It's an expensive world, and with many people seeking to boost their income in the face of ever rising costs of living, 'side hustles' are increasingly common.
But which extra money earners are likely to prove most lucrative? A recent survey, that followed a spike in interest of people searching for side hustles online, has revealed a list of the highest-earning side hustles to try for 2022.
The top five best earning side hustles, with the average additional monthly income, were found to be the following:
Carpentry, approx. £1,600 per month
Dropshipping, approx. £1,300 per month
Baking, approx. £1,000 per month
Streaming, approx. £800 per month
Wholesaling, approx. £650 per month
The earnings are based on survey findings that revealed the average amount that respondents earn for each side hustle, when working for an average of 30 hours per month.
Carpentry tops the list of the highest-earning side hustles. Despite the initial expense of tools and materials, carpenters selling bespoke items can look to earn a monthly average of £1,600, while those working on more practical projects - such as wardrobe making - can earn over £1,000 on one project alone.
For those looking to earn some extra cash with a hustle that is a little less hands-on and requires less technical skill, dropshipping may be a viable option.
Dropshipping is 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 sends the item directly to the customer).
This is a great option to generate extra income for those with limited space or funds. Dropshipping is not to be confused with wholesaling, where people buy products in bulk and sell them on at a profit.
See these five simple ways to make money:
Despite the recent rise in people working from home, hustlers wanting to make the most of their break times can still benefit from marketing themselves as a dog walker or pet sitter.
There are plenty of sites to advertise on but using social media is a great way to drum up business, with the chance to earn up to £430 per month on the side depending on how many pets you take care of.
Further options for generating extra cash include;
Beauty therapy, approx. £550 per month (£18.33 per hour)
Jewellery making, approx. £530 per month (£17.66 per hour)
Tailoring, approx. £500 per month (£16.66 per hour)
Blogger, approx. £450 per month (£15 per hour)
Pet sitter/walker, approx. £430 per month (£14.33 per hour)
MaterialsMarket.com, who conducted the survey, is a marketplace seeking to improve efficiency in the construction supply industry, by matching customer with supplier.
Samuel Hunt, co-founder of MaterialsMarket.com, 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.
"We were intrigued by the trend and wanted to find out just how far it went, so we decided to conduct our own research.”
“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!”
For more information visit: https://materialsmarket.com/articles/side-hustles-2022/