Top ten side hustles revealed
Google searches for side hustles have increased by 83% in the last year. In the UK, over 18,000 monthly searches were recorded on average. With the cost-of-living crisis impacting millions across the UK, it is no surprise that people are turning to side hustles in addition to their regular salaries to make ends meet.
By looking at data from the freelance platform Fiverr, Bionic has revealed that some freelancers earn more than £150,000 by starting businesses at home. Their analysis looked at how much money top-selling freelancers were making in various industries. They also looked at minimum project charges and the number of orders delivered by each top-selling freelancer to provide an overall ranking of the most profitable side hustles.
In the UK, the top ten side hustles, with their average earnings, are:
- Creating Web Banners: £739,526
- Social Media Design: £605,016
- Web Design: £546,403
- Audiobook Production: £545,133
- E-Commerce Product Videos: £436,021
- Catalogue Design: £419,580
- Logo Design: £344,245
- Book and eBook Writing: £320,000
- App Design: £308,513
- E-commerce Development: £294,833
The study also revealed that:
- Overall, graphic design is the most profitable industry to conduct a side hustle
- The UK is the best country to earn money from Writing & Translation services
- On average, top-selling freelancers in the UK are making £97,000 from side hustles
- Globally, the most profitable side hustle is 3D Production Animation. Top freelancers in this area are making £569,000 on average
- This highest sum made in any side hustle in the UK was by a freelancer in the UK who made over £3m on Audiobook Production.
Les Roberts, Content Manager at Bionic, commented: “While the data we have here showcases plenty of unique services on offer, the most important thing it highlights is just how many people now rely on freelance work to supplement their income.
“This growing freelance economy isn’t likely to slow down until wages catch up to inflation, which could be well into 2023 or beyond. But since it seems to work for households and businesses alike, we might see people adjust to this new way of living.
“This could in turn make things like the four-day work week more feasible for the UK. Small businesses are the backbone of the UK economy, but it’s entirely possible that side hustles become the new normal even after the economy recovers.”
The full study can be found here: https://bionic.co.uk/blog/most-profitable-side-hustles/
