by Peter Watton
More and more Brits are turning to side hustles to supplement their incomes, and you might want to make some extra cash too. Here, Peter Watton from OddsMonkey picks out the side hustles that are perfect for parents.
Many families across the UK have seen their monthly income drop throughout the economic effects of the coronavirus pandemic. This has led more and more people to top up their income with side hustles, which are jobs you can do in your spare time. Our research has shown that some people are even earning up to £4,000 per year from their extra business – though the average amount is £230 per month.
Finding time to earn extra money can be challenging when you’re a parent, so it’s important to think about side hustles that can be done from home, or arranged around your childcare responsibilities. It’s also useful if your extra earner is easy to set up, is simple and doesn’t take up any space in your home.
This is why many online earning opportunities can be a smart way forward for parents who want some extra spending money. Below, I’ll share a few side hustles that are great for parents to fit in and do from home.
You might have heard of dropshipping, as it’s used by sellers as big as Amazon, as well as many small online businesses. But, you might not know how to get started. Dropshipping is a way of selling items online without the need to acquire stock, meaning you don’t need to make space to keep products in your home.
Dropshippers find products, then advertise them, and order on behalf of customers from suppliers. So, you take on the public-facing duties of advertising and setting up an e-commerce website, and let the suppliers fulfil the orders.
To get started, you just need to find a product you like, and then set up a platform to advertise it. While this side hustle does require an initial investment of time, once it’s set up it can be a really good option, as you can set your own working hours and work on your business at home.
2. Matched betting
Matched betting is a way of making money that you might not know much about. This is method of betting that takes advantage of free offers from betting providers. By using these free offers, and betting on both outcomes of an event (such as a football game), you can guarantee that you’ll at least make your money back, even if you don’t make a profit.
There are lots of calculation websites that can help you work out what bets to take. It’s also worth noting that any earnings from matched betting are tax-free, whereas with other side hustles, you’ll need to pay income tax on any earnings over £1,000 per year. This side hustle does require investing time to learn the principles of matched betting, but once you’ve got the hang of it, it’s easy to do from home while watching your little ones.
3. Testing food products
Manufacturers need to do testing to see how customers will react to their new products before they hit the shops. You can get involved with this, and try some exciting new flavours while earning either money or vouchers! Plenty of food trials don’t even require you to leave your house either.
You’ll need to join a market research company as a consumer tester, as food manufacturers use these companies to get their focus group feedback. After you’ve filled out a survey to show the company what kind of demographic you fall into, they’ll send you samples to try out and give feedback on. This can be a fun, easy way to earn some extra money while also trying new things.
You should be aware however that there are some scam websites out there, so double-check that the company you find is genuine by reading reviews and contacting the manufacturer of some of the products offered for testing. They’ll be able to tell you that the market research firm is genuine, and then you can be sure you’re with a reputable company.
4. Renting out your things
You might not think of your belongings as being a potential source of income, but many people are increasingly making money by renting out their things. You can rent out everything from bicycles to musical and electrical equipment. You’ll just need to be at home for renters to pick them up and then give them back to you after use.
There are many websites where you can sign up and offer your items up for renting. A popular website for this is Fat Llama, which allows people to see items offered for renting in their area. Just take a photo of your items, set up an account, and add your town or city so people know where you are located.
5. Going on a game show
This one is the most fun out of all the potential side hustles. Lots of your favourite shows will be open to applications for contestants throughout the year and you can apply to be on them by using the BBC and ITV pages for applying to participate. Watch for when your favourite shows (or the ones you think you’ll excel at!) are open for contestants, and then try your hand at collecting some winnings.
Of course, you will need childcare as filming can’t take place at home – but this is a special occasion, so a babysitter is definitely in order. Lots of game shows are also filmed in one day, which helps when organising a babysitter or alternative activity for your children.
It can be overwhelming deciding what side hustle might work for you and lots of the advice about earning extra money doesn’t take into account the time you spend watching and looking after your children. But, these potential earners are all good for fitting in around your parental responsibilities, and working from home means you can balance them with family time too.
OddsMonkey are an industry leader in the world of matched betting, and are the original developers of the UK’s leading matched betting software.
To find out more, visit: www.oddsmonkey.com