Get a side hustle

If you’re looking to make some extra money or you would like something to do in your spare time, setting up a side hustle could be worth considering.

As well as turning something you enjoy into a money-making venture, a side hustle is a great way to find out whether your idea has the potential to become a full-time business. Costs are often small and with a job in the background, the financial risks are usually low.

Side hustle ideas

Whether you already have a hobby that you could turn into cash or you are looking for inspiration, here are five ideas for your side hustle.

Sell items you make or no longer need

If you love a spot of crafting or you’re a dab hand at knocking up some awesome cupcakes, then you could make money selling your wares. You can set up an online shop on websites such as Etsy and Folksy or look for local markets and craft shops.

There is also money to be made by selling things you no longer need. Online marketplaces including eBay, Vinted and Depop let you list your second-hand goods. You could even start buying second hand goods to sell on at a profit.

Turn your love of animals into cash

Pet ownership has increased in recent years, creating a huge opportunity for animal-related side hustles. Offering your services as a dog walker, pet sitter or even setting up a boarding service for smaller pets such as hamsters and gerbils can be a good way to turn your passion into pounds. Do check your insurance requirements. If you are looking for clients outside of your friends and neighbours, you may need to have cover in place.

Rent your space

You can turn an empty room, drive or parking space into hard cash by renting it out. Websites such as Airbnb, YourParkingSpace and JustPark can put you in touch with people looking for a room or somewhere to put their car.

Do your research first. Some sites charge to list your space so make sure there is demand for it before you pay a fee.

Offer a service

Whether you speak a second language, take website-worthy photos or you love fixing people’s IT problems, you can make some extra cash by selling a service.

Promoting your business on social media will help you find your first customers but also check whether there are any useful platforms to list your side hustle.

Depending on the type of service you offer, you may want to consider additional insurance requirements. As an example, if your side hustle involves interacting with the public, for instance as a handyperson or a nail specialist, you may want to take out public liability insurance. This protects you if someone takes you to court for any damage to them or their property.

Become an influencer

Love social media? You can turn your passion for posting into an income stream by becoming an influencer. It can be a fun way to make money but it requires plenty of hard work too. Before you can make a penny, you will need to find a niche and build up your followers with lots of engaging content and interaction. Once you've got a decent following, you can start reaching out to brands for paid collaborations.

Financial considerations

With any side hustle, it’s important to consider the financial implications too. Whether you are walking dogs or repairing someone’s laptop, anything you receive is income and could be subject to tax. This income could also affect your benefits and any financial support you receive from the government.

Also check with your insurer to make sure your side hustle doesn’t invalidate your home or car insurance. Many side hustles will not require any additional cover but always ask your insurer first.

Setting up a side hustle can be great fun. As well as being the perfect way to make some extra cash, it could even be the first step on the way to running your own business.

We can also help if your side hustle does turn into your business. Our business insurance is designed to meet the needs of all sorts of different businesses. Visit our business insurance page to find out more.