Four in 10 parents setting up a side hustle
"There’s a real appetite to become parent-preneurs."
By Steve Richmond via 72Point
Four in 10 parents are setting up a side hustle while their kids are at school to utilize their skills and help make ends meet, research has found.
A poll of 2,000 UK adults, with children in education, found 62 percent feel they have skills that aren’t being utilized currently, whether that be at work or as a stay-at-home parent.
Graphic design, web design and baking were the most common side hustles parents were taking on.
And while money was the main motivation for 22 percent, others created a job on the side for fun (14 percent), or to turn a hobby into a business opportunity (12 percent).
However, of those who have considered a side business, but are yet to take the leap, 49 percent don’t know where to start, while 37 percent worry it would fail.
While 40 percent claim their main barrier to working on a side hustle was lack of time, and a quarter think their childcare priorities would suffer as a result.
Helind Batista de Morais, spokesperson for LG, which commissioned the study after launching its Facebook community, Hustle Hub by LG gram, said: “This research has revealed there’s a real appetite to become ‘parent-preneurs’ and supplement their household income.
“Whether working part-time, full-time or running a household, if they haven’t already made moves to create their own business, the ambition is there.
“However, it’s not always easy to know where to start. Having a community, to inspire budding parent-preneurs and having the right equipment have proven important to make side hustle dreams a reality.”
The study also found that when it comes to promotion, 38 percent of side hustlers rely on online forums to market themselves to potential customers.
While 37 percent use social media accounts, the same number pay for online advertising and 32 percent have relied on word of mouth to keep business flowing.
Dr. Grace Lordan, labor market skills expert at the London School of Economics, said: “I truly believe there is a side hustle that can match to the talent and preferences of pretty much everybody.
“The key is to get smart and commercialize what you are innately good at.
"A side hustle is a great way to diversify the income streams coming into your household.
“If you choose your side hustle correctly you get full autonomy over the hours you work.
"This makes the side hustle the perfect option for time-poor parents or those working full-time elsewhere.”
It also emerged not having the right equipment to keep working on the go was an issue for 76 percent, which could prove a stumbling block to the 51 percent looking to make their side hustle a full-time profession in the future.
A good working environment, strong internet connectivity and a quiet space to focus were also identified as top components of a successful side job.
And two-thirds of parents polled, via OnePoll, reckon they’d have grown their supplementary income quicker with the right support.
But 79 percent believed they’d be able to improve their side job with more support and advice - or an improvement to their tech equipment.
TOP 10 PARENTAL SIDE HUSTLES:
1. Graphic design
2. Web design
4. Creating and selling your own products
5. Delivery services
6. Admin/ data entry support
8. Blogging/ writing
10. Private tutoring
TIPS FROM DR GRACE LORDAN TO GET YOUR SIDE HUSTLE OFF THE GROUND:
1. Clear messaging: Pretty much every person you meet will be time-poor. Get crystal clear in your mind why you are different from other people selling similar goods or services to you. You should have a clear message that can be conveyed in five words or less in print.
2. Visibility is key: You will logically choose a side hustle where you produce quality output. Please do not forget to work on getting visibility for your quality output. Otherwise, your genius will never be discovered. Figure out the best way to reach your audience- social media, word of mouth, cold calling, etc. – and get on with letting them know you exist.
3. Set realistic goals: Set yourself goals that are within your control and be consistent in achieving them.
4. Learn resilience: Do not be disheartened when you are told no. Learn from each person that declines your service and use these learnings to improve your offering.
5. Be transparent: Make sure to manage your customer’s expectations. Customers will only be disappointed if their expectations fall short of what you deliver.
6. Prioritize testimonials: Your side hustle will take flight only once you have advocates who speak positively about you when you are not around. Nudge potential advocates to action. When you have happy customers ask them for referrals or a testimonial online.
7. Value your community: Store your customers' data using a secure and diligent approach. As you grow, your customers can grow in the community around you. Make sure you provide value to this community, and they will always look for you when they need you.
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