Side hustles: How to make money on the side

Chris Timm

Brand Marketing Co-ordinator

May 21, 2021

As Dolly Parton famously put it, working 9 to 5 is a great way to make a living, but with figures from the Office of National Statistics showing that over a million people in the UK have a second job, or ‘Side Hustle’, it seems people are no longer restricting themselves to just those hours. With the popularity of Side Hustles increasing, it could be time to start putting your talents to use to make some extra cash.

What is a Side Hustle?

Simply put, a Side Hustle is a way to make money outside of your usual job. It’s typically a flexible second job that can bring in extra money, and more importantly it can be something you’re passionate about that you don’t get to pursue in your main job.

Side Hustles can range from anything from baking, to teaching music, to walking dogs. Whatever hustle you choose, there’s plenty of benefits to getting started right now.

Extra cash

Money. Who couldn’t use a little bit more of it? Whether you’re planning for a holiday, paying off student loans, or even putting some money aside for a rainy day, a little extra cash can go a long way.

The truth is that once you’ve calculated the cost of rent, food, and bills, you might realise that you have little, if anything, leftover every month. Forgetting bonuses and commission, your earning power in a 9 to 5 job is usually capped at your salary. The beauty of a Side Hustle is that if you’ve got the ambition to match it, the sky really is the limit with how much extra money you could earn.

Depending on what you choose to do, you could be earning an extra hundred or so pounds every month, which can help to ease any financial worries and bring in an additional income stream.

Find your ikigai

For many though it’s simply not about the money. Side Hustles can give people the opportunity to find satisfaction in doing something they love, away from their main job. The Japanese call it ikigai (pronounced E-key-guy) which translates literally as life’s worth. The people of Japan believe that everyone has an ikigai – a reason to jump out of bed each morning.

The principles of Ikigai are to:

  • Do what you love.
  • Do what you’re good at.
  • Do what the world needs.
  • Do what you can be rewarded for (both in monetary terms and fulfilment).

Let’s be honest, a lot of 9 to 5 jobs can be taxing on the mind and body, so finding your own ikigai through a Side Hustle will help you to stay motivated and in it for the long haul.

Skills to pay the bills

There’s a general under appreciation of the amount of effort that goes into making a Side Hustle a success. For example, take someone who wants to turn baking into their hustle. There’s firstly sourcing the ingredients, putting the love and time into making the cakes, setting up a social media presence, finding customers and then finally delivering the cakes. This may be oversimplifying the process but you’ve got to see it as a journey and think about all the skills and knowledge you’ll develop along the way.

You could try your hand at graphic design to make your Instagram posts more appealing, or perhaps working out budgets and finances will help to boost your Excel skills. Also let’s not forget the fun you can have along the way, meeting many new interesting people, or even opening doors and opportunities for you later down the line.  

It’s very much dependent on how much time and effort you’re willing to invest into your Side Hustle, but the wealth of knowledge and skills you’ll learn from the experience, can be taken into other aspects of your life.

In the spotlight

Across the next few weeks, we’ll be putting some of our favourite Side Hustles in the spotlight across our Instagram - @OpenMoneyUK. We’ll be interviewing the founders, who will be offering their tips and tricks on why they chose their hustle and what you need to make it a success. Keep your eyes peeled and in the meantime keep on hustlin’.