The side hustle start-up guide
What is a side hustle?
A side hustle is something you can do to make money outside of your regular job. Even with a comfortable 9-5 salary, the pressures of modern life can still put a strain on your finances. Once all of your bills and expenses go out – there might not be much left to enjoy life!
That’s okay, it’s extremely common
If you’re one of the millions of people who’ve had working hours disrupted by the pandemic, a side hustle could be the perfect way to put some extra cash in your pocket. Some can be big ideas for the future, but we want to focus on how you can get cash in quick when times get tough. Here’s Wollit’s guide to getting your side hustle started.
Set short-term goals for your side hustle
Before doing anything, you need to make a plan of what you’re looking for and how you can get there. Work out how much extra per week you want to earn, then how much time you’ll need to allocate to achieve it.
For example, if you need £50 extra per week and you charge £10 per hour for babysitting, you’ll need to clear 5 hours out of your week. It might sound simple but a structured schedule will help to keep you on track without eating up all your spare time.
Start with things you enjoy doing
If you can find something that you enjoy doing whilst you earn, it’s a win-win. If you spend your spare time doing something you really don’t enjoy, life’s gonna become a drag.
No-one is saying your side hustle needs to be your one true passion, but if you align it with your interests there’s no reason why your work can’t work for you. Love strolls in the park? Dog walking could be your calling. Have a busy day-to-day and just want to put your feet up? Completing customer surveys could tick your box.
Go in low
If your objective is to get some easy pennies in the piggy bank, don’t fall into the trap of spending even more trying to get them. You might need to invest a little to get going (a decorator will need a paintbrush), but remember that everything you put in, you’ll need to work back. Ask yourself what you are trying to achieve and whether this is going to help you achieve it.
Look out for number one
You may only spend a maximum of a couple of hours a day on your side hustle. That means you’re going to spend a lot more hours on your main interests. It’s important that you keep these prioritised and don’t let them cross over.
Once you’ve allocated the time each day or week that you’re going to spend on your side hustle, try to stick to it. If you start juggling too many things at once, it can add more stress and impact other areas of your life. You don’t want to burn out and you still need time for you.
When getting your side hustle off the ground, your best customers could already be right under your nose. Start off by posting on social media, sending out an email to your address book and hitting up friends & family. If you can build up a loyal and friendly customer base from within your own network, you could get most of the business you need without paying for a single ad!
Keep the side hustle cash separate until you need it
When you’re putting in the extra hours to reach your goals, you want to see the progress you’re making. If you don’t urgently need the cash in your main account, why don’t you set up one that’s just for your side hustle. You’ll then be able to see it building up each week, which is very satisfying and great for your motivation to keep going, and it’s not going to get sucked away with your normal expenses before you’ve had a chance to see it!
Make your side hustle work as hard as you
You may start your side hustle to fill gaps in irregular income, pay off debt or cover larger expenses. But play your cards right and you could get to a point where you’re earning more than you need, which is a fantastic place to be. Once you have spare cash, you could look at putting it into a high-interest savings ISA, build up a rainy-day fund or anything else that is going to help the future you!
Ready to get your side hustle on?
You don’t need to reinvent the wheel. There’s a million different ways that already exist to make extra money. We’ve put together a list of super side hustles, which everyday people are doing… every day. We’ve also included some of our favourites for each to start you off. Plenty don’t require any special skills, other than the willingness to give them a try: