As Britons grapple with high living costs, many are turning to side hustles to supplement their income and ease the strain of household bills.
Side hustles often require an initial investment, but money.co.uk research shows that up to a third of adults in the UK (34 percent) have no savings.
While starting a business with no money might seem daunting, money.co.uk business bank accounts experts said: “It’s possible with the right approach and mindset.”
Top 3 side hustles with minimal or no upfront investment costs
According to experts at money.co.uk, the top three side hustles with minimal or no upfront investment costs include:
- Reselling vintage or used goods – 63,200 searches between February 2023-24 (up from 23,800 the year before)
- Becoming a rideshare driver – 15,480 searches between February 2023-24 (up from 11,300 the year before)
- Giving tours of your neighbourhood – 1,510 searches between February 2023-24 (up from 1,170 the year before).
Searches for “how to sell on Vinted” skyrocketed by 166 percent in the last year, showing a massive interest in the resale market.
To get started, Kyle Eaton, money.co.uk business bank accounts expert said: “Clean out your wardrobe or collect vintage finds and list them on platforms like Vinted or Depop. Good photography and an understanding of trends can help your items stand out with little to no upfront cost involved.”
With a 37 percent increase in searches, becoming a driver for Uber (or another platform) remains popular.
Mr Eaton said: “You’ll need a suitable vehicle, a clean driving record, and to pass a background check. The flexibility of working hours is a significant draw, with earnings varying based on location and time spent driving.”
Interest in becoming a tour guide grew by 29 percent last year. Mr Eaton said: “If you have a deep knowledge of your local area and enjoy storytelling, platforms like Airbnb Experiences allow you to create and list unique walking tours.
“It’s a good way to share your passion for your community while earning extra income.”
Top 3 side hustles that might take longer to earn money from
According to experts at money.co.uk, the top three side hustles that may take a little more time and investment include:
- Offering digital marketing services – 1,040 searches between February 2023-24 (up from 580 the year before)
- Selling digital products – 3,970 searches between February 2023-24 (up from 2,230 the year before)
- Becoming an affiliate marketer – 14,580 searches between February 2023-24 (up from 10,010 the year before).
Searches for ‘digital marketing side hustle’ increased by 79 percent in the past year, highlighting a growing interest in using digital platforms to promote businesses.
Mr Eaton said: “Familiarise yourself with digital marketing fundamentals through free online platforms like Google Digital Garage and social media marketing on platforms like Facebook and Instagram. Understanding SEO, content marketing, and email marketing is also crucial. Tools like HubSpot offer free courses and certifications.”
With a 78 percent increase in searches, selling digital products like ebooks, courses, or design templates can also be a lucrative pastime.
Mr Eaton said: “Platforms like Etsy for creatives or Teachable and Udemy for course creators are great places to start with no upfront cost. Focusing on creating valuable content and using social media for promotion is critical.”
Showing a 46 percent rise in interest, affiliate marketing involves promoting others’ products for a commission.
Me Eaton said: “Platforms such as Amazon Associates or ClickBank offer a good starting point. Building a blog or a social media presence in a specific niche can improve success rates without initial investment.”
