Secrets Of Side Hustles Success
Digital marketplace Airtasker estimates that 46% of people in the UK earn a second income through side hustles. Nowadays, almost everyone needs a side hustle; it is perhaps the only way to enjoy a sense of financial security in today’s economy, where jobs are lost without warning. Besides giving you extra income, a side hustle can help you explore passions and empower yourself with new knowledge. However, you need the right approach to run a successful second job. Here are four secrets you should know about successful side hustles.
- Leverage your existing skills and interests
You are likely good at a thing or two already. Perhaps it is designing websites, baking, writing, or connecting with people online. It may even be something you do in your regular job. When starting a side hustle, you must consider your greatest interests, passions, and skills because they will lead you to the best entrepreneurial pursuits. Side hustles are basically second jobs, so it is vital to do something you are highly interested in or skilled at to make it feel less like a chore. For instance, running a pet grooming business would be much easier if you are an animal lover. However, you will need to brush up on your skills by taking dog grooming courses to make your practice more professional, so keep this in mind.
- Master your money
According to Finder’s data, Brits make an additional £6,604 per year from their side hustles. This is good news since an extra income source is the most popular reason many people take up side hustles. However, your goal of supplementing your standard income will be hard to attain if you don’t stay on top of your money management. Therefore, have a solid plan to manage your money before taking up your side hustle, to prevent ending up with two jobs but no significant extra income.
- Don’t quit your day job without a plan
Not everyone with a side hustle must leave their regular 9-5, so it is completely fine if you wish to keep your day job. However, ensure that you have enough cash stashed away if you want to leave. According to experts, have sufficient money to cover at least 6 to 12 months of living and business expenses in your savings account before quitting your job. Also, consider your revenue streams and whether they are viable for the long term. This way, you will be well-prepared before making the leap to full-time entrepreneur. If you do not wish to quit your day job, simply enjoy the freedom of earning other income besides your standard paycheck. You can always reconsider your decision if your side hustle takes off.
- Inform your boss about your side hustle
It is tough to figure out whether or not to tell your boss about your side hustle. On the one hand, you don’t want your boss to assume you are not committed. On the other hand, you may not want to risk your company finding out about it in other ways. You may need to tell your boss about your side hustle if your employee handbook says so. Also, your boss may need to know if a conflict of interest could arise or if they would find out anyway. Finally, being upfront is crucial if you have a close relationship with your boss to prevent tensions.