INFLATION has soared to a 40-year high, pushing hard-working families to the limit.
To make ends meet, almost half of us have a “side hustle”, such as selling unwanted items on eBay.
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But entrepreneurial workers are taking self-employment to the next level with the “multi-hustle”.
The trend, which involves people juggling multiple small businesses and freelance jobs, is being led by younger generations more comfortable at not having a salaried role.
A new report from forecasters Oxford Economics, in conjunction with accounting software firm QuickBooks, reveals that 16 per cent of Gen Z sole traders are already multi-hustlers.
This compares to just one in 20 of Gen X and three per cent of the post-war Baby Boomers generation.
The study showed multi-hustlers are far less likely to opt for traditional small business routes, such as hairdressing or trades.
Instead, 73 per cent have multiple digital roles, such as in app design or social media.
Younger multi-hustlers are also more likely to be making a profit post-pandemic.
‘Driven by digital’
Around 23 per cent report a rise in income compared to a third of older generations, who have lost customers.
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Chris Evans, vice-president UK at QuickBooks, said: “We are seeing more ambitious sole traders than ever before, born out of the most difficult business landscape in over a decade.
“The ‘sole’ of the UK is agile, adaptable and driven by digital, with ‘multi-hustlers’ coming to the fore.”
Switch skills to each business
ISOBEL PERL is the founder of natural skincare brand PERL Cosmetics and online community and coaching service Girls In Business.
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The 27-year-old from Watford, said: “My two key pieces of advice are to ensure you are passionate about all your businesses, or else you’ll end up devoting more time to one and the other will suffer.
“My second is to make sure skills you learn in one can be transferred easily to the other, and vice versa.”
CARE FOR BIGGER INCOME?
CARE is one of the UK’s fastest-growing sectors – but it is facing a staffing crisis over fears of low wages.
A new idea by care provider Housing 21 aims to highlight how you can train for care management roles paying £50,000 and above.
The company has set up a first-of-its-kind Extra Care Academy, giving care workers training and support into management positions.
The two-year funded programme will deliver a mix of theoretical and practical training from experts in the industry.
Trainees will gain a Level 3 Health and Social Care qualification while being paid their full-time salary. Kris Peach, executive director extra care at Housing 21, said: “This offers a clear route to management level for the next generation of promising care professionals.”
Learn while working and boost your pay
MORE than half of staff who boost their skills and knowledge through work say it has helped them get a higher salary.
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That is a great incentive to take advantage of Learning At Work Week, happening now.
Run by the Campaign for Learning, this year the focus is on Learning Uncovered, encouraging staff to share their knowledge with colleagues for the mutual benefit of the company and the employees.
Organisations including Channel 4, the Co-op, Britvic and the Government Digital Service (GDS) are taking part.
Fatemah Sedoo, 18, is an apprentice at GDS who is taking part in the week.
She said: “I’m attending a series of conferences and masterclasses which have given me great ideas and inspiration for my work.
“I’m also shadowing the recruitment team as this is an area I’m interested in.”
Find out more at learningatworkweek.com.
Collaboration will be vital
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RACHEL FEIBUSCH is the founder of Bijfior.com, an online platform for jewellers making handmade items.
She also freelances as retail co-ordinator for fashion brand Debonnaire.
The 26-year-old from North London said: “Everything is online these days so invest in your website.
“Secondly, build good relationships because you can’t succeed alone. Collaborate with other people and other businesses.”
THE TOP HUSTLES
1. Taking online surveys (eg panel.onepoll.com)
2. Social media support
3. Childminding and babysitting
4. Cab driving
5. Vlogging, blogging and influencing
6. Cake making
7. Dog walking and petsitting
8. Mystery Shopping
9. eBay business
10. Airbnb
Help your crew with cost crisis
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STRUGGLING to settle the bills but your boss can’t pay you more?
Motivation expert Hedda Bird, author of The Performance Management Playbook, shares five non-cash ways that employers can help their teams cope with the crisis in the cost of living.
- Reduce commuting costs: Are there ways to sort shifts or office hours to fit better with public transport or to enable cheaper journeys?
- Alter working hours to better fit with childcare needs: This can reduce the number of hours when parents have to pay for childcare.
- Make sure that all colleagues are claiming benefits to which they are entitled: A significant proportion of Universal Credit is paid to people who are in work, so don’t let your team miss out. Tell colleagues about reliable sources of information such as Citizens Advice, or government websites.
- Encourage the development of a “sharing library” for toys, clothes or equipment: Colleagues might then be able to borrow a special party outfit they couldn’t afford to buy, or a set of spanners to fix a leaky tap. There are many way that workmates can share items they don’t use every day.
- Offer a “chore-swap” platform: One person might offer to pick up shopping, sharing fuel or travel costs, while another could offer to walk several children home from school, reducing childcare costs.
JOB SPOT
RICK STEIN RESTAURANTS is launching a flexible careers scheme with jobs from just one day a week. Email [email protected].
This post first appeared on thesun.co.uk
