In a time when living costs are continuing to rise, 2 in 5 Brits (39%) have turned to starting their own side hustle as an additional source of income.
A side hustle is a job or business you pursue in addition to your primary job. Not only do they enable you to make extra money, they also give you the opportunity to try a new challenge or have fun doing something you enjoy.
There are some side hustles out there that are more time-consuming and demanding than others, so wealth accumulation mentor Mindy Paul has highlighted which ones are best to pursue for low-effort, high-reward income:
Vending machines
In the UK, the vending machine industry is worth roughly £1.54billion, which proves it’s a relatively lucrative sector. But how do you go about getting involved?
To kick off your side hustle, research the market, choose a suitable machine, and secure a high-footfall location. Permissions from the property owner and possibly the local council may be required, and some locations may even charge fees.
A vending machine typically costs between £1,000 and £11,000, plus the initial stock investment, depending on what you plan to use it for:
- Hot drink machines: £1,000 to £6,500 (depending on capacity)
- Bottle or can machine: up to £3,700
- Fresh food machines: £6,500 to £11,000
- Snack machines: around £4,600
With an average 20%–50% profit margin, with net profit margins usually around 2% to 10%. A well-placed machine can generate up to £350 per month, though earnings vary based on location and product selection. To really capitalise on the side hustle and maximise returns, you should consider investing in multiple machines at once.
Private tutoring
A private tutor teaches students outside of the traditional classroom setting and can make anywhere between £30 — £42 an hour, depending on your location, experience and subject expertise.
If you choose to do it freelance, you’ll have the flexibility to establish your own schedule and pricing. You’ll typically work with students on a one-to-one basis or within small groups and can teach a range of subjects from academic subjects like maths or French, or more practical studies such as music or art.
Car valeting
Car valeting is a service that involves thoroughly cleaning, polishing, and waxing a car to restore it to a “like-new” condition and maintain or even enhance the car’s value.
There are various levels of valeting services available, and most professionals offer multiple packages to suit different customer requirements and price points. As a side hustle, car valeting can potentially earn you between £30 and £50 per hour, depending on the kind of service you offer.
It’s worth noting that you should expect to spend roughly £2,000 — £5,000 on essential equipment to help you carry out the job effectively. This may include a pressure washer, vacuum cleaner, microfiber cloths, cleaning chemicals, wheel brushes, and a water tank.
Content creation
Content creation can be a highly profitable side hustle, but there are a lot of factors that will contribute to success. Firstly, you have to dedicate a lot of time to planning and creating content and posting consistently to increase your following, which could be difficult if you’re also working full-time.
Additionally, the amount you earn will depend on your platform, audience size, engagement rate, and brand collaborations.
Before you start you need to decide on a niche, which can be anything from personal finance, gaming, DIY, or health and fitness. You’ll also need to think about how you can monetise your content, which can be through ad revenue, affiliate marketing, or sponsored content.
It’s worth investing in good-quality equipment to ensure your content is more appealing to viewers. This could include proper lighting, a tripod for stability, a microphone for clear audio, and a good-quality camera.
Drop-shipping
Drop-shipping is an e-commerce model where items bought from an online store are shipped directly to customers by the supplier or manufacturer. Starting your own drop-shipping side hustle can be a fantastic way to earn extra income without putting up a huge initial investment.
The potential earnings vary widely depending on factors like product selection, marketing strategy, and business scale, but typical profit margins for drop shippers range from 15% to 20% per sale. There’s potential to earn significantly more by finding high-demand niche products and cultivating strong supplier relationships to secure better pricing and higher profit margins.
One of the biggest advantages is the low start-up cost, as there’s no need to invest in warehousing or stock.
Pet sitting
Being a pet sitter can be a great way to earn some extra income alongside other responsibilities. It’s flexible as you can work as often or as little as you need and usually pays quite well, depending on what you can offer.
The amount of money you can earn from pet sitting depends on the number of pets you care for as well as whether you can provide additional services like walking, feeding, and overnight stays. You can also make a more steady income if you take on several clients regularly.
