Are you a Multi-Income Individual?
The benefits of side hustles

Are you a Multi-Income Individual? It’s 2024’s answer to a side-hustle.

A so-called ‘side hustle’ is a way of bringing in extra income that’s not your main job. And
they’ve become increasingly popular in recent years, especially among Gen Z. In fact a global
survey of 10,000 workers by Kantar in February 2023 discovered that 30% of the workforce
have a second job due to economic concerns and that rises for the younger generation, with
40% of Gen Z workers holding down two or more roles.

With the figures only set to grow, the side-hustle itself has a fresh moniker. Step forward the
Multi-Income Individual (Mii), as described in a recent report by CEBR for Utility Warehouse.
By 2025, it’s projected there will be more than 25 million Miis in the UK (Source: Utility
Warehouse). And they’re coming out of the woodwork and talking about their additional
sources of income in a way that they weren’t previously.

The Utility Warehouse research showed:

● There are 9.5 million Miis working full-time.
● Around 3 million Miis are based in London.
● Miis spent £55 billion from their second incomes in UK businesses in 2022

Side-hustles can range from being a musician in a function band at the weekends to renting out
your spare room to AirBnB-ers. Using your employers’ time and resources to side-hustle
without their knowledge could land you in hot water. But, if navigated thoughtfully, there are
plenty of benefits to side-hustling, or having multiple sources of income, not least to your
career.

It can help you to think like an entrepreneur

While many of us begin side-hustles to ease financial worries, having a thriving interest — that
generates an extra income — could actually enhance your employability too. How? Well, being
able to think like an entrepreneur could help you land a dream role. Many employers now look
for ‘intrapreneurialism’ i.e. the ability to think like an entrepreneur and embody that start-up
mentality, rather than simply waiting to be told what to do. Your experience of having your own
enterprise outside of your day job could be used as a strong example in an interview or
application situation.

Enjoy the balance it brings

Living a balanced life is not just about work and rest — following your passions can be a route
to true fulfilment. So, if you’re pursuing something you truly love in addition to your ‘day job’,
that could lead to all-round fulfilment and personal growth. And while the phrase side-hustling
primarily refers to paid work, there are also voluntary roles that can provide those elements
too. Although they are unlikely to be remunerated, the training and networking offered by
many voluntary organisations can enhance your long-term work prospects. Plus, it be a great
way to gain confidence. For example, perhaps in your volunteering role you have the chance to
regularly chair meetings but do not yet do that in your paid role. That experience can provide
great examples to offer in a job interview or at a personal review, and you can get references
and testimonials.

A chance to make more money

Side-hustling can be lucrative and if you’re sales-minded then some work-from-home selling
roles may offer high earning potential. And the experience you gain might help you get a
promotion in your day-job as well. Sales roles can help some people improve their confidence
and motivation, and there’s often training available which could benefit you in your primary
career. Be sure to consult an accountant if you feel like you need help when it comes to
submitting your tax return or forward planning your finances when you have income from more
than one source.

Widen your potential

Let’s say you’ve worked in PR for a decade, but always in B-to-B tech for example, and you’ve
been keen to branch out into the food and drinks world for a while. Having a side-hustle could
support your case for moving roles and give you the experience and contacts required to make
the move. Sometimes in the marketing world we can find ourselves stuck in a silo and unsure
how to switch. Helping out at food festivals, for example, could be an innovative way to launch
your new foodie career and not only give you the experience but also the networks too. And of
course it’s a way to see if you actually like it as much as you think you might do!

So, does having a side-hustle or multiple sources of income help or hinder your long-term
career? Is it something to keep quiet or should you mention it in your interview?
It’s important to understand your employer’s policies on side-hustles — and being open and
honest about your side hustle can help you to avoid problems later down the line.

If you’re working on a freelance or temporary basis then — unless it’s a conflict of interest — telling your
clients tends to be less of an issue, but openness is often still helpful anyway.

It’s worth being aware that using equipment provided by an employer (laptop/phone) would be
a no-no. Even if the employer were to say it’s okay, then insurance, data protection and
security issues mean that, in reality, it’s just not worth the risk. And side-hustlers need to
consider those very basic things, such as if a social media post goes out in your working hours
for your side-hustle, scheduled or not, the employer could have a little or a large frown on their
face. Particularly if the PAYE role is one where there are deadlines to be met.

Once all this is taken into account, your side-hustle could become a real career-enhancer,
perhaps even one that sees you stepping into the role of employer one day too.

Liz Gadd, founder of Moxie & Mettle and an award-winning recruitment consultant explains:
“I’m a multi-income individual myself. And in my recruitment agency I see lots of talented
individuals looking for an additional role, to complement what they already do.

“In addition to running Moxie & Mettle with my business partner and our team, I’m also a
Senior Team Leader, Partner and Recruiter at Utility Warehouse. For me, the flexibility and
variety of my career feels refreshing, deepens my expertise and helps me stay fulfilled.”

If you’d like to find out more about Utility Warehouse (UW), visit
https://uw.partners/liz.gadd/partner/join or to sign up to Liz Gadd’s newsletter please click
here.

And as usual, be sure to get in touch with us at hello@moxieandmettle.co.uk with your latest CV if you are looking for a new job.

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