STARTING a side hustle could earn you an extra £23,000 a year on average while only costing a few hundred quid to set up.
Ignoring the urge to flex your entrepreneurial wings could be costing you big time, as small businesses are booming.
Starting a side hustle could add thousands onto your annual income[/caption]
As little as one hour a day dedicated to a second job could add thousands onto your annual income – even with a day off.
Whether it’s freelancing in the evening after your 9-5 or selling your crafts on Etsy, taking on another gig can prove extremely profitable.
Research conducted by GoDaddy found that side hustles providing services or manual jobs can earn you an extra £22,900 a year.
And those who have taken their trade online can rake in another £21,400 a year on average.
The study explained that 58 per cent of online entrepreneurs spent as little as £500 when setting up their new venture.
Around 15 per cent of internet merchants forked out under £1,000 to launch their side hustles, suggesting small investments can generate big profits.
Most of this is spent on perfecting their websites, but it seems that business owners are forking out a lot for a rapid turnaround.
According to the research, 48 per cent of entrepreneurs said their online presence took merely a couple of days to establish, while some claimed it took under four hours.
The process is now becoming even easier, as budding business moguls can rely on artificial intelligence tools to aid them.
The speed and simplicity of side hustles, as well as the whopping potential financial reward, have left 70 per cent of merchants ready to make it their primary source of income.
The study also found the average age of Brits taking on extra jobs is 32, while one in nine began their business before they turned 18.
Andrew Gradon, head of GoDaddy UK & Ireland, said of the findings: “It has never been easier, or quicker to set up an online side hustle, and GoDaddy’s data shows the financial rewards can be significant.
“Technology has dramatically reduced the barriers to entry, giving entrepreneurs the tools to start and grow their businesses in no time at all.
“At GoDaddy, we are committed to helping everyday entrepreneurs feel confident in their business decisions, and have seen first-hand the success that many of our customers have had in starting their online side hustles.”
Katie Anderson, who set up her own vintage and slow-fashion side hustle, explained how having her own business allowed her to achieve financial freedom.
She said: “I started Pine & Treasure to make a bit of extra money whilst I travelled around New Zealand, selling second-hand items through Instagram.
“When I returned to the UK, I wanted to continue the business and expand online.
“Setting up a website was incredibly simple and stress-free, costing me just £230. Since going online, Pine & Treasure has grown significantly.
“I’ve also created a slow-fashion clothing line, and the business is generating enough profit for me to manage it full-time, matching my previous salary as a marketing director for a creative agency.”
We previously told how a business expert revealed their top tips for turning your side hustle into a small start-up.