10 profitable side hustles you can start in 2022 and earn up to £20,000 extra!
Are you looking for a side hustle that can bring in some serious cash in 2022?
Maybe you want to earn a little extra spending money or save up for something big like travelling. Perhaps you want to pay off your debt, build an emergency fund, or even invest. Whatever your motivation, a side hustle is undoubtedly one of the best ways to supplement your income.
Are you considering a side hustle this year? If so, Materials Market has conducted a survey and generated a list of the top 10 most profitable side hustles that might be worth a shot in 2022. Let’s take a closer look at the top five.
The top 5 money-making side hustles
1. Carpentry
Carpentry ranks first on the list of the highest-paying side hustles, with the potential to earn nearly £20,000 per year. If you are good with your hands and enjoy woodwork DIY projects, you can easily turn this into a successful side business.
According to Materials Market, carpenters selling bespoke items can make up to £1,600 a month (£53.33 per hour), while those working on practical projects such as wardrobe making can earn up to £1,000 on a single project!
Bear in mind, however, that there are initial expenses involved, including tools and materials, though these could be easily covered by the potential profits of this side hustle.
2. Dropshipping
If you are looking for a side hustle that’s a little less hands-on but can still bring in some serious cash, you might want to consider dropshipping. This is a form of retail whereby instead of stocking products to sell yourself, you purchase them from a third-party supplier who then sends them directly to the customer.
Dropshipping can earn you up to £1,300 per month (£43.33 per hour) and can be done from the convenience of your own home.
3. Baking
If you are used to making cakes and cookies for special occasions or to share with friends and family, there is no reason you shouldn’t be able to make some extra cash by selling these treats to the public.
According to Materials Market, this particular side hustle can make you approximately £1,000 per month (£33.33 per hour).
4. Streaming
This refers to the creation of any media content, whether live or recorded. If you enjoy playing video games, for example, live streaming on a platform like Twitch could be a dream side hustle.
You could also stream yourself doing some other money-making hobbies, such as baking or carpentry, and in this way, work on two income sources simultaneously. Streaming has the potential to earn you up to £800 per month (£26.66 per hour).
5. Wholesaling
Not to be confused with dropshipping, wholesaling is where you buy products in bulk and then sell them on at a profit. As a side hustle, wholesaling could earn you approximately £650 per month (£21.66 per hour).
The rest of the top ten highest-earning side hustles
We’ve looked at the five most profitable options in top 10, according to Materials Market. Here are the other options that complete the top 10:
- Beauty therapy: approximately £550 per month (£18.33 per hour).
- Jewellery making: around £530 per month (£17.66 per hour).
- Tailoring: roughly £500 per month (£16.66 per hour).
- Blogger: approximately £450 per month (£15 per hour)
- Pet sitter/walker: around £430 per month (£14.33 per hour)
Final word
Increasing your income through a side hustle can do wonders for your overall finances and help you achieve your goals. Why not consider one or more of these side hustles to boost your income in 2022?
And if you need more inspiration to help you choose a profitable side hustle, here are a few extra articles with ideas to help you get started:
- 7 unusual side hustles you can start right now
- Are these the 5 best side hustles around?
- 5 side hustle ideas that pay £1,000 per month
- Revealed! Top 3 sectors for generating a second income with a side hustle
The post 10 profitable side hustles you can start in 2022 and earn up to £20,000 extra! appeared first on The Motley Fool UK.
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