These days, it seems like almost everyone has a cool side hustle that they work on in their own time. That’s because tech and the internet make it ever so easy to find new income sources while we aren’t at work. For instance, there are lots of people who enjoy blogging and are able to fund this hobby through sponsored posts and selling advertisements on their sites. Similarly, lots of people who are arty can sell their arts and crafts on popular websites, like Etsy.
Have you got a side hustle in mind that you’d quite like to try out and see if you can make some extra cash from it? It really is a great idea as it will provide you with a new hobby, and you might even be surprised at how lucrative it can be.
However, before you get started, you need to make sure that you have your business hat on. Otherwise, you might find that your new hustle doesn’t go quite to plan. After all, as it is a way of making money, you really should view it as a business venture. Don’t let this put you off, though. There are some simple dos and don’ts that you should try and stick to as each of them will help you keep your side hustle on the smooth and narrow. Read on to find out exactly what they are!
Do Play To Your Strengths
First and foremost, you need to decide what your side hustle should be. There is no hard and fast rule which you should go with but, generally speaking, it is always best to try and play to your strengths. So, if you know that you are quite a good writer and have some strong spelling and grammar skills, you should consider setting up your own blog or advertising your content writing services. Similarly, if you enjoy coding and love working with all things IT, then you might like the idea of setting up a side business as a website developer or an app tester. Make sure that you do choose something that you are both good at and will enjoy as then you will stand a greater chance of success. After all, you will be a lot more passionate about your project and won’t be willing to give up quite so easily when the going gets tough.
Don’t Leave Your Employer In The Dark
If you are serious about your side hustle, then you will probably be dedicating a large amount of your time outside of work to it. For this reason, you will probably think that there is no real reason why your employer needs to know about your side hustle. But that isn’t quite the case. In fact, you should always inform your employer of any other incomes that you have as they could affect your tax payments. And if your employer organizes your taxes from your regular wage for you, they will need to know how much you are earning elsewhere so that they can change the payments accordingly. Not only that, though, but you might want to check that your employer doesn’t have a policy that prevents their employees from taking on other jobs and work. Some companies have these in place to prevent their workers from moonlighting so that they have 100% loyalty.
Do Plenty Of Market Research
Before you do commit to your new side hustle, you should carry out quite a bit of market research to make sure there will be enough demand for the product or service that you are selling. If you fail to do enough market research, you might end up finding it very difficult to make any sales once you launch and, as a result, you could end up struggling to make any money from the hustle. If you aren’t so skilled at this kind of research, or have never even attempted any before, there is no need to worry. You can simply outsource it all to a market research firm.
Don’t Expect Overnight Success
There are lots of people with their own side hustles who are extremely successful. And, because of the very nature of their hustle, it is easy to see all of their success. Just take a look at all of those lifestyle bloggers and Instagrammers, as an example. On the face of it, they are all doing exceptionally well and are able to afford luxury lifestyles. However, you shouldn’t expect to get this kind of stress overnight. These bloggers and Instagrammers have worked hard on their online profiles and personas, and it could have taken them a few years to get to the point where they are now. So, you need to be ready to work hard at your hustle. Even though the success and huge rewards won’t come straight away, they will arrive eventually. It just might take a little longer than what you had initially thought.
Do Use Your Network
Over the years, you will have been able to build up a large network of contacts. Even though these might not all be professional contacts, that doesn’t mean that you can’t try and utilize them all as you launch your new side hustle. If you are going to offer services that businesses might want to use, such as content writing or photography, then you might want to get in touch with anyone who you do know in a professional context and see if they could make use of you. You never know, some of your friends and family might even be able to pass your name on to someone who they know. It’s always worth dipping into your network whenever you need some help as you never know who might be able to help you out!
Don’t Use Company Time Or Equipment
If you have the all clear from your main employer to go ahead with your side hustle, you need to make sure that you keep your main job and the hustle completely separate. It’s super important that neither of your jobs infringe on the other or else you could end up risking one. That means that you should never ever use company time or equipment for your side hustle. So, don’t do anything for your side hustle while you are at work and don’t be cheeky enough to use any office equipment for something related to your hustle. If you get found out, your employer certainly won’t be happy. This will show that you are more focused on your hustle than your main job, and that isn’t something that your employer wants to see. In the worst-case scenario, this could be a sackable offence. So, just don’t risk it. Keep a line between the two and make sure that your side hustle is only taking up your own spare time.
— Frankly. (@FranklyPodcast_) April 19, 2018
Do Look For Funding
Once you start setting up your side hustle, you might be very surprised to find just how expensive it can be! As you will be treating it as a small business, there will be a few business expenses that you will need to cover. For instance, you might need to buy some specialist tools or equipment to help you carry out the work you need to do. You might also want to set up your own home office to help you feel like a true professional. Ideally, you should dip into your savings to cover these expenses. If your finances aren’t too great at the minute, looking for details on how to consolidate your debts and get a bit more financial stability before you start your hustle will also be a big help as well. But the best thing you can do is to apply for some funding. There are many investors out there who are always looking for new business talent to invest in. Maybe you’ll be able to find your ideal investor if you put some feelers out?
Don’t Take On More Than You Can Chew
As you will be doing your side hustle in your own spare time, you shouldn’t try and take on more work than you can handle. After all, you don’t want to get home from work only to feel like you have to carry out another full-time job! If that’s what it feels like, then you will end up extremely stressed indeed. So, make sure that you know exactly what your limits are so that you don’t end up with too much work to deal with.
Do Work On A Business Plan
As with any other business, your side hustle needs to have a business plan in place. This kind of plan can greatly help you grow and develop your company and to ensure its longevity. Not only that, though, but you can also add some goals and targets into your plan to keep you motivated and on the right road to success.
Hopefully, all of these tips will help you come up with a side hustle that brings you a nice little income!