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How to create a marketing plan for your small business - build a brand, target customers and set prices that will maximise sales.

The internet has transformed business marketing. No matter what you do, the internet is likely to be at the heart of your marketing strategy.

Social media is firmly established as a marketing tool. Having a presence opens up new lines of communication with existing and potential customers.

Good advertising puts the right marketing message in front of the right people at the right time, raising awareness of your business.

Customer care is at the heart of all successful companies. It can help you develop customer loyalty and improve relationships with your customers.

Sales bring in the money that enables your business to survive and grow. Your sales strategy will be driven by your sales objectives.

Market research exists to guide your business decisions by giving you insight into your market, competitors, products, marketing and your customers.

Exhibitions and events are valuable for businesses because they allow face-to-face communication and offer opportunities for networking.

Side hustles take off as Brits look to earn extra cash

18 July 2023

As inflation drives up the cost of living, Brits are increasingly looking for extra sources of income to help make ends meet.

A new survey of 2,000 British workers by Money.co.uk has found that almost a third (31%) already have a side hustle and 42% are considering starting a side hustle. Just 28% say they are not considering a side hustle.

The top reasons for starting a side hustle are:

  • To make more money (70%);
  • To fulfill a passion (24%);
  • As a route towards running a business full-time (18%).

Serial side hustlers are on the rise

A new survey of online entrepreneurs from GoDaddy suggests that the boom in British side hustle culture shows no sign of slowing down, as many people now run more than one side hustle. It has found that 17% of so-called "side hustlers" run more than one business alongside their day job. Of those that have a single side hustle, the data from GoDaddy indicates that a further 42% are considering starting a second.

GoDaddy's research has found a number of key factors driving the push for second side hustles. Just over half (54%) said they were following a passion and wanted to make more money from something they love, while 32% had spotted a gap in the market and an opportunity to make extra money. One in seven (14%) said the extra cash was necessary to cover household expenses.

Three in five (58%) side hustlers said their new venture cost them as little as £500 to start; the average UK side hustle generates £22,900 annually.

Britain's entrepreneurial community could also be getting younger, with four in five (81%) side hustlers aged 18-34. The average age of side hustlers surveyed in the UK is 32, while one in nine (12%) said they had started their first side hustle when aged under 18.

Case Study: Lucy Stone

One serial side hustler who has set up multiple ecommerce businesses is Lucy Stone, owner of Meditation Rocks and Find Your WOW: "I started my first side hustle, Meditation Rocks, during the pandemic, after my meditation live streams began attracting thousands of viewers every day ... I've now launched a second venture, Find Your WOW, which is based on what I've learnt from teaching meditation. To anyone thinking of setting up a second business, it's important keep your eyes open for new opportunities and trust your gut. You never know what will happen in the future so having multiple sources of income can help ensure your longevity."

Written by Rachel Miller.

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