How a part-time job alone could make you an extra £23,000 a year on average – and might only cost a few hundred to set up

Starting a side business can earn you an extra £23,000 a year on average, while only costing a few hundred pounds to set up.

Ignoring the urge to spread your entrepreneurial wings could cost you a lot of time as small businesses are booming.

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Just one hour a day dedicated to a second job could add thousands to your annual income—even with a day off.

Whether you’re freelancing after 9pm or selling your crafts on Etsy, taking on another gig can prove extremely profitable.

A study conducted by GoDaddy found that side hustles providing services or manual labor can earn you an extra £22,900 a year.

And those who have done their trading online can earn an additional £21,400 a year on average.

The study explained that 58 percent of online entrepreneurs spent just £500 when starting their new business.

Around 15 per cent of internet traders spent less than £1,000 to launch their ancillary businesses, suggesting small investments can generate big profits.

The majority of this is spent on perfecting their websites, but it seems that business owners are spending big bucks to ensure fast turnaround.

According to the study, 48 percent of entrepreneurs said it took just a few days to set up their online presence, while some claimed it took less than four hours to set up their online presence.

The process just got easier now that budding business moguls can rely on artificial intelligence tools to help them along the way.

The speed and ease of side trades, along with the huge potential financial reward, has resulted in 70 percent of traders willing to make it their primary source of income.

The study also found that the average age of Brits taking on extra jobs is 32, while one in nine started their business before the age of 18.

Andrew Gradon, Head of GoDaddy UK & Ireland, said of the results: “It’s never been easier or faster to start an online side business and GoDaddy’s data shows the financial benefits can be significant.”

“Technology has drastically lowered the barriers to entry and given entrepreneurs the tools to start and grow their businesses in no time.”

“At GoDaddy, we are committed to helping everyday entrepreneurs feel confident in their business decisions and have seen first hand the success of many of our customers in launching their online side business.”

Katie Anderson, who started her own vintage and slow fashion side business, explained how running her own business has enabled her to achieve financial freedom.

She said: “I started Pine & Treasure to make a little extra money while traveling around New Zealand selling used items through Instagram.”

“When I returned to the UK I wanted to continue the business and expand online.

“Setting up a website was incredibly easy and hassle free and only cost me £230. Since Pine & Treasure went online, it has grown significantly.

“I’ve also created a slow fashion clothing line, and the company is generating enough profits for me to run it full-time, which matches my previous salary as a marketing director at a creative agency.”

We previously shared how a business expert shared his top tips for turning your side hustle into a small startup.