From selling items on eBay to renting out a room, new research shows that 25% of British people now run a side business in order to boost their income.
Selling items on eBay and Facebook marketplace is the most popular activity - 68% of Brits make sell unwanted items on eBay and Facebook marketplace and earn an average of £165 per month. Selling beauty products was found to be the most lucrative side business, with those working for a company like Avon earning a monthly average of £249.
Overall, the most popular business ideas are: making and selling crafts, selling baked goods, renting out a spare room, renting out a driveway, selling second-hand items, blogging and selling beauty products.
The study also found that while some of these part-time entrepreneurs are looking to boost their income, many also want to fulfil their passions; over a third (34%) said they find their sources of additional income more fulfilling than their full-time job and 39% said they wish their side business could be their main job.
Those with a side business are, on average, earning nearly £3,000 a year on top of their salary. Younger people and students are doing even better, according to the findings. Compared to the average income, younger Brits earn £78 more a month by making and selling crafts (£241), £69 more for blogging (£300), and £17 more a month for baking (£200). One-third of students earn extra cash in this way.
However, despite earning over the £1,000 annual allowance, more than one in three (34%) also admit that they don't declare their extra earnings to avoid being taxed.