A boom in side-hustles means side-hustlers are now contributing an estimated £72bn to the UK economy with as many as 25% of adults having a side hustling today, according to research carried out by Caunce O’Hara and analysis Henley Business School.
The Caunce O’Hara survey, of 1000 respondents, found that more than one in four (27%) hoped their side hustle could ultimately become their main source of income, with a further 21% saying they saw it as a hobby that allowed them to make some extra money.
Most respondents (51%) earned up to £1,000 a month from their side hustle, with the most popular sector to operate in named as retail, including crafts and textiles.
The amount of time spent on running side hustles varied amongst respondents, with the most common being 6-10 hours a week (26% of respondents), and 9% investing more than 30 hours a week in their side business.
Whilst side-hustle popularity continues to grow, the survey revealed a lack of awareness amongst part-time entrepreneurs of arranging insurance for their business. 43% of respondents were operating without any business insurance, 28% of whom stated that they didn’t know they needed insurance or that it even existed.
Rob Rees from freelancer insurer Caunce O’Hara, commented:
The growth in side hustles shows more people are using their hobby or other skills to make extra money. Though a side hustle may seem like a good way to earn more cash by doing something enjoyable, things can quickly go awry and, without insurance cover in place, an unexpected claim can affect the longevity of a new or small side business.
The findings suggest a lack of awareness of the importance of insuring side-businesses; as a specialist business insurance broker, we’ve seen claims made against businesses of all sizes and without the right cover in place, part-time entrepreneurs run the risk of being left with a hefty bill for legal fees, and potentially compensation payments, in the event of a claim.
Some side hustlers set up more than one hustle, with 17% surveyed running 4 or more. The age group that has taken the reigns in side hustles is the 35 to 44 age group, as you can see in the infographic below.
