We are sharing this update from ACCA, our professional body, for the interest of clients and contacts. The content is (c) ACCA
New data from GoDaddy suggests that side hustles generate £22,900 a year on average
Side hustles can be quick and cheap to set up and they bring in significant profits for workers looking for an additional income. These are the findings of a new report by domain registrar and website hosting company, GoDaddy. Its data reveals that the average income from a side hustle is an impressive £22,900.
The findings also show that:
- 58% of side hustlers set up their business for less than £500;
- 48% took just a few days to set up their ventures;
- 70% hope to turn their side hustles into full time ventures;
- The average age of side hustlers in the UK is 32.
E-commerce has been at the heart of this success, says GoDaddy, with online side hustles generating £21,400 a year on average. Almost two-thirds (60%) of online side hustlers expect their venture to grow by the end of 2023, while just 3% think they will decline.
The research also shows that increasing numbers of entrepreneurs are using artificial intelligence (AI) to help build and grow their businesses. More than a third (35%) have used AI tools to contribute to their business in some way, with generating social media copy (47%), conducting market research (41%), devising social media strategy (39%) and researching competitors (30%) the most common uses for the technology.
This insight suggests a growing market for the self-employed and demand for services of accountants to provide the vital support that small businesses need at the start of their lifetime.