Building a career as a full time employee while managing your personal life is enough for many, but there are those among us who want more. If you aspire to running your own small business or side hustle alongside your full time job this is for you.
What is a side hustle and what kind is right for you
A side hustle is simply a way to make money outside of your main job. The side hustle can sometimes lead to full time self-employment or can be just a casual activity you fit around your life to generate a little extra money.
The kind of side hustle you choose will depend on your skills, interests and priorities. Selecting the right kind of side hustle for you will be the key to success. So what should you consider?
Consider your options
Before you get started, sit down and work out your goals. Do you want to make enough money to replace your current salary? Do you want to build something that you can eventually sell? Or are you just looking for a bit of extra pocket money? Once you know what you want to achieve, you can start putting together a plan of how to get there.
If your side hustle is going to be successful, it’s important to give it the same level of focus and attention that you would give your day job. That means setting regular hours, setting targets and deadlines, and being disciplined about when and how you work. It’s also important to remember that your side hustle is still a business, so you need to treat it as such. That means keeping on top of your finances, making sure you comply with any regulations, and being professional in your dealings with clients or customers.
If you choose a hobby-based hustle you are likely to be motivated and passionate about your product or service. Some examples of hobby-based hustles include photography, graphic design, and writing. The downside to this type of hustle is that to be successful you also need understand sales and marketing. If this is not a skill you already have there may be a learning curve, and if your motivation is limited to the hobby you are trying to monetise, you may find this difficult.
You may simply want a side hustle that will help you pay off debts or save for retirement. If this is the case you may look to options that demand you simply work hard to achieve results, irrespective of whether or not you enjoy the work. For example you may run a market stall at the weekend, sell coffee from a kiosk or buy and sell via platforms such as Ebay or Etsy to make money.
You may want to take advantage of your professional skills and expertise gained through years of employment. You might consider offering your skills on a freelance basis, for instance SEO consultancy or bookkeeping and accountancy. If you enjoy your work and just want to make a little extra cash this might be a realistic option.
Check your employment contract
Before you start running your side hustle, it’s important to check your contract with your employer. You might have signed an agreement that prohibits you from working for another company, or from running your own business.
There may be clause that requires you to tell your employer if you are planning on running your own business outside of work. The reason for this is to ensure that your other activities do not impact on your ability to do the job they are paying you for. It is also to ensure your own business activities do not present a conflict of interests.
If your side hustle is in the same industry as your full-time employment and your employment contract doesn’t prohibit you from doing freelance work, be careful to keep the two separate.
Be discreet, there is no need to discuss your private work while at your full time job. Use separate email addresses and phone numbers for your side hustle, and don’t do any work on company time or using company resources. If you pouch customers directly from your employer you may well also negatively impact your career.
Manage your time
If you decide to take on some work outside of your paid employment think about how you are going to divide your time. Don’t neglect your employed work or your family and friends. You need to make sure you look after your own well-being and allow sufficient time for yourself.
If your employer offers flexible working arrangements, take advantage of them to suit you. This could mean working from home one or two days a week, starting and finishing your day early or later than usual, or even taking longer lunch breaks in order to get some extra work done.
Remember to keep a healthy work life balance. It’s important to make time for yourself and your loved ones, even when you’re feeling busy. Take regular breaks, go for walks and switch off from work at the end of the day.
And finally
Working on a side hustle can be rewarding but like any kind of work, it can also be all-consuming. Dedicate some time each week, even just half an hour, to do something that has nothing to do with work. Read a book, take a bath or go for a run. Anything that will help you relax and recharge away from your business venture.
Whatever your goals, the experience of working for yourself will develop skills and confidence that will come in useful throughout your life. If you’re willing to put in the planning and hard work your efforts will be worth it in the end.