We are human beings with forever growing needs. Growing needs mean people have to have more money in their pockets, money which you cannot get from your primary job alone. People are therefore forced to turn on their creativity to make some extra cash during their free time. That is side hustling. We all agree that there are endless ways to make money but you need hardwork and determination.
According to Bankrate latest research on side hustles, out of 2,550 working American adults, 3 out of 10 said they needed a side hustle to survive. This means that out of every three working Americans one needed a side hustle to help them cover for their cost of living. While nearly half of the working Americans said they had a side hustle to support their main job.
In Kenya, 33% of Kenyans having a side hustle say they are ready to quit their primary job because the side hustle brings more to the table.
In the United Kingdom, according to HRnews, 60 percent of young people living in the United Kingdom admitted to joining the group of people with side hustles to cut on the cost of living because the cost of living is too high.
Looking at the above numbers, you will realise that a high number of people living in different parts of the world have come to appreciate importance of having a side hustle to supplement on their primary job. So if you don’t have one ask yourself why? Because a side hustle has many benefits like you can use the extra money you make from it to cut on costs of living, to pay down your debts or even to reduce your financial stress. In addition to that, your side hustle helps you put your extra time and creativity to proper use.
Assuming you know what a side hustle is and you are willing to start one you should consider the following factors before starting;
10 MAIN factors that you should consider before starting a side hustle
1. Business idea
The first question that you should be asking yourself is; what side hustle do you want to take part in? Do you have any business ideas that you want to implement? This I can say will be your foundation in starting your side hustle. If you already have a business idea in mind then well and good but if you do not have any you can consider any of the following ;
- Selling used items online: You can sell used items online for some extra cash. Items like; furniture, houseware, books, DvDs, cameras, phones you name them. The items must still be in good condition though for you are to sell them. Online platforms like Amazon, eBay, eBid, iOffer, Listia, Mercari, Oodle are a few places where you can sell your used items for cash.
- Renting out your car
- Driving for Uber or Lyft
- Managing social media accounts
- Answering survey questions online
- Starting a blog
- Writing ebooks
- Creating an app
- Becoming a virtual assistant
- Interior decoratoring
- Getting paid for being a dog trainer
- Teaching driving lessons
- Becoming an affiliate marketer
- Tutoring online
- Teaching English
- Creating YouTube Tutorials
- Baby sitting
- Food delivery guy
- Doing social media marketing
- Answering professional questions
- Creating logos for cash
- Website designing
- Using Fiverr to source gigs
These are just but a few business ideas you can put into use but if any does not fit you, feel free to put your creativity into use because there are a lot more ideas that will bring you more cash.
Assuming that you now know what you want to take on as your side hustle, the next step is to figure out how you will get your side business up and running. That is why you need to ask yourself the second question, do you have the funds to start you off? Do you have the capital? Think of your side hustle as a brand new car and the capital you need as your fuel. Your brand new car will only start when it has fuel. Your business idea is useless without capital, so the next challange you need to take on is the problem of capital.
If you don’t have any ideas of where you can get capital from you can consider the following options;
- Your savings: If there is a proper time to use your savings then this might just be it. The main reason why people save is to invest the money back into business. So if you have your savings somewhere then you might just be good to go. So use it to fund your business.
- Loans: If you don’t have any savings then you can consider getting a loan and use it to start your side hustle then pay back the loan with profit from your business.
- Donation: So you can’t get loan and you don’t have any savings why don’t you pick up your phone and call your friends and family and tell them about what you have in mind and tell them about your financial trouble. You can tell them to help you start off then may be pay them back their cash after your business start realising profit.
- Minimize: No savings, no loans and then you have some stingy friends and family who don’t want to help you grow by giving you donations for whatever reason then it is time you start living below what you are getting. For the time being you can consider moving to a cheaper house, may be use public transport instead of Uber or Lyft, or suspend holiday trips or eat at home instead of eating in restaurants. You need to look for ways to save cash. Use the money saved to invest it back into business.
Now that you already have a business idea and capital to start your business off, it is time to ask yourself the third question. Who will buy? Who will you sell your products or services to? Is there a market? The idea of starting your side hustle is to make more money. Money which will come from your customers.
To have the answers to these question you need to conduct a market reaseach. Find out the following from the people you think are going to be your consumers;
- What are their preferences? What do they like and what do they hate?
- What is the age bracket of people living in the area you are going to set up your side hustle? Are most of them young , old or middle aged?
- What is the prevailing religion in that area? Buddhism? Christianity? Islam? Like you can’t start a pork business where most people are Muslims or maybe start a butchery where the prevailing religion is Buddhism because no one will buy.
- Social class of the people in that area
- Through which way do most of the people in that area pay?
- What is the population of the people in that area?
These are some of the things you need to know about your market before you start off.
A side hustle or a side gig or a side job or whatever you decide to call is a supplement of your primary job. It is the job that you do in addition to your primary or main job. So you actually need the time. Maybe the question here is, where will you get time to run your side hustle? Maybe you can consider the following options if you don’t have any idea where you will find time;
- Talk to your boss: This might be a huge gamble but you can suggest to him or her ideas like coming early and leaving early just to create more time for your side hustle.
- Make time, however little: You need to make some time for your side hustle. Even if it is just 30 minutes, it will go a long way in helping your business succeed. You can use your little time for sending business updates on social media or answering emails, phone calls and texts.
- Use your time off to the fullest. On the days you don’t have to go to your primary job you need to maximize this time and use it to the benefit of your side hustle.
You need to thoroughly evaluate yourself and know what skills you have before starting any side hustle. This way you will put your skills to better use. Everyone has something they are good at so it is up to you to find out and ask yourself if you want to use your skill as your side hustle. For example;
- If you are good at explaining things maybe you can consider tutoring online or creating YouTube tutorials.
- If you are good at writing, starting a blog will be good for you or maybe writing ebooks.
- If you are good at taking pictures you can consider photography as a hustle.
- If you are good at driving you can consider teaching people how to drive or maybe driving for Uber or Lyft.
- If you are good with computers then you can become a virtual assistant.
What I’m trying to say is you should find out what you are good at and use it to make money. This way you will enjoy your side hustle more.
You are you must be wondering how failure is a factor. Now get this, the world we are living in is a world of opposites. We have boys and girls, darkness and light, black and white and then failure and success just to mention a few. Before starting your side hustle ask yourself; are you prepared to fail? Because we don’t always win as humans. You must allow space for failure before starting off. If you are prepared to fail then you can go ahead and start your side hustle. But if you are not then don’t start because you must always have a fall back plan in case things don’t go as planned. Remember plan for success and plan for failure.
The next question after accepting that you can fail is; What is your goal in starting this side hustle? What do you hope to achieve? More money? Fame? Freedom? To leave your primary job? Put your free time into use? Early retirement? That is up to you to figure out. You need to set short and long term goals for your business. Let the goals you set act like your business guide. Your goals can be personal, financial, economical.
8. Income vs costs
Another important factor that you must consider is what you will make out of your side hustle versus what you will be using to keep it running. You need to ask yourself the following two questions ; What will it cost to run my side hustle? and what will I get from it? You need to find the answers of the following questions and if what you will be spending is more than what you will be getting then don’t start.
9. Conflict of interest
You have your primary job which you still want to continue doing then you have a side hustle which you want to keep running and profit from. These are two important jobs that you want to do alone at once. Perfect scenario of killing two birds with one stone. So make sure that you carry out the two jobs without one affecting the other. If you are not sure you can do the two at a go then don’t start your side hustle first.
10. Your values
Your personal values may also affect your side hustle. You are a human being so their are things you like and some that you do not like. So your personal values like hobbies, religion, gender, age, character must also be put in mind. You should not do something you do not like as your side hustle. Your side gig should be something you enjoy. So know what your values are and find a side gig that alignes with your values and you will enjoy.
If you find the solutions to the above ten factors then your business will be good to start off.