Research by 118 118 Money has shown that, on average, Britons are making £411 per month from these secondary income sources. There has also been a large rise in side businesses as nearly a third were created after the first lockdown as hobbies-turned-profit.
3: Renting out
Following candle-making quite closely at an average of £657 per month, renting out a flat or space proved especially profitable during lockdowns as more spaces were needed as people moved, isolated and stayed home.
Blogging is relatively profitable, almost as much as renting out a space, with an average of £646 per month and isn’t confined to individuals with brilliant writing skills. Simply sharing one’s unique perspective on current events, niche interest or philosophical questions is enough to garner a following.
5: Selling soft furnishings
Items like cushions, rugs and drapes fall under the ‘soft furnishings’ category and selling these, whether homemade or not, averaged at £616 per month.
6: Selling handmade clothing/accessories
A unique challenge many people took on during lockdown was that of learning to sew, embroidery or create accessories out of materials like polymer clay. A great secondary source of income, this averages at £528 per month.
9: Selling handmade food/drink products
This side business can prove costly and labour intensive when it comes to sourcing ingredients and creating the products, but averaging at £485 per month it can also be incredibly worth it for budding caterers or food aficionados.
Whether it be passive or active investments, investing requires a lot of time commitment and doesn’t necessarily pay out at any constant time period. So, while the monthly average is £451 per month, it is possible to have months far above and below this estimate.
Selling Antiques or collectibles makes up around 12 percent of side businesses currently in operation, although not quite as profitable it can be a lucrative side business for avid collectors.