How To Start A Side Hustle
11 Oct 2022
Updated: 24 Apr 2023
If you’re anything like me, then you probably spend way too much time daydreaming about the future and wondering what the next step is that will lead you to a new path in life. A new job. A new city. Or maybe even a new career or hobby that you can devote all of your free time to — side hustles included.
While we don’t have any solid ideas for our future just yet, one thing we know for sure is that having an extra source of income by starting a side gig is always going to be beneficial no matter where life takes us next. After all, it’s not as if side gigs are going to disappear anytime soon so why not get started sooner rather than later?
In this article, we cover everything you need to know if you want to start your own side gig sooner rather than later.
From different types of side gigs and how they can help you build your savings account and become more financially independent, to tips on how to choose the right type of business idea and structure it so that it has a good chance of succeeding in the long run.
Types of Side Gig Opportunities
The first thing you’ll want to do is identify what type of side hustle you want to start. Remember that side gigs can differ in terms of the hours and work involved. If this is your first time starting a side gig, it’s important that you consider how much time, energy, and money you have to commit to this venture. It might be helpful for you to consider the three types of side gigs below:
- Part-time or freelance jobs
- Service provider or home business
- Corporation or company
With these ideas in mind, let’s take a look at some different types of side hustles so that you can find one that works best for your interests and lifestyle.
How to Start a Side Hustle
There are many different types of side gigs or side hustles that you can start. A lot of people tend to gravitate towards starting a freelance business while others go with starting their own personal blog, with an idea to monetise it in the future.
It all really depends on what your interests are. If you want to start a freelance business, make sure that the project you pick is something that allows you to work remotely and be your own boss. This way, if things don't go well, it won't impact your day job at all. If you're interested in blogging, be sure to choose topics that would intrigue readers and give them some value! For example, if you're into fashion, start a blog about how to dress for your body type or how not to break the bank when shopping.
Within the blogosphere, be sure to target something unique - blogging is extremely competitive these days. If you're into cooking recipes, share your family favourites with the rest of the world!
Should You Quit Your Day Job?
The first question you should ask yourself before starting your own side gig is whether or not you should quit your day job and start a business as your main source of income. Some people would say that this is an easy decision, but it really isn’t.
Before you make the leap into entrepreneurship, you need to take some time and really consider what your main goal is with your side hustle. If you’re looking for more flexibility in the schedule, then quitting your day job might be the best option for you. But if you want to earn a stable paycheck to support yourself, then continuing to work at a traditional job might be the way to go.
It’s okay if you can’t decide because there are always pros and cons with both options. That being said, it could also help if someone else gave their opinion on which route would be better for them so that they can help guide you in the right direction and avoid spending too much time spinning in circles trying to figure out what path would be best for them.
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How Much Should You Charge For Your Side Hustle?
To get started, you’ll want to think about how much money your side hustle could potentially make for you. That’s the minimum amount you should charge for your product/services, but if it does well, then even better!
If the business has potential and can be successful in the long run, then keep charging what you’re earning.The best way to figure out how much to charge is by looking at other similar side gigs in your area and find out exactly what they’re charging.
You might also look at online marketplaces like Etsy or eBay to see if any similar products are currently being sold by individuals or stores that are already established and have a good track record with their customers.
The 3 Things You Need to Know Before Starting a Side Hustle
While the world is full of opportunities and side hustles you could pursue, it’s important to consider what one will work best for your personality. What kind of business idea do you want and how much time are you willing to devote per week or month etc.
There are three different types of side hustle incomes:
- Passive income
- Part-time or temporary
While all three options can be beneficial, it is important to think about which option is going to work best for your personal situation.
If you’re not sure what type of side gig would be best for you, take some time to consider how much time you’re willing to invest a week or month and whether it would be enough time for this particular project.
Passive income means that while you won’t necessarily have an active role in the running of your business, the money that comes from this business should provide a steady stream of cash flow without any additional input on your part. This includes services like Airbnb as well as online businesses where there is no need for constant maintenance such as Amazon FBA (Fulfilment by Amazon).
Part-time or temporary means that while your side hustle will require more work than passive incomes, they may also offer the potential to turn into a full-fledged career opportunity down the line; think art school dropouts who make their living selling their paintings at street fairs.
Lifestyle means that your potential side hustle will end up becoming your main role and can potentially replace your day job.
One of the best things about being a side hustler is that you can work on your own schedule and on your own terms. You don’t have to be chained to a desk or office when you have so much potential for success as a small business owner.
So, if you’re ready to start your own side hustle, here are some tips to get you started;
Figure out what kind of side job will work best for your lifestyle If you want to start a side gig, then it’s important that you take into account the constraints of your personal lifestyle and see which type of business idea will work best for you.
This includes figuring out how much time and money it will take in order to maintain a steady income source as well as whether or not there are any barriers that would prevent you from succeeding with this particular type of business idea. For example, if reaching your target audience is an issue, then perhaps starting something that comes with a built-in audience might be better suited for you than starting another brick and mortar business.
Budgeting is also important because if you only have £200 per month to spend on marketing where the rest goes towards day-to-day expenses like rent, food, etc., then it might not be feasible for this particular project to continue long term.
Use resources like Quora or Reddit If finding inspiration for new side gigs proves difficult, then it may help to check out what others
Most working professionals won’t have time to walk their dog, so a convenient dog walker or sitter is a great way to earn extra money. This one is likely to translate into a business due to the nature of the task being done while the owner is at work (in the day).
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