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. 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.
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, but a small minority 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%
“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.” said Steven Drew, product manager for Informi.
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.”