It is becoming common for individuals in full-time employment to take on a ‘side hustle’ to complement their day job, pursue a passion to a greater level or even to start their own business. How you define your side hustle is completely unique to you but going into self-employment is a major step for anyone to take and should be thoroughly planned and considered.
The Motivation Behind A Side Hustle
Research has shown that as many as one in four of the UK’s total adult population now have a ‘side hustle’ in a huge range of areas. This means that two fifths of the national workforce are now ‘side hustling’.
Flexibility is the buzzword. Some consider a side hustle as a low cost and low risk option. You are able to try out your ideas while enjoying the security of full-time employment. But, a few years down the line, your side hustle could transform into your own business.
Many combine a side-project with a day job to explore ideas and hone their entrepreneurial skills from a place of relative safety. Having an ‘extra’ job is nothing new, it’s just the breadth of opportunities that have become available over the past few years that has developed.
The technological revolution has made it easier for small businesses to be established from home and to thrive. This has been helped further by the rise of online retailers such as eBay, Depop and Amazon Marketplace and other developments including online publishing, website development and the growth of blogging/vlogging. The traditional 9-5 working day is not seen as the only option for people anymore. Having a side hustle is the perfect way to do something else other than your normal job that gives you extra income or joy. Where the side hustle concept becomes interesting is when it could lead to a change in your career.
Why Consider Starting Your Own Side Hustle?
Sometimes what starts out as a hobby can feel more and more like it has the potential to take off as a business. As well as enjoyment, some of the reasons that many people decide to start a side hustle are:
- Extra Money – Having some extra money each month is an appealing prospect to many.
- Extra Time – You may have some extra time that you want to use to benefit your self-development.
- Low Risk – If you start up a side hustle and it isn’t suited to you, you have always got your day job.
- A side hustle is unique and can suit anyone - if you have a hobby that you are passionate about, then you may choose to enjoy this with no monetary benefit. But often businesses start up based on an individual’s love for their hobby.
- Technology – The digital age has allowed many to pursue their interests and work from home outside of traditional working hours as well as providing platforms for people to set up on, such as Depop.
- Control over your career path – Many feel that starting a side hustle and developing this interest into a business gives them more control of where their career is going, as their own boss.
What Are The Key Steps For Building A Successful Career From A Side Hustle?
- You need to identify your skills and any gaps in them, as great skills will turn your passion into a reality. People often do not realise how fragile a business can be in the early growth stages, and a lot of skills are required to become successful. It may be that you need to source some people to help you get up and running, and that is a great first step to take.
- You need to have confidence. Building your passion and skills into a business is the best way to start a business, but you need to be confident in your abilities. You’ve got to be good at time management, working with a wide variety of different people and juggling multiple demands. It will take a lot of dedication and planning to be successful, but it will be worth it.
- You need to plan. Planning out your time and the scope of your business idea is important. Knowing your goals and the unique purpose of your start up is so important and should be the focal point of starting your business in the first place.
If you have always had a burning ambition to have a more interesting working life, a side hustle could be just what you’ve been looking for.
It is understandable that leaving the security and benefits of a steady role at an established company to pursue this kind of venture is a scary prospect for many, and it takes some serious confidence and drive to run a business.
However, establishing a structured business plan is the ideal first step in your venture. If you would like help with putting together your business plan, get in touch today! Contact us online using the form on the right or call 01604 420 420.