The typical online side hustle is pulling in £5,420 annually, new research has revealed. A survey of 1,000 individuals with a side venture discovered they earn an average of £452 monthly beyond their primary employment.
Millennials are leading the charge, bringing home the most at £577 monthly - averaging £6,923 yearly. Meanwhile, over three in 10 pocket an additional £400 every four weeks, at minimum, the Royal Mail study found.
For 37%, their earnings from their secondary venture occasionally exceed their main wage - jumping to 54% amongst Gen Z. Top-selling items as part of their additional income stream include pre-owned clothing, books, accessories and technology. A further 22% generate revenue from flogging handmade goods.
The study is part of Royal Mail's Means Business initiative, which supports small enterprises and offers dedicated assistance for side hustlers through its Small Business Hub, featuring a comprehensive report on the country's secondary businesses.
Saadi Al-Soudani, chief commercial officer at Royal Mail, said: "There's serious money to be made even if you only have a few hours a week."
He added: "Whether it's selling items you no longer need or creating your own products, online marketplaces have made it easier than ever to start.
"Using parcel shops or lockers or even getting parcels picked up from your home is an easy way to ship out all the work you can be proud of."
The study also revealed that 58% of Brits would like to turn their side hustle into their main source of income, with 16% already having plans to do so. A confident 67% believe they can expand their small business in the coming year.
While many are driven to pursue their side hustle for extra cash, a third do it to fill spare time. For 51%, their additional income provides an added sense of purpose in their life.
Interestingly, 94% currently operate their side gig from the comfort of their own home - selling an average of 32 items online every six months. They tend to use online marketplaces most often (54%), followed by social media (52%) and word of mouth (35%).
Two thirds find it most convenient to deliver orders to a parcel point and 35% have their dispatches collected from their home, if they do sell online.
The main challenges side hustlers face include finding enough time to work on it, staying motivated and gaining new customers. However, 53% have seen their earnings increase year-on-year, according to the stats by OnePoll.
Royal Mail's Saadi Al-Soudani commented: "Beginning a side hustle is a great way into becoming a fully-fledged business owner.
"You really get to know the tricks of the trade before you start up, including the best ways to streamline processes."