A side hustle is any type of employment undertaken in addition to one’s full-time job. A side hustle is generally freelance or piecework in nature, providing a supplemental income. Side hustles are often things a person is passionate about, rather than a typical day job worked in order to make ends meet.
A side hustle is not the same as a part-time job. While a part-time job still entails someone else (your employer) calling most of the shots (including hours worked and what you’ll be paid), a side hustle gives you the freedom to decide how much you want to work and earn.
A side hustle is a work completed outside of one’s day job, and therefore the work tends to take place during evenings, on weekends, or during vacation breaks. It provides additional income while offering the flexibility to complete work outside of the traditional 9-to-5 hours.
Now that we know what a side hustle is, what are some of the factors to consider before starting your side hustle:
- Business Idea – Business is about exchanging goods or offering services to obtain money. The first task is to get a business idea for your side hustle. I will be posting various ways of generating business ideas on this platform next week from Monday to Friday.
- Market – For your side hustle to succeed, there should be a ready and growing market for your goods or services. The market here is people who have money to buy your products or services.
- Finance (Capital) – The side hustle will require money to take off. It can be money to buy products for resale or equipment required for providing a service. Later on, I will post how to make estimates on the initial money required for opening your side hustle.
- Business Skills – Since you will be the owner of the business, do a self-assessment of your business skills for the side hustle. If you have gaps, I will later on post possible actions you should undertake to fill them.
- Time available – Keep in mind that you have a full-time job of 8 to 5 Monday to Friday. Your choice of a side hustle will depend on the free time you have available. Otherwise, using your employer’s time for running the side hustle may make you lose your full-time job.
- Personal values – Many side hustles may be available but some may be against your personal values. For example, one may not engage in a side hustle that is against his or religion.
- Family responsibilities – Regardless of one’s marital status, the choice of a side hustle may affect your family responsibilities. For example, a parent who is expected to sign off his or her child’s school diary is expected to be at home before the child goes to bed. The choice of a side hustle should take into account other family duties and responsibilities.
- Conflict of interest – A side hustle that will cause a conflict of interest with one’s job would be risky to undertake. For example, supplying office stationery to your place of work.
For those who aren’t quite ready to quit their day job, or are terrified by the prospect of becoming an entrepreneur, side hustles can provide an outlet to explore passions, test ideas, and grow a solid customer base should they ultimately decide they want to give notice.
Share with me other factors to consider before starting a side hustle in the comment section, and check out next week for the business idea generation article, and tune in to Campus Radio Breakfast every weekday at 6 AM – 10 AM for more tips.