Brits are increasingly launching small businesses to capitalise on the festive season, new data from GoDaddy suggests.
Key Findings:
Over two fifths (41%) of Brits will be launching a festive side hustle this year, according to new research
92% of aspiring founders will do it out of necessity to cope with the cost-of-living crisis – this includes 94% who are employed full-time
Two thirds (58%) of Brits hope to generate up to £500 in December thanks to their side hustle – indicating that entrepreneurs intend for their side hustle to top up their bank balance, rather than become their main source of income
First-time festive founders will dominate the trends, as 76% of Brits who plan to launch a business this month will do it for the very first time
The survey findings show that over 41% of adult Brits will be launching a festive side hustle this year, with the overwhelming majority (92%) citing the cost-of-living crisis and rise in inflation as the main driver behind their plan to launch a festive venture.
The survey results show that the need for extra income was cited as the main driver behind starting a festive side hustle for unemployed Brits (89%), full-time employed Brits (94%) and business owners (92%).
It also highlights that side-hustlers are mainly looking to generate some extra income for the festive season rather than looking for the side hustle to become a primary source of income, as more than half (58%) of aspiring founders expect to generate up to £500 with their venture.
The data suggests themes for these end of year ventures will be predominantly festive, with more than half aspiring entrepreneurs (57%) planning to sell self-made goods, including festive decorations, arts, crafts and toys; 19% will sell personal care and services such as festive make up and nails, and 12% of respondents said they will sell pet care and services, including pet sitting over the holiday break.
Chris Simmons is one of those festive entrepreneurs, having started sustainable Christmas tree company Eco Christmas Trees as a side hustle last year.
Chris said: “It’s often forgotten that the Christmas period can generate a huge amount of waste, and Christmas trees are chief among that, with healthy trees discarded after being used for just a few weeks."
"Our business allows customers to rent a live, pot grown Christmas tree, and return it to us after Christmas so it can be reused for many Christmases to come. Once it is too big for its pot or not up to a Christmas tree standard, we plant it into our woodland.”
“My wife’s family owns and runs the farm on which we grow the Christmas trees, and I am a golf caddie full-time. While we started the business out of a desire to help reduce Christmas waste, it has become a useful source of additional income, especially since we set up our online store and have started building our customer base.”
For three quarters (76%) of respondents, of which 87% are Gen Z, it will be the very first time that they are launching a side hustle. The data shows that for this age group, following a passion (41%) ranks highly as one of the main reasons why they are launching a side hustle this festive period. For all other age categories surveyed, the data shows that necessity is the primary reason for launching their festive side hustle. Over half (57%) say they will reopen their festive side hustle next year in 2024, if it performs well this year.
Andrew Gradon, Head of GoDaddy UK & Ireland said: “Launching a festive side hustle with a website gives small businesses a chance to make the most of holiday-spending. Selling online, enables them to market their products and services quicker. With 76% of respondents reporting that they will be launching a small business side hustle for the first time, highlights Brits’ entrepreneurship interest and GoDaddy’s online products and services are designed to help them succeed.
“After all, microbusinesses are the engine of the British economy. When they thrive, we all do.”