Have you got what it takes? Quiz shows how you’d fare going it alone by starting your own business

A NEW quiz shows how you’d fare going it along by starting up your own business.

A fun, interactive challenge has been created to give people a chance to see how well they’d do if they were to branch out by themselves.

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Carry out the quiz and see if you could be a successful business owner[/caption]

It was created after research revealed the top side hustles for 2024, including pet sitting, up-cycling clothes, and running artisan workshops.

The study of 1,500 adults who have started a side hustle revealed the money makers growing in popularity, with crocheting, making their own artwork, and tutoring also featuring high on the list.

While babysitting, up-cycling furniture and selling personalised stationery are also proving popular among the 35 per cent who started a side hustle in the last year.

The average income from these hobbies comes in at £249.35 each month, before any deductions, with 26 per cent believing they could one day turn their hustle into their main profession.

A quarter of the 1,500 adults with a side hustle who were polled said their money maker has had a slower start than they anticipated.

And 72 per cent admitted it took them some time to pluck up the courage and take the plunge to get it started.

But half of those polled feel 2024 is their year.

Of those, 39 per cent put this down to having more time to dedicate to it, while 24 per cent expect an increased demand in the next 12 months for their offering.

Phil Jones MBE, managing director at Brother UK, which commissioned the research, said: “It is interesting to see how different kinds of side hustles compare, and there seems to be more growth in creative pursuits and making products.

“There are numerous factors contributing to this including the popularisation of crafting via mainstream television, the amount of free time people had during the pandemic period – which drove a crafting renaissance – access to markets through selling platforms like Etsy, or building audiences via Facebook and Instagram.

“The UK economy needs small businesses; the ONS recognise 413,000 sole proprietors in the UK and just over two million companies.

“They represent 90 per cent of all enterprises in the UK and are a vital part of economic growth.”

The research also found 46 per cent reckon it’s generally easier to turn a hobby into a side hustle now compared to five years’ ago.

Nearly four in 10 (39 per cent) said social media offers more advertising and promotional opportunities, with the countless online platforms and marketplaces making it easier to sell goods (38 per cent).

While three in 10 felt the rise in flexible and remote working has allowed them to dedicate more time to turn a passion into profit, as 80 per cent currently conduct the majority of their side hustle in a separate workspace.

And for 60 per cent, these side hustles were born from hobbies before they started making money from them.

Of those who were reluctant to initially take the leap, 36 per cent were threatened by the competition, and a third lacked confidence in their own business acumen.

Although 65 per cent started their business to make some extra cash on top of their main job, 22 per cent wanted to challenge themselves.

But it doesn’t come without its difficulties as tax returns (18 per cent), finding suppliers (11 per cent) and managing deliveries and postage (17 per cent) were among the top 10 barriers respondents have had to face.

The study, conducted via OnePoll, found of the 21 per cent who think it’s now harder to start a side hustle than five years ago, 36 per cent blame inflation and the growing expense of materials.

Phil Jones MBE added: “Starting a side hustle has its challenges but it can be a great way to pursue something you care about while making some additional income.

“The conditions have never been more favourable to turn your passion into a viable product/service to sell to others.”