In recent years more and more people have begun to look for ways to supplement their incomes, and thus the idea of a side hustle was born. If you have decided that you want to use your spare time to make some extra money, you may be a little overwhelmed; it is all well and good to make this decision, but it can take some time to work out the specifics.
Read on for more information.
What Is a Side Hustle?
The term side hustle is in widespread use, especially in the business landscape. It has all but replaced the term part-time business – but that is essentially what it is. A side hustle refers to starting a business or taking on tasks to make some extra money while still holding down your day job. It is how a lot of people start their businesses today as it reduces the risks associated with entrepreneurship because you retain the safety of a steady salary while you grow your business or side hustle.
What Are the Benefits?
There are several benefits to a side hustle. Firstly, it allows you to pursue your passion and turn a profit from it all while still benefiting from the financial security of having full-time employment and a reliable source of income. Secondly, you can test your idea before you commit more time and money to it. Lastly, you can get started on your side hustle immediately as you do not need outside help from employees or investors at this stage.
How Do You Come Up With a Side Hustle?
There are a few different ways that you can come up with a side hustle. First, you can look for a gap in the market by doing some research. Pay close attention to the world around you; it can help you to spot profitable business ideas. You may be able to come up with a product or service that would make life easier. Convenience is the driving force behind innovation.
Do you have a skill set that you could utilise? What is your career background? Can you capitalise on these things and turn them into a side hustle? Freelance work is essentially a side hustle, and if you put the work in, it can be incredibly lucrative. You can also use your current skill set or career background to identify a gap in the market, as mentioned above.
In addition to your skillset, do you have any hobbies that you can turn into a side hustle? This could be anything from baking to knitting to arts and crafts. If the quality is good enough, then you can charge money for your products. In addition, there are lots of ways in which you can use social media to advertise for your side hustle to appeal to more consumers and turn a bigger profit. For example, if your hobby is going to the gym, then why not get certified as a personal trainer and offer sessions a couple of times a week.
Examples of Side Hustles
Contrary to the above, side hustles do not always have to be businesses; they can be anything that brings in some extra cash. You can commit as much spare time as you want, and any additional earnings count as a side hustle. Here are a few examples:
- Blogging and vlogging, if you build up a big enough following, you can earn money from marketing, advertising, and affiliate marketing. However, this is a big commitment, and it can take a lot of time to build a profitable fan base.
- Cake making, as mentioned above, you can charge a premium for your products and depending on the things that you like to make, you could make big batches in one go to maximise your profit.
- Product referrals, some websites offer premiums to users who refer their products and services to other people. For example, Lebara – a network provider that offers a range of sim-only plans – has a referral scheme that allows you to earn money from home by simple referring their services.
- Taxi-services, you sign up to a service like Uber or even a private taxi firm. Then, all you need is a car and a driving licence, and you can work when it suits you.
- Tutoring, if you have a specialism, a career or educational background in a specific subject, then you can tutor others. You can set your own rates and schedule your sessions when you have free time.
How Do You Set Up Your Side Hustle?
Once you have decided what you want to do, you need to begin to try and get it off the ground. This will require a lot of juggling on your part. You first need to establish a schedule for yourself. When will you be working at your 9-to-5, and when will you be dedicating time to your side hustle? Stick to your schedule. Once you have done this, you can then begin to set yourself goals by establishing an overarching timeline. What milestones are you working towards, and when do you want to achieve them?
If your side hustle is likely to affect or impact your employment in any way, no matter how small, you should consider consulting your employer. Most bosses will understand the drive and the ambition, and they will likely commend you for it. Lastly, to avoid burnout, make sure that you leave at least one day a week unscheduled so that you have some free time, and it also promotes a better work/life balance.
Most people would choose to be their own bosses if they could. It is easier to work for yourself than for others; you are more likely to work harder and do everything within your power to make it a success. Planning and preparation are key, as with most things in life. That being said, a side hustle does not always have to be undertaken with a view to making it into a business in its own right. It can simply be an easy way to make some extra money.