Money, who couldn’t use more of it? While you may be in a position where you like or even love your job and earn a decent wage, you might have some big plans that your 9-5 salary simply doesn’t cover. In this case, you’re most likely thinking of ways in which you could earn a little extra. Not necessarily a fortune, but just enough so that you can pay for those festival tickets or that pottery course you’ve always wanted to do.
Indeed, we all want to boost our income, but short of getting a pay rise, winning the lottery or making a win at new UK slots sites, there’s no quick way to make extra money. However, if you have entrepreneurial blood in your veins, then you could boost your income with a side hustle. According to a survey by CareerBuilder, 39% of working millennials have started a side gig while plugging away at a 9-5 to supplement their income. Moreover, there are so many success stories out there of people earning loads of extra dosh from thier side gigs and using their extra income to fund their passions. With this in mind, here are 5 IDEAL things to consider before starting a side hustle.
FIGURE OUT WHAT YOU’RE GOING TO DO
Obvious we know, but with so many different ways to make money on the side, it’s hard to know what to do. Start by identifying your skills; what are you good at? What can you offer other people? Can you leverage any of your hobbies like knitting or baking? Can you tutor or teach guitar lessons? Or if you don’t feel like you have a particular talent and have a spare room that you don’t do anything with, you can earn good money from renting it out on sites like Airbnb. Indeed, there are hundreds of strategies for making some extra money with a side hustle, however, the key to being successful is to make sure you choose one that matches your skill set and delivers value to your potential customers.
MAKE SURE YOU HAVE TIME
Are you already struggling to achieve that much longed after and much-fabled work-life balance? If you barely have time to sleep, eat and keep your personal hygiene to an acceptable level, then chances are you’re not going to have time to start up a side hustle. That said, another secret to starting a successful business on the side is making time for it and balancing said time with your other commitments. Consider how much of your week a side job will take up and when you’ll be able to work on it; then double that figure as realistically it will take up a lot more time than you think. Create a schedule, setting time aside in the evenings and weekends and stick to it.
CHECK IT’S OK WITH YOUR COMPANY
Many companies don’t like their employees to start something up on the side in fear that they will lose focus and not give 100%. So review your contract, company handbook and anything else you’ve signed; rigorously read all of the fine print and check there isn’t any potential conflict of interests. Indeed, conflict of interests is one of the major pitfalls of starting a side hustle and some employers have been known to, at best to fire employees with side hustles, and at worst, sue them. It may sound obvious but unintentionally stealing your company’s intellectual property or poaching clients can spell disaster. You can even get into trouble if you use your companies laptop or phone for your side business.
ARE YOU COMMITTED?
Almost every side hustler dreams of making a quick profit, however in reality not many do straight away. As such, one of the reasons why so many side hustles fail is due to lack of commitment and quitting too early. You’re not going to make money overnight and often many side businesses don’t make any money for months. To give yourself a fighting chance of success, don’t get discouraged if you don’t see profits straight away.