Side hustles can earn an extra £24,000 a year on top of main job | Personal Finance | Finance

Side hustles offer an excellent opportunity to earn extra money alongside their main job.

Britons can potentially add up to £24,000 to their annual earnings through flexible and diverse income sources, new research showed.

There is a multitude of side hustle ideas available, ensuring that people can find something right for them.

New research from the workplace pension provider Penfold found a variety of side hustles that could make up to £24,000 each year.

They curated a list of some of the side hustle ideas, along with key information about each idea that people should know if they decide to consider it.

Airbnb hosting: If someone has a spare room or property in a popular tourist destination like London or Edinburgh, they can consider listing it on Airbnb for short-term rentals.

Britons should research the average prices for similar accommodations in their area to determine a competitive nightly rate.

For instance, people could charge £99 per night for a stylish studio apartment in the heart of the city.

Depending on the location and demand, hosting on Airbnb can potentially earn you £1,500 to £2,000 per month.

Freelance writing: If someone has strong writing skills and specialise in areas like technology or fashion, they can offer their services as a freelance writer.

Britons can determine their rates based on the type of project, word count, and level of research required.

For example, people could charge £150 for a well-researched 1,000-word article on sustainable fashion.

With consistent clients and quality work, freelance writing can earn people £1,000 to £2,000 per month.

Social media management: Britons can utilise their expertise in social media platforms like Instagram or Facebook to manage the online presence of small businesses.

Monthly rates can be determined by considering factors such as the number of platforms managed, content creation, and engagement strategies.

For example, people could charge £300 per month to handle two social media accounts with regular posts and community management.

With multiple clients, social media management can earn people £800 to £1,500 per month.

Online tutoring: Leverage one’s expertise in a specific subject, such as mathematics or English literature, to offer online tutoring services.

Determining the hourly rate can be based on factors such as qualifications, teaching experience, and the complexity of the subject. For example, people could charge £25 per hour for advanced physics tutoring.

Their research found that with consistent clients, this side gig has the potential to generate an additional income of £500 to £1,000 per month.

Virtual assistant: People can provide virtual assistance to busy professionals or entrepreneurs by managing tasks such as email correspondence, scheduling, and data entry. They can determine the hourly rate based on the complexity of the tasks and the level of expertise required. For example, people could charge £15 per hour for advanced administrative support. With consistent clients and efficient service, virtual assistance can earn you £400 to £1,000 per month, the experts said.

The full list of side hustles can be found on the Penfold website.

Pete Hykin, CEO and Co-Founder of Penfold, said: “In today’s gig economy, side hustles are no longer just an option – they’re a smart financial move.

“With the potential to supplement your income by as much as £24,000 annually, they represent a real and accessible opportunity to enhance your financial stability.

“Whether you’re leveraging an existing skill or pursuing a passion, the return on investment for time and effort in side hustles is impressive. It’s a game-changer, truly democratising the process of wealth building.”