9 per cent say they keep it on the down low and their employer is completely unaware they have a secondary venture.

The main reasons for having a side-hustle are:

  • To earn more money, said by 64%
  • To develop skills, said by 24%
  • To have more creative freedom, said by 16%

“With many Britons feeling a strain on finances, coupled with the rise in the gig economy and technological advances, there’s never been a better time to have your own small business venture in addition to your main job,” said Steven Drew, product manager for Informi. “This could just mean earning a bit of extra pocket money, but equally if you hit on a great business idea, could need you devoting a substantial amount of time and energy into seeing your venture achieve its full potential.”

“There are great opportunities out there to earn potentially significant sums and also develop your business skills. A successful business venture involves many ingredients – marketing, finance, sales and technology to name but a few – so people should be aware of the online tools available, designed to offer support and guidance that could see your side-hustle develop into your main job.”

 

How I came to run my own wide-fit shoe company

Kate Owen, 40, runs her own Sargasso & Grey shoe company while also working in wealth management. “I’m not a born entrepreneur,” she says, “but in my job, I come into contact with so many dynamic people; it’s inspiring!”

The company was conceived when Kate found her feet widening during her pregnancy. “I had to throw half of my shoes away. It was depressing. And I couldn’t find any stylish shoes to fit.”

“People ask why I didn’t set up as a sole trader. But I always had bigger ambitions; and whilst I don’t employ anyone directly yet, I intend to in the future.”

Kate discussed the business launch with her employer when she returned from maternity leave. “I think it’s important to be upfront. And I always make sure that when I’m at work, I’m 100% committed to what I’m doing.”

“It’s crazy to take a leap of faith, especially with a mortgage! I’ve gone part time at work, so I have made financial sacrifices, but having a regular income means I don’t have as much pressure on profit straight away.”

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