Research shows one in five UK side hustlers own more than one business
The boom in British side hustle culture shows no sign of slowing down, with new research showing that almost one in five side hustlers (17%) now run more than one business alongside their day job.
The research, conducted by GoDaddy among online entrepreneurs, reveals the extent to which British entrepreneurs are going to help supplement their main income.
Of those that reported they currently run a single side hustle, more than two fifths (42%) of them are considering starting a second side hustle. This could be due to the dramatic reduction of barriers to entry for those looking to start a business online.
Three in five (58%) side hustlers said their new venture cost them as little as £500 to start, while nearly one in six (15%) reported set-up costs of less than £1000. The average UK side hustle generates £22,900 annually, suggesting that there could be significant profits to be made.
With the availability of easy to use online tools and services available today, almost half (48%) of business owners surveyed said they had their website built and up and running in a couple of days. Just over one in nine (13%) took one day, and a similar number (13%), remarkably, reported taking under four hours to build their website.
GoDaddy’s research found a variety of factors driving the push for second side hustles. Just over half (54%) said they were following a passion and wanted to make more money from something they love, while a third (32%) had spotted a gap in the market and an opportunity to make extra money. One in seven (14%) said the extra cash was necessary to cover household expenses.
The British side hustle economy is now estimated to be worth £44.5bn per year including 5% of side hustlers who said they want to add in-person services or bricks and mortar locations to their business.
Increasing numbers of entrepreneurs are also using artificial intelligence (AI) to own and run more than one business. More than a third (35%) reported having used AI tools to help build and grow their businesses, with generating social media copy (47%), conducting market research (41%), devising social media strategy (39%) and researching competitors (30%) as their most common uses for the technology.
Britain’s entrepreneurial community could also be getting younger, with four in five (81%) side hustlers aged between 18-34. The average age of side hustlers surveyed in the UK is 32, while one in nine (12%) said they had started their first side hustle when aged under 18.
One serial side hustler who has set up multiple e-commerce businesses is GoDaddy customer Lucy Stone, from Bath, owner of Meditation Rocks and Find Your WOW: “I started my first side hustle, Meditation Rocks, during the pandemic after my meditation live streams began attracting thousands of viewers every day. Setting up a website enabled me to grow this into a hugely successful venture with dedicated platforms for individuals, businesses and schools. I’ve now launched a second venture, Find Your WOW, which is based on what I’ve learnt from teaching mediation.”
“To anyone thinking of setting up a second business, it’s important keep your eyes open for new opportunities and trust your gut. You never know what will happen in the future so having multiple sources of income can help ensure your longevity.”
Andrew Gradon, head of GoDaddy UK & Ireland, adds: “It has never been easier to start an online business and its brilliant to see so many Brits running multiple businesses. Whether entrepreneurs are pursuing a passion or want to supplement their income with multiple side hustles, Britain is home to the serial side hustler.”
“Our side hustle economy is worth more than £44 billion a year, so at GoDaddy we are committed to ensuring these everyday entrepreneurs receive all the online tools and support they need for their businesses to flourish.”
