Everybody these days seems to be making money from a side hustle but how do you start a side hustle?
Side hustles have increased in popularity as people are uncertain of their income as a result of uncertainty over their full-time jobs as well as threats of redundancy and the need to boost their income.
Starting a side hustle can be relatively straightforward even if you have a full-time job as long as you are willing to put in the time and effort to make your side hustle a success.
Choose the right side hustle for you
There are lots of potential side hustles for you to pick but it is important you pick one the suits you and your lifestyle.
If you can pick a side hustle that you are passionate about then you will be much more likely to turn it into a profitable venture than if you choose one simply because you think it will make you more money.
If you like getting out of the house and enjoy driving then a delivery driver with Amazon Flex or an uber driver could be side hustles for you.
If you enjoy buying and selling things then you could start an eBay business.
If you enjoy writing you could start a blog or write articles for websites or magazines.
If you enjoy making things then you could set up a successful Etsy business to sell your creations.
So take some time and think about the type of side hustle you would like to do.
Research your side hustle
Before you start a side hustle it is important that you carry out some research to discover the advantages and disadvantages of your selected side-hustle.
You will need to find out how much you can charge for your services. There is no point in providing a service if you cannot even cover your costs. You are after all doing the side hustle to make a profit.
Researching your competition will provide you with valuable information as looking at their sites will show their prices, products, and location.
How much time can you dedicate to your hustle?
A side hustle involves working at nights and weekends when you are not doing your regular full-time job.
You need to ensure that you have sufficient time available to commit to your side-hustle and that it is not going to conflict with your work and family commitments.
There is no point taking up a side hustle that requires 7-8 hours a week if you cannot devote that much time to it because of work and family commitments.
If the side-hustle will only take a couple of hours a week and you have lots of time to spare then either you could take on another side hustle.
Many people rush to set up a side hustle and only later realize the amount of time it requires so it is important to consider this at the outset.
Failing to think about the amount of time you can dedicate to your side hustle can lead to mental and physical exhaustion. These in turn could put a strain on your full-time job and the last thing you want to do is lose your main source of income.
Dedicating all your spare time to your side hustle can also put a strain on your family and social life if you are too busy making money to enjoy your life.
The amount of money you need to start a side hustle will depend on the work you are looking to perform.
If you are looking to just complete online surveys then all you need is access to the internet.
If you are looking to start a coffee truck business you need to be able to afford a coffee truck. You can buy a second-hand coffee truck on gumtree for anything between £3,000 and £25,000 so it is certainly not cheap. If you have done your research though it could be a steal if you have found the perfect money-making location.
I would probably suggest renting a coffee truck initially just to make sure your side hustle works before committing to such a large outlay.
How much will a side hustle make?
Every side hustle is different and the amount you can earn will depend on your skills and time available.
Some side hustles such as completing online surveys can be completed relatively quickly but only pay a few pounds.
Other side hustles like gardening, cleaning, dog-walking, and baking will take more time but will be more financially rewarding.
A recent survey revealed that on average Brits with a side hustle were making over £500 extra compared to their full-time job.
The more time you can dedicate to earning a secondary income the more money you should make. Some people have started a side-hustle and it has become so successful they were able to pack in their main job to concentrate on taking their side hustle full-time.
Separate personal and business
You will find it useful to use a separate email address and mobile number for your side-hustle. Otherwise, as your side hustle becomes more successful your personal email box fills up with non-personal emails which can be quite annoying and also makes it difficult to switch off from your busy life as a hustler.
Similarly, it is worthwhile to keep your side hustle income and expenses separate from your personal banking so you can easily see how much money your secondary income is making. If you have to register your side-hustle as a business then a separate bank account is definitely recommended.
One thing many people forget about with secondary incomes is the tax implications.
In the UK everyone can earn up to £1,000 each year from trading through a side hustle without having to pay tax.
If you are generating more than £1,000 a year from your secondary income source then unfortunately you need to register with HMRC for self-assessment.
The £1,000 figure relates to your sales income, not your profits
Promote your side hustle
If you want your side hustle to be a success you will need customers and so it is important to promote your availability online and offline. If you can get your customers to leave some positive reviews then these all help to attract future customers to your side hustling business.
Whichever side hustle you decide to start just remember to do your research and hopefully it goes on to be a resounding success.