I have the best job anyone can do – it makes thousands but I only work 10 minutes a week, it’s perfect if you have kids
ARE you looking for a side hustle to make some quick cash without having to do too much?
With costs soaring, millions of cash-strapped Brits are searching for ways to make money on the side – and while there are plenty of options, not all of them will suit someone with a busy lifestyle.
Others, such as taking surveys or even walking, often don’t make enough to justify investing that much time.
But what if you could rake in an extra few thousands – and it took you a mere ten minutes a week?
According to one cash-savvy Brit, Chloe Concetta, that’s possible – and it’s all thanks to her brilliant vending machine side hustle.
Vending machine businesses can be an incredibly profitable business if you’re able to set up a vending machine in a busy, popular area.
The best spots can be extremely profitable, but remember as the UK vending machine market is a competitive one, you’ll have to act quick if you find a spot without a vending machine that you think could use one.
”The beauty of vending machine businesses is that they’re low cost, high demand products that offer great profit margins because you can often buy the products in bulk and then sell them individually to mark up the price with ease”, explained the experts at Real Business.
While vending machines themselves aren’t cheap, you can find more affordable versions on Facebook Marketplace and eBay, like Chloe did.
The initial budget should also factor in transportation costs for replenishing stock – often snacks and drinks – and the installation costs in the beginning.
Popular locations that could see you make a fortune include airports, supermarkets, bus and train stations, hotels, universities, as well as hospitals and health centres.
Once you’ve come up with a name for your business, it’s time to register it with the UK government.
This is a legal requirement for UK businesses, which can be done both online or via the post.
The next key step in setting up your business is guaranteeing your vending machine location.
For this, you’ll need to sign a contract with the property owner and its always best to ensure you have a good relationship with them.
Before signing any contract, however, you should ensure you’re fully aware of the terms and conditions you are agreeing to.
Sharing her incredible success since jumping on the side hustle, Chloe recently said on TikTok: ”I spend ten minutes a week filling a vending machine that earns thousands.
Do I need to pay tax on my side hustle income?
MANY people feeling strapped for cash are boosting their bank balance with a side hustle.
The good news is, there are plenty of simple ways to earn some additional income – but you need to know the rules.
When you’re employed the company you work for takes the tax from your earnings and pays HMRC so you don’t have to.
But anyone earning extra cash, for example from selling things online or dog walking, may have to do it themselves.
Stephen Moor, head of employment at law firm Ashfords, said: “Caution should be taken if you’re earning an additional income, as this is likely to be taxable.
“The side hustle could be treated as taxable trading income, which can include providing services or selling products.”
You can make a gross income of up to £1,000 a year tax-free via the trading allowance, but over this and you’ll usually need to pay tax.
Stephen added: “You need to register for a self-assessment at HMRC to ensure you are paying the correct amount of tax.
“The applicable tax bands and the amount of tax you need to pay will depend on your income.”
If you fail to file a tax return you could end up with a surprise bill from HMRC later on asking you to pay the tax you owe – plus extra fees on top.
”I always get questions on whether vending is really passive, can you do this with children, can you do it with a full-time job.
”The answer is yes,” the money-smart TikToker claimed in the video.
”I’m going to be someone who tells you how you can actually make this work for you, over you working for them.”
According to Chloe, who posts under the username @chloeconcetta, she buys stock just once a month.
One of her locations is just ten minutes away from her home, which makes it extra handy to pop by if needed.
”I can literally do it on the way to somewhere else. It’s also an emergency response station, so it’s somewhere that is open 24/7.
”Their opening hours don’t affect me and I don’t have to move my schedule around it.
”Not to mention that due to the nature of this location and what they do, they are reliant on this vending machine – this is more of a necessity to them over something that’s just an addition to them.”
Spilling the beans to intrigued viewers, Chloe added that to kickstart your new business, or side hustle, you should be ready to invest around £2,000 to £3,000.
So far, the young woman has four vending machine – and Chloe now also helps others start their business.
