Revealed! Top 3 sectors for generating a second income with a side hustle

Woman using laptop and working from home

If you’ve been thinking about creating some extra income with a side hustle, you’ve probably wondered which sectors offer the best opportunities and the best potential for success. Well, wonder no more. A new survey has revealed the top three industries for side hustles. Here is everything you need to know.

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The impact of Covid-19 on our work habits

According to leading task marketplace Airtasker, Brits are looking for more flexible work arrangements in the aftermath of the pandemic.

A survey by the site reveals that 57% of British workers would like to have more space in their workweek by reducing the number of working days to four.

Commenting on these findings, Tim Fung, Co-founder & CEO at Airtasker, said, “The global pandemic gave many an opportunity to reflect, so it’s not surprising that British workers are supportive of a four-day workweek.”

According to Fung, “A four-day workweek could unleash greater productivity, with employees more focused and present during meetings. Staff would become more diligent with time management as they’d need to design their schedules in a way that enabled them to do their full-time output across four days.”

However, workers don’t plan to spend their extra day off lounging around. According to the survey, 14% are planning to upskill or develop new skills during their day off. A further 11% want to pursue self-development activities such as education courses.

Perhaps more interestingly, the survey results show that more than a third (35%) of UK workers are preparing to supplement their earnings with a second income if a four-day workweek is approved.

Top sectors for a side hustle

So which are the top sectors for generating a second income via a side hustle?

Well, according to a separate survey by Airtasker, the top sectors are:

  • Accountancy, banking and finance (15%)
  • Creative arts and design (9%)
  • Teaching and education (9%)

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How to find the right side hustle for you

When exploring possible side hustles, there are some key factors to consider.

Think about the things you enjoy doing

Is there something you enjoy doing that you could monetise? For example, if you enjoy playing a musical instrument, perhaps you can start offering music lessons online. Or if you enjoy painting or any other type of artwork, you might consider selling your art online.

Remember that when it comes to a side hustle, you are more likely to be motivated to it your all if it is something you enjoy doing.

Think about how much time you can devote to your side hustle

The time commitment, as well as the physical and mental effort required for each side hustle will vary. Therefore, think about how much time and effort you can reasonably dedicate to your side hustle without affecting your other main source of income.

The ideal side hustle is the one that you can effortlessly fit around your existing schedule. 

Don’t be afraid to try a few different things

The most suitable side hustle may not fall into your lap right away. You might have to try a few different things before you find the best fit. The main thing is to keep an open mind and never limit your options.

In the same vein, don’t be afraid to abandon a particular side hustle if you discover that it’s not a good fit. Even the most lucrative side hustle isn’t worth it if it’s negatively impacting your mental or physical health.

The post Revealed! Top 3 sectors for generating a second income with a side hustle appeared first on The Motley Fool UK.

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