What is a ‘side hustle?’ And why you should have one
Do you want to make some extra money in addition to your regular income? A side hustle is a term used to describe turning your passion into a part-time business alongside your day job.
According to entrepreneur.com, around 35% of millennials have some sort of side business.
There are several great reasons to have a side hustle:
- You need the extra money – perhaps you’re long overdue a pay rise, or your expenses have gone up due to an unexpected change in circumstances, or increasing costs of living. Perhaps you want to save for a house, a holiday, a qualification, or a family.
- You want to increase your mental wellbeing by doing something you enjoy in your free time, be more creative, or have an outlet for your passion.
- You want to increase your satisfaction in your day job. More money means you could be less resentful about your salary, more motivated at work and ultimately have an increased overall life satisfaction.
- You’d love to learn some amazing practical skills, such as business knowledge, negotiation skills, organisation, money handling and more, all of which can be learned through first-hand experience in your own venture.
- You want to meet new people, learn about different communities and network.
- It could eventually become your full-time job!
Think about the following factors when deciding on your side hustle:
- What interests you?
- What are your passions?
- What skills do you already have?
- How much time do you have?
- Will you need any money to set-up?
- How long will it take you to set-up?
- Could you turn what you learned on your college courses into a business?
- Could you find inspiration from one of these part-time short courses?
Here are some great ideas for a side hustle to inspire you:
- Ecommerce – make things and sell them on sites like etsy, such as furniture, art, decorations, cards or jewellery.
- Buy vintage clothes in bulk and set-up a market stall.
- Start a street food company.
- Dog walking.
- Caregiving – if you’re passionate about looking after people, try care.com.
- Rent out your spare room on airbnb.com.
- Become an Uber or Lyft driver.
- Get into tutoring, or teaching a second language.
- Become a fitness instructor.
- Write an ebook or produce an audiobook.
- Start podcasting.
- Become a part-time social media manager for small businesses
- Become a personal chef
- Try babysitting or nannying
- Sell technical services on Upwork.com or fiverr.com
- Advertise yourself as a local handyman or woman on taskrabbit.com
- Start a carwash
- Become a freelance writer
- Give music lessons
- Train as a part-time mobile beautician or hairdresser
- Put on your own music events or art shows
Whatever you decide to do, remember that starting a side business doesn’t just bring monetary rewards. However, it should not negatively affect how good you are at your full-time job in any way. Unless you’re ready to turn your side hustle into your full-time job, think carefully about how much free time and energy you really have. Good luck!