A side hustle is something you do to make income alongside your main income stream. It might be something that brings in a few extra pennies to something that makes you more money than your main source of income.
Why do people have side hustles?
There are many different reasons for having a side hustle or two. Some people might be saving up for a purchase or they might need extra money. It is also popular among freelancers who want to diversify their income streams so they are not always relying on bringing in business to pay the bills.
Do I need any special skills to have a side hustle?
That really depends on what your side hustle is. There are plenty to choose from and plenty of side hustles don’t require any special skills.
What types of side hustles are there?
To be honest, it’s a very long list as there are so many. I’ve listed a few ideas here.
Online side hustles that only require time and effort
- Filling in surveys
- Participating in focus groups
- Blog on sites like Medium (affiliate link) and Vocal
- Write on Quora and monetise it
- Become an Instagram Influencer
- Setup a YouTube Channel and monetise it
Online side hustles that require time, effort, and a bit of money to get started
- Matched betting (if you’re in the UK)
- Setup an affiliate website
- Setup a blog and monetise it
- Setup a dropshipping website
- Build a website, gain traffic and then sell it on a site like Flippa
- Buy items to sell at a profit on eBay
Side hustles that require skills
- Freelance and sell your services on sites like Upwork
- Taking photos and selling them on websites such as Shutterstock
Other Side hustles
- Rent out your driveway, a room, or property
- Babysitting
- Pet sitting
- Paper round
- A second job
- Starting a business
- Mystery shopping
- Investing in stocks and shares
- Investing in cryptocurrency
Bizarre side hustles
- Selling feet pics on OnlyFans
Do I need to pay tax on my side hustle (UK)?
The answer to that is probably a yes. HMRC aren’t really going to care if you’ve sold all of your childhood toys on sites like eBay (selling your private stuff is not the same as selling items you’ve bought with the intention of selling for profit). What HRMC does care about is if you’ve earned more than £1,000 in a tax year with your side hustles.
This means that if you go over that limit, you’ll need to submit a tax return. It could also push you into a higher tax bracket, depending on what you currently earn.
If you’re looking at starting a side hustle or two, it’s worth checking how that will affect your tax situation and remember to keep records! Find out more at thehumblepenny.com.
Final thoughts
Depending on what your aims are, side hustles can bring in extra money, kick start a new career or business, or even bring in new opportunities.
If you rely on the one income stream then consider what would happen if you lost it? A side hustle could give you a little safety net to fall back on.
A side hustle could even be the start of something big. That little business you started on the side could grow into a big success, it has been known to happen!
Note that some links may be marked as affiliate links. These are either referral or affiliate links which when used, earns me money.
