Things to Consider When Starting a Side Hustle

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things to consider when starting a side hustle

‘Side hustle’ is a bit of a buzzword at the moment. Every man and his dog is talking about ‘side hustling’. It’s all about the ‘hustle life’ and if you’re not busy working on different ways to make money, then you’re not working hard enough – right? Well, buzzwords and stereotypes aside, there’s many good reasons to start a side hustle.

If 2020 taught us anything, it’s that you never know what the future might bring.

And while full time employment offers us a secure, monthly income – how secure is it really?

I for one lost my job as a result of the pandemic but I’m very lucky in the respect that I’ve been working on my side hustles for a long time and they now bring me enough monthly income to contribute to the household financially without any desperate need to return to traditional employment.

Does that sound like something you might want for yourself? A second, third or x amount of income streams to fall back on should you find yourself jobless.

I know side hustles have been life-changing for me, not just post pandemic but in supplementing my statutory maternity pay and allowing my husband to leave full time employment to retrain.

There’s so many benefits to having alternate income streams, so here’s a few things to consider when starting a side hustle.

How Much Time Do I Have?

I get it, you’re busy. Most of us are – if we’re not juggling a full time job with running a home, life admin, socialising, staying healthy then we’re bringing up our children or studying or in some situations a combination of the lot. And it is a lot. So how could you possibly think about adding in another commitment by starting a side hustle?

Luckily, there’s a side hustle to suit everyone. Yes, even you who has no free time – there are ways you can still make extra money.

Sure if your time is limited, then your extra income will be too (at least at first…because there’s plenty of passive income side hustles too, once you’ve put in the initial work). But I truly believe that EVERYONE can find a side hustle that will slot into their current lifestyle.

Need some ideas? Check out these posts:

Side Hustles When You Have No Time?

How Much Time Can You Commit to a Side Hustle?

How Much Money Do I Want to Make?

The need for a side hustle is very much dependent on your circumstances. You might not feel the need to try and earn any extra income. You might want to make enough to eventually leave your day job. Or you might just want a bit of extra money to pay for the odd treat.

Whatever your goal, there’s a side hustle to suit.

There’s plenty of low effort, low reward hustles that’ll earn you a few extra pounds… or you could put all your time and efforts into much more rewarding activities. The choice is yours.

Want some inspiration? Check out this post:

How Much Money Can I Make From a Side Hustle?

How Can I Use My Skills?

Have a qualification or training in something you could sell as a service? Or just something you’re particularly good at?

Leaning into your strengths is one of the easiest ways to start a side hustle – because it’s already something you do or are good at… so you just charge some money for it!

For example, if you play guitar – could you teach it?

If you have a book keeping qualification, could you do accounts for small businesses on the side of your day job?

If you’re nifty with a sewing machine, could you offer alterations or dress making services?

Draw on what you’re already a pro at.

What is There Demand For?

Alternatively to the above, could you research what people locally (or online if you fancy offering a digital service) are looking for? Check out gumtree listings and Facebook groups for inspiration.

You might find that there aren’t many dog walkers locally but plenty of people looking for the service.

Live in a small town or village? Maybe you could offer a food delivery service – I know we need this in our area!

Do I Want to Pay Tax?

Okay, let me rephrase that – because I’m sure none of us really *want* to pay tax… and I’m not suggesting any kind of illegal activity here!

But did you know, there are a number of side hustles that you can do to earn extra income without paying any tax at all?

Matched betting* is my favourite way to make tax free income. Over the years I’ve made thousands of pounds which has paid for holidays, home improvements, days out etc…all completely tax free.

Interested? You might find this post useful Matched Betting for Beginners

Want to know what else you can do to make tax free income?

Everything You Need to Know about Side Hustles and Tax – head to this post for the full lowdown.

Do I Want to Grow it Into a Business?

If you’ve always had a dream of starting your own business, what would it be doing? Could you start small on the side and see where it goes?

Side hustles are a great way of testing the waters and seeing if there’s enough demand for what you’re offering without fully investing or committing yourself to it which can feel quite scary.

Once the business starts to grow, then you can look at taking the scary jump and leaving full time employment.

If you have no intention of ever leaving the security of a full time job, there are plenty of side hustles you can just dip into and out of without running an actual business.

What Do I Enjoy Doing?

Similar to the ‘what am I good at?’ question, what do you enjoy doing?

If you enjoy a particular exercise class could you look at getting the necessary certificate to start your own classes?

If you’re an animal lover, could you look into pet sitting or dog walking?

If you enjoy arts and crafts could you sell your wares?

What’s Stopped Me Starting a Side Hustle Before Now?

If you’ve been itching to start a side hustle for some time, but have never actually taken the leap – why not?

Is it time constraints? Fear of failure? Worry about tax implications? Childcare?

Have a good think about the reasons why you haven’t started and look at tackling them one at a time.

There’s always a solution!

What About the Legalities?

Many people put off starting a side income because they’re worried about the legalities.

Could it affect my main income? Do I need to register as self-employed? Would I need insurance?

They’re important questions to ask, but not a reason to not get started.

Find out more in this post: The Legalities of Starting a Side Hustle

 

things to consider when starting a side hustle

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