What are side hustles and why have they become so popular lately? 2020 and 2021 have been crazy years and have taught us all that we are capable of spending more time at home than we ever could have imagined. People have lost their jobs at staggering rates, certain industries have come to a grinding halt, while at the same time, other areas are booming.
With more and more time at home, it’s no surprise that people are turning to side hustles to entertain themselves and make money. A side hustle is a great way to do something you love while earning some extra cash, all while staying in the comforts of your day job.
What is a side hustle and how do you do it?
The meaning of a side hustle is something that you do on the side while still working at your job to make some extra money. Often, side hustles are from home during hours that are convenient for you. You’ll find people working on their side hustles in the middle of the night, during the weekends or even on breaks from their full-time job. That’s one of the main benefits- it’s flexible!
Starting a side hustle
First, think about what you enjoy doing. What will give you a sense of satisfaction and accomplishment?
Time management is an important part of starting side hustle jobs. Especially if you’re working at the same time, you'll have to plan your time wisely to make sure that you can keep working at your normal pace. Try to think about times to work and what your schedule will look like before you start a business.
The ideas for side gigs are endless. We recommend to start small. You can launch a freelance gig doing freelance projects in the field that you work in, driving an Uber at night, making cookies or cakes, creating an online store and so much more. Most importantly, make sure to choose a side hustle that you enjoy and that you’ll enjoy working on the business idea. After all, starting a business is not for the faint of heart!
How to start a side business with no money
Most people don’t have a mountain of money waiting for them to start their side hustle. Quite the opposite. Many people today want to start side gigs to make sure that they have backup funds ready if they lose their job or to save up for a rainy day (or a pandemic!).
Starting a side hustle doesn’t have to be expensive. By starting slow, you’ll be able to test the waters and see what works for you and what doesn’t. Some side hustles such as freelance writing or baking cakes involve little to no investment at all to get started. Put your name out there, see the response, start bringing in some clients and see how it goes.
Other side hustles such as eCommerce stores do require more investment due to having to order inventory. But all hope is not lost! Even in these situations you can order just a small amount or work with a dropshipping model. You’ll need a website, of course, credit card processing, and social media presence to get started.
How to market your side hustle
No business can come to life without a marketing plan. But have no fear, marketing doesn’t have to be a full-time job.
Many people begin their businesses mainly by word of mouth. Tell everyone you know that you’ve started a business. Post on your social channels, tell friends and family and ask people to recommend you after being happy customers.
We also recommend getting a quick website together (can be free) and getting a professional email address. These little things will make you look like a real pro. Add your website to all correspondence including in your email signature. Just like that, you’re a small business owner!
Don’t forget about the taxes and budget planning
We know, no one likes to speak about taxes. But unfortunately, they’re necessary. Depending on your location, tax guidelines will vary. We recommend getting in touch with an accountant who specializes in small businesses to guide you, even if just at the beginning.
A budget is also critical. Even if you aren’t investing large sums in your business, you need to know what is profitable, what you can spend money on, what your expenses are, and more. Open up an Excel or Google Sheet and throw all of your numbers in there. Having a budget will also help you remain up to date on your expenses so you can plan better moving forward.
Don’t get left behind: start your side hustle
Anyone looking to make some extra cash and find new meaning in their work life, should think about starting a side hustle.
Many people are nervous or scared to start their own business. We get it, it can seem overwhelming at first. But, that’s why you start slow, build your business idea, start selling your product, or service and see if there is a market for what you have to offer. Over time, if you want, you’ll expand and scale and some people find that eventually, their side hustle turns into their full-time gig.
The bottom line: starting a side hustle is a great way to boost your income and have some fun outside of your typical work hours. And who knows, maybe in the end your side hustle will become much more. You’re the boss...