INFLATION has reached its highest level in 40 years, pushing hard-working families to their limits.
To make ends meet, nearly half of us have a “side business” like selling unwanted items on eBay.
But entrepreneurial workers take self-employment to the next level with the “multi-hustle.”
The trend of juggling multiple small businesses and freelance jobs is being driven by younger generations who are more comfortable not having a salaried role.
A new report from forecasters Oxford Economics, in conjunction with accounting software company QuickBooks, finds that 16% of Gen Z freelancers are already multi-scammers.
That compares to just one in 20 of Gen X and three percent of the post-war baby boomer generation.
The study showed that multi-scammers are much less likely to opt for traditional small business routes, such as hairdressing or trades.
Instead, 73% have multiple digital roles, such as in app design or social media.
Young multi-scammers are also more likely to make profits post-pandemic.
“Governed by digital”
Around 23% report an increase in income, compared to a third of older generations, who have lost customers.
Chris Evans, VP UK at QuickBooks, said: “We are seeing more ambitious independent traders than ever, born into the toughest business landscape in over a decade.
“The UK’s ‘only’ is nimble, adaptable and digitally driven, with ‘multi-scammers’ front and center.”
Switch skills to each profession
ISOBEL PERL is the founder of the natural skincare brand PERL Cosmetics and of the online community and coaching service Girls In Business.
The 27-year-old from Watford said: “My two key tips are to make sure you’re passionate about all your businesses, otherwise you’ll end up spending more time on one and the other will suffer.
“My second is to make sure the skills you learn in one can be easily transferred to the other, and vice versa.”
CARE FOR A GREATER INCOME?
CARE is one of the UK’s fastest growing sectors – but it’s facing a staffing crisis over fears of low pay.
A new idea from care provider Housing 21 aims to highlight how you can train for care management roles by paying £50,000 and more.
The company has set up an Extra Care Academy, the first of its kind, which provides caregivers with training and support for leadership positions.
The funded two-year program will offer a mix of theoretical and practical training taught by industry experts.
Trainees will achieve a Level 3 qualification in health and social care while receiving their full-time salary. Kris Peach, Executive Director of Supplementary Care at Housing 21, said: “This provides a clear path to management level for the next generation of promising healthcare professionals.”
Learn by working and increase your salary
MORE than half of employees who build their skills and knowledge through work say it has helped them earn a higher salary.
This is a great incentive to take advantage of Learn at Work Week, which is happening now.
Run by the Campaign for Learning, this year’s focus is on open learning, encouraging staff to share their knowledge with colleagues for the mutual benefit of business and employees.
Organizations such as Channel 4, the Co-op, Britvic and the Government Digital Service (GDS) participate.
Fatemah Sedoo, 18, is a GDS apprentice who participates in the week.
She said, “I attend a series of lectures and masterclasses that have given me great ideas and inspiration for my work.
“I also accompany the recruitment team because it is an area that interests me.”
To learn more, visit learningatworkweek.com.
Collaboration will be vital
RACHEL FEIBUSCH is the founder of Bijfior.com, an online platform for jewelers making handmade items.
She is also freelance as the retail coordinator for fashion brand Debonnaire.
The 26-year-old from North London said: “Everything is online these days so invest in your website.
“Second, build good relationships because you can’t be successful alone. Collaborate with other people and other businesses.
THE TOP HUSTLES
1. Respond to online surveys (eg panel.onepoll.com)
2. Social media support
3. Childcare and babysitting
4. Taxi driving
5. Vlogging, blogging and influencing
6. Cake making
7. Dog walking and boarding
8. Mystery Shopping
9. eBay Business
Help your crew through the cost crisis
Struggling to pay the bills but your boss can’t pay you more?
Motivation expert Hedda Bird, author of The Performance Management Playbook, shares five non-monetary ways employers can use to help their teams deal with the cost of living crisis.
- Reduce travel costs: Are there ways to sort shifts or office hours to better accommodate public transport or to allow for cheaper rides?
- Modify working hours to better meet childcare needs: This can reduce the number of hours parents have to pay for childcare.
- Make sure that all colleagues claim the benefits to which they are entitled: A significant portion of Universal Credit goes to working people, so don’t let your team miss out. Talk to your colleagues about reliable sources of information such as Citizens Advice or government websites.
- Encourage the development of a “sharing library” for toys, clothes or equipment: Colleagues might then be able to borrow a special party outfit they couldn’t afford, or a set of wrenches to fix a leaky tap. There are lots of ways co-workers can share things they don’t use every day.
- Propose a “chore-exchange” platform: One person might offer to buy groceries, share fuel or travel costs, while another might offer to drive several children home after school, which would reduce child care costs.
RICK STEIN RESTAURANTS is launching a flexible career program with jobs starting just one day a week. Email email@example.com.