A recent study suggests that 25% of employees in the UK are running at least one business project alongside their day job.
A side hustle is defined as a secondary business or job that brings in, or has potential to bring in, extra income. It is particularly popular among millennials, who tend to start a side hustle as a hobby or in order to explore a new challenge. Millennials tend to have different attitudes towards work and technology.
They are used to being able to work from anywhere, using a smartphone or a tablet.
Various studies have shown that employees who have a side hustle report feeling happier and more content. However businesses / employers seem to view a side hustle as a negative distraction from their employee’s day jobs.
The truth is that many of the best employees have a side hustle and employers need to be more supportive. A side hustle can actually be a good thing as long as it doesn’t involve working for a competitor or doing anything that might damage the main employer’s business.
Employees can learn new and useful skills from running their own side hustle. They can gain real-life experience of customer service, project management or budgeting that can be applied when they are working their day job. From an employer’s perspective, their employees are gaining new skills that can make them better at their jobs and the employer doesn’t have to pay for any training.
Research from numerous studies has found that an employee who has the drive to work a side job is more likely to be innovative, proactive, and organised. They are also more likely to come up with new ideas, which they have gained through their own new experiences.
A survey from a well-known careers website recently revealed that over 70% of employees with a side hustle want to remain in full time employment. They don’t want their side hustle to become their full time job, as it’s more of a hobby / passion that just happens to create an income.
It seems that the side hustle is here to stay and employers need to shift their view – a side hustle is a positive thing. However, employers should consider adding a non-compete clause to contracts just to ensure that there is no temptation for employees to side hustle in any way that could damage the employer’s business.
Need more information?
We love nothing more than learning about new start-ups and helping you get off on the right foot! We offer a wide range of services which are unique to businesses who are just getting going! As start-up accountants we have a wealth of experience in all sectors between our team. From restaurants, fashion brands, fitness centres and many creatives start their business correctly and ensure they are staying tax compliant. The team work hard to ensure they create smart and effective tax-efficient solutions for start-ups to optimise growth and help them succeed. If you want to learn more about how the team can help or simply want some start-up advice from a trusted accountant do hesitate to contact us. For more information please do hesitate to contact us on 0161 962 1855. Alternatively you can email us using the form below and we will contact you as soon as possible.
Our fantastic team at A&C Chartered Accountants are here to help.
Contact us below