40% OF BRITISH PARENTS ARE SETTING UP SIDE HUSTLES WHILE THEIR KIDS ARE AT SCHOOL
- 62% of parents feel they have skills that aren’t being utilised currently, whether that be at work or as a stay-at-home parent.
- While 68% consider themselves a ‘Parent-entrepreneur’, 79% believed they’d be able to improve their side hustle with more support and advice – or an improvement to their tech equipment.
- Dr Grace Lordan, from the London School of Economics, shares her top tips for getting a side hustle off the ground.
- Research commissioned by LG Electronics, in celebration of the Hustle Hub by LG gram, an online Facebook community that aims to support and connect budding entrepreneurs.
British family life can be busy, with some parents struggling to find balance between work, childcare priorities and pursuing personal goals. Although ‘side hustle’ is a term commonly associated with Gen Z, with 43% reported to be working on them*, new research by LG Electronics has shown that four in 10 parents (40%) are setting up a side hustle while their kids are at school, creating a new social subcategory the ‘Parent-entrepreneur’.
The poll of 2,000 adults with children in education found 62% of parents feel they have skills that aren’t being utilised currently, whether that be at work or as a stay-at-home parent. Whilst money was the most common motivator for setting up a side hustle (22%), pursuing a job on the side for fun (14%) and turning a hobby into a business opportunity (12%) were both voted as the key drivers for entrepreneurial parents.
Of those who are considering setting up a side hustle, but are yet to take the leap, 49% revealed that they don’t know where to start, while 37% worry it would fail. However, 79% believed they’d be able to improve their side hustle with more support and advice – or an improvement to their tech equipment.
The study also revealed that online forums are a key space for connecting parent-entrepreneurs, with 38% reporting to rely on online platforms to market themselves.
The research was commissioned by LG Electronics, following the launch of its Facebook community, Hustle Hub by LG gram, which aims to support and connect budding entrepreneurs, and small business owners, who are looking for the best resources, technology and tips from like-minded individuals.
Helind Batista de Morais, Product Marketing Manager, from LG said: “This research has revealed there’s a real appetite to become ‘parent-entrepreneurs’ and supplement the 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-entrepreneurs and having the right equipment have proven important to make side hustle dreams a reality. Online communities, like the Hustle Hub by LG gram, offer invaluable resources for first time and experienced entrepreneurs to connect, share advice and experiences.”
“I am not surprised by these results”, added Dr Grace Lordan, Labour Market Skills Expert at the London School of Economics. “A side-hustle is a great way to diversify the income streams coming into your household and can even be done while your kids are at school, as the research reveals. 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.”
Over half (51%) the respondents wanted to make their side-hustle their full-time profession in the future. The study also showed that two thirds of the parents polled, believe they’d have grown their supplementary income quicker with the right support, guidance, and advice.
A key barrier to growing small businesses was not having the right equipment to keep working on the go, with 76% reporting this to be a stumbling block to progressing a side hustle alongside busy family life.
Helind Batista de Morais, Product Marketing Manager, from LG, which has launched the latest in its range of gram laptops, designed to be extra light for those on the go, added: “A great idea and the right skills can get you so far, but the research has shown that having the right technology to hand as well as support from those in the know are what can make a business opportunity fly.
“There’s very little doubt having the right tools for the job can ensure it’s done to a better standard, and as the results show, many are confident they’d grow their income quicker if they had them to hand.
“And by doing so, it can give people the chance to be their own boss and take charge of their futures by running their own successful businesses. The LG gram 16 is the perfect partner to those thinking of starting their own business, the ultimate work laptop the gram is ultra-slim, ultra-portable, which makes this the perfect partner to side hustlers and parent-entrepreneurs.”
Dr Grace Lordan, Labour Market Skills Expert at the London School of Economics said; “I truly believe that there is a side-hustle that can match to the talent and preferences of pretty much everybody. The key is to get smart and commercialise what you are innately good at.”
7 Tips from Dr Grace Lordan to get your side-hustle off the ground:
- Clear messaging: Pretty much every person you meet will be time poor. Get crystal clear in your mind why you are different to other people selling similar goods or services to you. You should have a clear message that can be conveyed in 5 words or less in print.
- 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.
- Make the most of mentors: Make sure to identify people like your future self to learn from. These are people who are doing what you want to do successfully, to the level you are dreaming of. Take steps to get to know the people you identify as mentors and advocates.
- Set realistic goals: Set yourself goals that are within your control and be consistent in achieving them.
- 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.
- Prioritise 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.
- Value your community: Store your customers data using a secure and diligent approach. As you grow, your customers can grow in a community around you. Make sure you provide value to this community, and they will always look for you when they need you.
TOP 10 PARENTAL SIDE HUSTLES
Creating and selling your own products
Admin/data entry support