It’s symptomatic of the times we live in, that the internet has enabled us to diversify our skills. It has provided a creative outlet for many of us to experiment with business ideas or capitalise on our talents. Some know this better as ‘the side-hustle’.
For those unfamiliar with the term, it refers to any kind of employment on the side of a permanent job. This is usually to supplement income, or to dip your toes into a new project, before fully committing to it.
If you thought this was just resigned to a small group of people, think again. It’s estimated that 40% of the UK population alone have side-hustle jobs.
What’s your USP?
If a side-hustle is for you, then think about the ways you can earn extra money during the ‘5 to 9’! What talents and skills do you have that you can make money from? For instance, can you teach children in your spare time, or can you offer freelance services through sites such as Fivvr and Upwork?
Setting up Business
If you already have a business idea, perhaps it’s a pop-up shop or online courses in your field of expertise, then the first step is to come up with a snappy name for your enterprise. Be sure to conduct a domain name search and register a domain name that is unique to your business. You may also want to check social media handle availability too and reserve all associated names with your business.
Don’t let two workloads overwhelm you. Try and plan your time around your side hustle, dedicating set times to work on it in your free time. Be conscious that you need to take care of your wellbeing at the same time, with 48 hours a week being the maximum recommended number hours for working.
If you’re a new business owner, social media is the perfect place to share your news, updates and business services to a likeminded community. Use this platform to drive traffic and sales, and build a rapport with your customers. If you have shared hosting then you should create SEO-driven content for your blog, to help drive engagement.
But Also Keep Quiet!
While it’s not uncommon to have a side-hustle, many chose to keep it quiet from their co-workers, least of all because they don’t want to look uncommitted to their jobs. Check your contract to see what your company says about your expected working hours and second jobs, before deciding what course of action to take.
Declare your Tax
You will have to declare all income to the Office of Revenue for tax reasons, but this doesn’t necessarily mean your employer will find out. It does however mean that you will likely have to complete a self-assessment form.
Validate your Business
While it’s tempting to create the ‘perfect’ product to sell, this will be a waste of time if there’s no market for it. The beauty of a start-up is the ability to be agile and respond to the market. The priority is to validate your business with even just one sale. It’s all about test and trial.
Grow your Business
For many a side-hustle is a litmus test for whether a business idea has potential. But it can take months, maybe even years, to start seeing real results. If your side-hustle has become your passion, then think carefully before leaving your job to take it on full-time. It’s advisable to earn at least 70-80% of your current salary before waving goodbye!business, business idea, domain name, earn extra money, job, shared hosting