The Covid-19 pandemic has left many of us questioning our financial stability, but it’s not all doom and gloom: with the rise of online platforms and remote work, earning extra money has never been easier. In this day and age of technological revolution, side gigs are becoming an ever-more-viable solution to augmenting your income, and it has never been easier to keep on top of your finances.
In 2022, there were 3 million reported self-employed sole traders in the UK (source: gov.uk). Even more recent research from GoDaddy UK reveals that the average side hustler generates over £18,000 in revenue, with 1 in 3 side hustles beginning as passion projects – following a dream or monetising a hobby that you love. In this article (check out our others), we’ll outline 5 side gigs you can begin to increase your net wealth now!
Stock photography
Hands up, who has a smartphone with a camera? You’re ready to get earning!
With the advent of online services, stock photography has seen an unprecedented boom. As more and more of us document our daily lives and become proficient at taking high-quality photos on-the-go, why not take advantage of the opportunity to receive commission?
It’s effortless: with accessible platforms such as Shutterstock, Getty Images, and iStock, you can simply upload your snaps and receive anywhere between $0.25 (~£0.20) and $120 (~£95) per download, depending on content and licence type.
If photography is your hobby – or even if it’s not – it seems almost mad not to upload your pics and let the £s start rolling in!
Online freelancing
The shift towards to remote work and the blossoming of online platforms has conspired to create a fantastic side gig opportunity: freelancing. Websites such as Upwork, Fiverr, and Freelancer provide the perfect place to sell your skills to clients around the world.
Simply set up accounts and show the world what you can do! Skills range across all competencies, from logo design and website-building to making music, providing virtual assistant and consultancy services, data analytics, and project management.
Typical earnings for skills offered on freelancing sites fall around £20 to £150 per hour, and it’s a perfect opportunity to incorporate flexible hours while working from the comfort of your own home.
Video editing
Do you have an eye for detail and storytelling? Then video editing might just be the side gig for you. In today's digital age, content is king – but behind every great video is a great editor. Whether it's for YouTube vlogs, small business ads, or even special events like weddings, the demand for skilled video editing is high.
Free software like DaVinci Resolve and industry standards like Adobe Premiere Pro or Final Cut Pro might have a learning curve, but they can elevate your work from amateur to professional.
Beside the technical aspects, narrative is crucial. A good video editor doesn't just clean up footage: they help to translate and convey a unique story.
Typing earnings for a video editor with intermediate skill can be as high as ~£35–£80 per hour (source: krock.io)!
Fitness coaching
If you're all about those gains and have the knowledge to back it up, fitness coaching could be your perfect side hustle.
With apps like Trainerize, My PT Hub, and Everfit, you can design and sell routines and track progress for your clients. According to the Trainerize blog, typical pay for independent trainers can fall between ~£40–£80 per hour.
Another Trainerize article mentioned that you could sell a package of 10 pre-planned sessions for a whopping $1000 (~£970)!
One of the keys here is specialisation: the more specialised your skills, the more you can charge. From pre-natal exercise regimens to sports-specific conditioning, the sky's the limit.
Not only can you help people reach their fitness goals, but you can also earn a substantial income while doing so!
Etsy shop owner
Ah, Etsy – the charming marketplace where creativity thrives and artisans flourish.
If you have a knack for crafting, painting, or even just a flair for finding vintage gems, opening an Etsy shop could be more than just a hobby – it could be a significant income-booster.
Imagine selling your hand-crafted jewellery, one-of-a-kind clothing pieces, or even your photos and art prints to an audience that truly appreciates originality. What’s more, Etsy provides a platform that is particularly friendly to sole traders, allowing them to easily showcase and sell their unique handiwork.
For more inspiration about converting your hobby into an income stream, check out our article here. Why not monetise your craft today!
Conclusion
While the idea of a side gig isn't new, the ways in which you can accomplish this have certainly evolved. Any of the above ideas could serve as a robust secondary income stream with relative ease, giving your financial stability a new lifeline.
But let's not forget about the logistical side of things: managing inventory and keeping track of finances involves careful planning and organisation. Platforms like AbraTax can help lighten the load by processing your Income Tax Self-Assessment and preparing you for HMRC’s upcoming MTD initiative.
Do you already have a successful side gig? Check out our article on common errors when filing UK Income Tax Self-Assessment, and consider using AbraTax to future-proof you for HMCR’s upcoming Maxing Tax Digital initiative! Log in or sign up here.