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What is a side hustle?

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In an article on the 19th of February 2020, Business Matters Magazine (BMM) reveals that up to two-thirds of adult Britons are running a business on the side of their main day-job or employment. The country is fast becoming a nation of so-called "side hustlers”, declares the magazine.

Furthermore, the side hustle might be an especially appropriate way for an individual approaching retirement or already enjoying the fruits of retirement to earn a little extra cash “on the side”.

Preparing your approach

Whether you have retired already or are approaching that date, there are countless opportunities and possibilities if you want to turn your hand to the occasional side hustle or two.

Before you do so, the Thrifty Londoner, on the 5th of April, has a word of advice on how to choose any particular hustles that might take your fancy:

  • hustling is a side-line, so it should be something you should enjoy doing, rather than treating it as the drudge your full-time job is (or might have been);
  • is just about the money? Some part-time businesses rake in more money than others; some you might enjoy doing just for the sheer pleasure of it;
  • the cost of it – some hustles may involve start-up costs of one type or another, so consider whether that is something you might want to avoid. Or incorporate the costs into your projections of how much you’re likely to earn. (Don’t forget, that in many cases you will need an appropriate form of business insurance and, depending on your circumstances, may need to pay tax on your income).

Having prepared yourself with some of the basic considerations, the world is then your oyster, where there are countless ways of occupying yourself and earning a little – or more – extra cash on the side.

Sell online

Sites such as eBay and Gumtree make it easy to become an online trader from the comfort of your own home. Once you’ve established a presence, perhaps by selling the unwanted contents of your garage or attic, you can buy goods at trade prices online and resell them for a profit.

The website Depop offers a similar trading service but one that is devoted exclusively to clothing.

Arts and crafts

If you want to pursue your creative talents – while making a little extra cash into the bargain – the website Etsy is for all handicrafts what is eBay is for run-of-the-mill household items.

The advantage in developing your talents for arts and crafts, of course, is that you may also broaden your social horizons by trading at local fairs, markets, and other open-air events.

If you wish, you can even run workshops so you can share your skills - and get paid for it!

Freelancing

Preparing to leave the office for your well-earned retirement – but can’t quite let go of everything just yet?

You might continue in a similar, office-minded groove by offering your services online. The website Fiverr is among the leading online marketplace for all manner of professional services – everything from freelance writing, translation services, digital marketing, graphics and design, video, animation, audio and music, to programming and business services.

Turn a hobby into money

Do you love yoga? Or martial arts? Or, you have another hobby? Why not get qualified? Not only will this deepen your understanding of the practice, but it means you can teach it, too.

Pet sitting/dog walking

Now might be the perfect time in life to enjoy your love for animals by pet sitting or dog walking for other people.

Not only do you get the chance to spend time with a range of different animals, but you may also have plentiful opportunities for exercise outdoors when you take them for walks – all the while earning yourself a little extra cash.

Become a supporting actor

Also known as Extras, you can have lots of fun being a supporting artist – especially if you live near a major city. You don’t have to be a specific 'type' either. Look at any TV advertisement or programme, and you'll see people of all ages, shapes and sizes. The hours can be long, and there is a lot of waiting around on set, but each day is different. Look online at websites such as Fresh Agents.

As you can see from this handful of suggestions, the options are boundless if you are interested in a side hustle or two. Whatever takes your fancy, there is almost certain to be a way of realising your vocation - while making money too.

Any data used in this article is correct as at the time of writing.

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