Do you want to start a side hustle to earn some extra cash or to build up your business on the side to then go full-time?
You’ve heard about side hustles but have no clue why you should start one or if it’s for you.
Side Hustling in the UK is becoming a part of life, especially for parents (Childcare cost in the UK are scary) with 44% of side hustlers being parents.
It’s expected that half of all UK adults will have a side hustle by 2030. I suspect that those stats will increase because of the new normal since more people are waking up to the fact that only having one income is scary.
More people are using their spare time to build businesses that will help them have more control over their finances.
Why You Should Start a Side Hustle
#1: Pay off Debt
Finances play a big part in why most people start a side hustle and the biggest motivator is paying off debt.
Think about how you will feel if you have all your debt paid off. Starting a side hustle with the main aim of paying off your debt with the extra income is a great reason to get started.
#2: Build up Your Savings and Retirement Fund
The sad truth is that with so many of us living paycheck to paycheck so many people have little to no savings or have not even begun to save for retirement.
That’s Scary, right!
If you know you don’t have enough saved for a rainy day or you haven’t even thought about retirement, then a side hustle will be a perfect place to start to get that extra cash.
You should have an emergency fund that can be easily accessed which is money for small emergencies like a repair or to replace household items in a hurry.
You should also have a safety net fund that has enough money to cover living costs for 3 to 6 months.
Calculate how much you need for both of these then create your side hustle to build these up.
#3: Extra Spending Money
So you’ve got no debt, you’ve got your savings and retirement fund covered, you just want some extra cash to play with.
Whether it’s so you can take 2-3 luxury holiday’s a year, buy a new car or just upgrade your lifestyle, having extra cash come in from a side hustle will defiantly help.
Think about all the shoes you could buy with the extra cash.
#4: Gain New Skills
No matter what type of side hustle you choose to start you’ll have to learn a lot of new skills that will help you in your day job.
Think marketing, communications, negotiations, time management and product creation. You’ll also learn new tech that will help you stand out in the job market.
#5: Diversify Your Income & Make Your Day Job a Choice Not a Necessity
Let’s face it, the days of a job for life are gone. Be honest with yourself how secure do you feel that your job is safe. If you do, You’re lying to yourself. No job is secure unless you’ve created it yourself.
And unfortunately a lot of people are learning this lesson this year. If you only have 1 source of income and you lose it, your going to be overwhelmd and scared for your future.
If you’ve already started a side hustle and you lose your job, you’re in a much better position to keep your finances under control and not feel stressed. Because you had your back-up plan.
So if right now your only source of income is a day job then you need to get started on your side hustle asap.
Once you have a side hustle or 2 that earn enough to not just pay the bills but pay for the lifestyle you want than having a job is a choice.
#6: Start your business while in your day job
Starting a side hustle is the perfect way to start your business. Before you leave your boss an epic “I Quit” letter, test out your skills and the viability of your business idea by making it a side hustle.
Many people start this way, working on client projects after the kids are in bed or on weekends, then going about their regular routines at the 9-5 jobs during the week.
Starting your business this way is less scary than giving up your day job only to run out of savings if your idea doesn’t work out.
This way you can start and grow your business then once your business is profitable you can transition into a full-time entrepreneur.
Should I Start a Side Hustle?
Before opening your laptop to start finding what business ideas you can start your side business in, you need to ask yourself these 4 fundamental questions.
- Are you disciplined enough to work for yourself?
- Do you have the desire, time, and determination to market yourself to find clients?
- Do you have confidence in your skills?
- Are you willing to learn the skills you need, even on the fly?
If the answer is yes to these questions then ask yourself the following 3 questions.
Questions to Ask Yourself Before You Start
#1: Do I have skills people want?
It’s not enough to just WANT to start a business; you actually have to have skills that other people want and are willing to pay for.
Whether these skills are related to a degree you earned or you’re self-taught, having confidence in these skills will set you apart from the competition. And remember you can go learn new skills if you don’t currently have any marketable skills.
Because you may have a lot of skills but it has to be marketable so your ideal customers will want to buy from you.
#2: Have I done enough research?
Don’t get stuck in the research phase but ask yourself some important questions.
- Are your skills marketable?
- Are there competitors offering the same skills?
- Have you researched how much your market is willing and able to pay for those skills?
- Have you calculated how much money you need to earn to live and pay bills each month?
Don’t make any life changes without doing this important research and including your significant other in the conversation.
#3: Am I comfortable being solo in my marketing efforts?
You need to banish the thoughts that you’re not good at sales or that you’ll just wait for people to come to you.
Quite frankly, that’s just wishful thinking, not running a business. Put yourself and your family first; you have bills to pay so you have to be comfortable getting into the spotlight and telling the world about your new venture.
With research and some fine-tuning, almost any side hustle can be turned into a full-time business. But you have to do the research and the work to make it work.
The Last Thing You Need to Know About Starting a Side Hustle
Starting a side hustle comes with many benefits but the most important one is that by creating additional streams of income you create better financial security for you and your family.
Before running off to start your side hustle ask yourself the above questions and why not check out our article “Do You Have An Entrepreneur Mindset“.
If you’re looking to get started with any of these steps, check out the Build Your Business Vault – where you’ll find templates, worksheets and checklists that will help you get started!