The best side hustles to start in the UK in 2023
We are breaking down the best side hustles to start in the UK in 2023, but how do we define best? For us a side hustle needs to be profitable fast and require minimal capital investment to get off the ground. It also needs to be something you can fit around the general 9-5 and something you can potentially grow into a full-time gig in the future! So, with that in mind our list is focusing on the following key elements:
- A growing market with few barriers to entry
- Minimal requirements for capital investment and financing
- Flexibility regarding hours
So, lets dive in shall we and break down the best side hustles to start in the UK.
Personal Trainer
A Personal Trainer certainly ticks all the boxes when it comes to our side hustle criteria and therefore deserves its place as one of the best side hustles to start in the UK in 2023.
Obesity is a big problem in the UK and the fitness market is set for growth following the COVID pandemic. In fact according to IBIS World the fitness market is expected to grow 5.5% in 2023. This leaves plenty of scope for new market entrants and with barriers to entry low (especially in the digital space). It makes for an attractive prospect.
Better still, hours are also perfectly suited to a side hustle. Typically, people want to work out around their 9-5 which is exactly when you will looking to train. Win-Win!
Of course, with any business idea there are drawbacks, and the fitness market is subject to intense competition. It can also be capital intensive from a growth perspective (assuming you want to own your own premises) and is subject to significant seasonal fluctuations.
Financial Advice
The cost-of-living crisis is a hot topic in 2023 and with inflation and interest rates at record levels it is easy to see why. However, with every issue there is opportunity and starting a business in the financial advice space could be very lucrative.
The average age of a financial adviser in the UK is 57, consequently it passes the longevity test. As these advisers begin to retire, there will be plenty of space to expand. A digital firm would also have low barriers to entry, and you can look to offer advice via a blog and sell digital templates through a website or Etsy.
To start such a business though you are going to need some knowledge, experience, and certifications. Without such a background it is going to be difficult to bring a credible solution to the market and customers are unlikely to buy from you. Therefore, the major drawback here is the prospective barriers to entry from a knowledge base. If you already work in this space and have the requisite experience and certifications however it could be a very solid side hustle for extra cash!
Data protection and Cyber Security
Data protection and Cyber Security have been hot topics for a little while now and it shows no sign of letting up in 2023. With the UK subject to GDPR regulation and cyber security often in the news there is plenty of opportunity.
Cyber security is expected to experience an 11.45% CAGR through to 2027 with opportunities ever-increasing and a big push to cloud based services.
Data protection is also a hot topic in the UK with the adoption of GDPR principles. A consulting firm specialising in helping smaller enterprises with limited resource could do especially well in this space.
Pet Care
We love our pets in the UK and with pet ownership increasing since 2015 and a total of £8 billion a year spent there is a big market to shoot for! A pet related business therefore ranks high on our list of the best side hustles to start in the UK. Many of us have a new-found flexible working environment post COVID so setting up a dog walking or pet sitting business can offer some nice extra side income with low barriers to entry. If you wanted to get in touch with your creative side, then there is also a big market for pet accessories and outfits. Our pets don’t get insta famous on their own you know!
However, like any big and growing market there is significant competition. You are going to need credibility and a decent number of testimonials to stand out from the crowd. However, if you can get a foot in the door, returns could be very fruitful indeed!
Dropshipping
The darling of any would be influencer and youtuber. It is however a very legitimate way to generate a somewhat passive income. I say somewhat because there is a fair amount of initial setup work involved and not to mention post-sale customer service.
Dropshipping is typically done via a blog, e-commerce site or popular social media channel. The aim is to sell a third-party product and essentially pocket a commission without having to touch the fulfilment side. This means the intensive capital requirements for setting up a product led business are mitigated and you can enjoy commissions just by advertising.
There are thousands of options in numerous markets which can be exploited, and e-commerce is a massive and ever-growing market. However, with great opportunity comes great competition and this space is fiercely competitive and very crowded. To be successful you will need to find a specific niche and advertise strategically through the right channels to build a following. From a marketing perspective, you might want to take a look at our marketing section for some tips!
Summary
We have broken down 5 of what we see as the best side hustles to start in the UK in 2023. From personal training to cyber security our thoughts are based on those markets we believe have significant potential this year. Perhaps you agree? Perhaps not? We would love to hear your thoughts!
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