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Side hustles can help individuals find another source of income other than their salary, to boost their monthly finances. However, there are some which may be better than others at making more cash. MaterialsMarket conducted a survey earlier this year to look at what kind of hobbies people have turned into side hustles. The survey identified the top five options which made the most money when working on them for around 30 hours per month.
Carpentry topped the list as the most lucrative, with an average additional income of £1,600 per month.
This could reach around £19,200 annually.
With this, a person would need to take into account the initial expenses such as tools and materials.
However, according to the craft site Etsy, a handmade wooden coffee table could fetch between £250 to over £1,000 alone.
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This is followed by dropshipping which could earn people an extra £1,300 per month.
Dropshipping is described as a form of retail where the seller accepts customer orders but does not keep goods sold in stock and orders directly from the supplier, who then sends the item directly to the customer.
A benefit of this kind of side hustle is that people can generate extra income, but they do not have to have space or excessive funds to start it.
The third place is taken by baking which could make a person approximately £1,000.
Many will see baking as a fun hobby, or an interest which they can share with friends and family rather than a way of making serious cash.
However, according to Etsy, people could charge up to £40 for a personal decorative cake, or around £15 -£20 for a box of brownies.
The more tech-savvy Britons, live streaming is becoming an increasingly popular option to make some extra cash.
Over the last 10 years, with the rise of Youtube content, it has become increasingly popular to watch people online play video games, create crafts, or just sit and chat.
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Sites like Twitch will allow people to pay to access live-streamed content from people around the world and if popular, a person could make around £800 a month by doing this.
Finally, the last in the top five is wholesaling, which should not be confused with dropshipping.
Wholesaling is where a person buys products in bulk and sells them on at a profit.
This could possibly make a person an extra £650 per month.
However, this side hustle would require extra space in order to store the products.
MaterialsMarket.com stated that social media is a lucrative way of promoting a side hustle in a person’s local area with things as simple as dog walking being able to increase a person’s cash intake by around £430.
Samuel Hunt, co-founder of MaterialsMarket.com spoke about the value of a side hustle.
He said: “I think the events of the past two years have pushed people to look to additional sources of income to supplement their primary earnings.
“As with any business, it all starts with hard work and good marketing but from there it is all about talent and making the most of your audience.
“I never imagined that something as simple, and admittedly as fun, as baking could earn so much as a side hustle – I guess it’s time to get my apron out!”
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