Adobe Express talks to Londoners with side hustles to find out what it takes to be successful.
- Adobe Express has spoken to Londoners with side hustles to find out which industries are the most lucrative, the challenges people face and to inspire those looking to set one up.
- Almost three quarters of Londoners (72%) say their side hustle has been a success.
- Over a tenth (11.6%) say they are making over £1,000 each month from their side venture.
As we start the new year, Brits will be looking to start a new chapter, and for many, a change in their career path is a popular change to make. With 22,200 average monthly searches for “Side Hustles” since August 2024*, it’s clear that many will be looking to make a bit of extra cash on the side of their day job.
Adobe Express has conducted an extensive study*, to find out the sectors people want to set up side hustles in, and their main reasons for doing it, as well as their concerns for starting the process. Adobe Express also spoke to those with side hustles to share their biggest areas of success, from finances to time management, their marketing tactics and the most successful side hustle industries.
When it comes to Londoners, Adobe Express spoke to those already balancing side hustles to uncover their secrets, along with those who want to start a new venture.
The top sectors Londoners want to start a business in:
For Londoners who haven’t yet launched a side hustle but are eager to do so, technology and IT services are the most attractive areas to explore. Just under a quarter (22.5%) of people expressed a strong interest in venturing into these fields.
Creative industries such as art, design, and photography appear as the second most appealing industry for Londoners looking to start a side hustle, with 17% of respondents expressing a strong interest in exploring opportunities within this space. Whether that’s selling their work on marketplaces, or offering their skills up on a freelance basis, many are drawn to tapping into opportunities outside of traditional roles.
Furthermore, 14.7% are looking to tap into the health and wellness industry, tapping into side gigs that explore fitness or mental health. Other industries to highlight include retail and e-commerce (12.3%), education and tutoring (10%), and finance and consulting (7%).
Why Londoners want to set up a side hustle:
Whilst only 7% of respondents expressing that they will definitely turn their side hustle into a full time business, half (51%) said that they would consider it, depending on the success. But, what are the main reasons why Londoners are setting up a side gig?
For over two-thirds (62%), the reason why they have set up a side hustle is to generate extra income. With the continued cost of living rising, many are looking for ways to supplement their earnings, whether it’s to build a financial safety net or to help save for future goals.
Furthermore, almost a third (31%) said that they had flexibility in their work schedule to allow them to explore side ventures, and over a quarter (28%) said that they set up their side hustle as a way to pursue a passion or hobby, showing that for many, a side venture isn’t just about financial gain but personal fulfilment as well.
Additional reasons why Londoners have set up side gigs include using it as a stepping stone to gain business experience and knowledge (15%), to transition to self-employment (13%), and to help prioritise childcare or family commitments (12%).
How much are people earning from their side hustle?
Almost three quarters (72%) of Londoners who have set up a side hustle would agree that it has been a success, whilst for 19% it is too early to tell. For 40% of people, between five and 10 hours is all that is needed each week to maintain their hustle, whilst over a quarter (28%) say that they spend less than five hours a week working on their side gig.
For most, it seems as though they are reaping the rewards of their side hustle. Over a third (37%) say that they typically bring in between £100 and £500 each month from their venture, whilst 18% make between £500 and £1,000. Furthermore, 11.6% have made their side hustle an extremely lucrative gig, making more than £1,000 each month.
The resources that have supported people in their side hustle growth:
When looking into the factors that have fuelled the growth of Londoners’ side hustles, almost half (43%) said that social media has been a crucial tool for their small business growth. Almost a third (32%) said that the invaluable support from family and friends helped their side hustle gain momentum.
In addition, over a quarter (28%) took to online courses or training to help gain knowledge to be successful in their side hustle, whilst 26% turned to networking with other entrepreneurs to discover the key to success.
Other valuable resources include the use of business tools such as software and apps (14%), mentorship or coaching (8%), and financial support from loans or investors (7%).
For more information on how to set up a side hustle, or how to improve a current side hustle venture, visit Adobe Express’s blog here.
Featured Photo by Katie Polansky on Unsplash.