Fancy an extra £20k a year (or even a few extra quid)? Carpentry might be the side hustle for you!
The past two years have been a whirlwind, that’s for sure! We’ve been locked down, eating out to help out, working from home, very nearly back to normality… and now things feel a bit up in the air again!
During this confusing period, one thing has remained constant. Many of us feel a little uncertain! That’s why quite a lot of people have seemingly started to reconsider their lives and careers, prompting them to take up new jobs and hobbies, and thinking of new ways to earn money.
After some research, one trend that has seemed to spike over the last couple of years (as Google search data tells us) is side hustles or, in layman’s terms, something that offers a secondary source of income. We were intrigued to find out more about the trend and just how beneficial a side hustle could be to your income, so decided to carry out some research of our own.
Our study explored what hobbies people may have turned into hustles and reveals the ones worth trying in the new year if you’re looking for an income boost.
The earnings are based on survey findings that revealed the average amount that respondents earned for each side hustle when working for an average of 30 hours per month.
The ten highest-earning side hustles, and their average income per month, are:
- Carpentry, approx. £1,600 per month (£53.33 per hour)
- Dropshipping, approx. £1,300 per month (£43.33 per hour)
- Baking, approx. £1,000 per month (£33.33 per hour)
- Streaming, approx. £800 per month (£26.66 per hour)
- Wholesaling, approx. £650 per month (£21.66 per hour)
- Beauty therapy, approx. £550 per month (£18.33 per hour)
- Jewellery making, approx. £530 per month (£17.66 per hour)
- Tailoring, approx. £500 per month (£16.66 per hour)
- Blogger, approx. £450 per month (£15 per hour)
- Pet sitter/walker, approx. £430 per month (£14.33 per hour)
Carpentry tops the list of the highest-earning side hustles. Despite the original expense of tools and materials, carpenters selling bespoke items can look to earn a monthly average of £1,600, while those working on more practical projects – such as wardrobe making – can earn over £1,000 on one project alone! If you’re good with your hands and have a keen eye for DIY it may be time to get your tool belt out and your hard hat on.
For those looking to earn some extra cash with a hustle that is a little less hands on and requires less technical skill, dropshipping may be a viable option. Dropshipping is a form of retail where the seller accepts customer orders but does not keep goods sold in stock and orders directly from the supplier (who sends the item directly to the customer). This side hustle is a great option for those with limited space or funds, and an easy yet effective way to be in with the chance of earning up to £1,300 per month with minimal effort, all from the comfort of your own home.
Another hustle – and one not to be confused with dropshipping – is wholesaling, where you buy products in bulk and sell them on at a profit.
Streaming – basically creating any media content, live or recorded – is another great way to make profit from everyday tasks, depending on how much you stream and your following. Have faith and stick with it, good things come to those who wait! When it comes to content, the world is your oyster – you could even stream yourself working on a carpentry project, baking, making jewellery or creating a garment for someone, to double your earnings while working on two income sources at the same time. What you choose to stream is entirely up to you – there really is an audience for everything.
Despite the recent rise in people working from home, hustlers wanting to make the most of their free time can still benefit from marketing themselves as a dog walker or pet sitter. There are plenty of sites to advertise yourself on. Alternatively, using social media is a great way to drum up business in your local area, with the chance to earn up to £430 per month on the side depending on how many pets you’re taking care of.
Whatever you choose to do, make sure you weigh up the cost-benefit of your hustle and try to stick with it even when it seems like you’re not earning big. Work on marketing your business well so people know you’re there, attend craft fairs, create social media pages – whatever you can do to get your business out there. It’s called a hustle for a reason!
Samuel Hunt, co-founder of MaterialsMarket.com, said,
“I think the events of the past two years have pushed people to look to additional sources of income to supplement their primary earnings. We were intrigued by the trend and wanted to find out just how far it went, so we decided to conduct our own research.”
“As with any business, it all starts with hard work and good marketing but from there it is all about talent and making the most of your audience. I never imagined that something as simple (and admittedly as fun) as baking could earn so much as a side hustle – I guess it’s time to get my apron out!”