Millions of young Brits are unleashing their entrepreneurial spirit by running a side hustle to not only earn extra cash but to help with a passion project or to upskill themselves.
According to our latest survey that we conducted, 70% of young Brits admit to having a second job, with up to 34% spending a good 20 hours a week extra on their side hustle.
But what has caused this rise in side hustles among young people in the UK?
All of the Perks without the Commitment
According to our research, while 20% use the extra money to cover debt and expenses, 14% are saving up for a house, 12% are fulfilling an interest/hobby and 9% use it to acquire new skills. This proves that, while some people take up a second job to make ends meet, many are embracing the opportunity to do what they love and make extra money while keeping their day-job intact.
It seems young people in London are embracing the side hustle the most with 70% having a second job. This is the perfect way to dip your toes into a ‘passion-project’ without having to commit to anything long-term.
Most Brits Will Start a Business with a Friend
It seems that restaurants/cafes are the most popular businesses Brits would be interested in starting with 21% choosing this option.
When it comes to gender, if given the opportunity, men are interested in starting the following businesses, which is likely based on their skills and hobbies:
- Pub/bar – 13%
- Plumber/electrician – 12%
- Restaurant/café – 11%
- Web designing – 11%
On the other hand, women would like to start:
- Restaurant/café – 31%
- Interior designing – 14%
- Landscape gardening – 10%
More interesting results came from who Brits would like to start a business with. It seems that women would be most likely to approach their spouse to partner up, while men would prefer to join forces with a friend. Additionally, a surprising 26% of people in Northern Ireland would choose to start a business with a stranger!
When it came to the results, the average percent of who Brits would start a business with were:
- A friend – 36%
- A spouse – 35%
- A family member – 21%
- A stranger – 9%
Fear of Failure Holding us Back
When asked what would keep them from starting their own business, respondents admitted that they weren’t sure how they would raise the capital at 42%, while 33% admitted to having a fear of failure and 25% simply do not feel they have the skills. Additionally, when asked about the Gig Economy, 53% admitted they didn’t know what it was, while only 8.3% were very familiar with the term.
What Does This All Mean?
What we can gather from our research is that more and more people are looking for extra ways to make money. A side hustle is a great way to test the waters without having to raise capital or commit full time. Because the fear of failure is so high, Airtasker is the perfect gateway earn some extra money without the stress or financial backing of a full-time business. You keep your day job and enjoy the perks and freedom of being your own boss on the side.
See how our Taskers do it here.