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The Ultimate Guide to Starting Up Your Side Hustle

  • September 3, 2021

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Millions of people from around the world have decided to take up a side hustle alongside their full-time job to earn a bit of extra cash. If you’ve been considering it, there’s lots of fantastic reasons why now is the time to get in the side hustle game. 

There are quite a few reasons that people decide to create their own business. The first one is it’s a great way to add some income in in addition to the one you’re making as part of your regular job. Whether you’re paying of a credit card, saving for a big trip or want to just have that bit of extra cash, a side hustle can be a fantastic stream of income that can top up your regular pay check. 

Another reason why people decide to start their own side hustle is to try out a passion as a professional job. It’s a good way to test the waters to see if it’s something that you can eventually pursue full time, as well as building a customer base with a bit of a financial safety net. 

A further reason why someone may start a side hustle is to mix things up when it comes to the work they do. Pursuing two different job types can make it so that each one feels fresh when you go back to it.

A few side hustles to consider

A lot of people pursue creative side hustles. Whether it’s writing, graphic design or making homeware and art, a side hustle can be one way to turn your creative passion into a healthier bank account. There are many places like Etsy where creators sell their wares, and freelancing websites like Fiverr where talented folk can sell their services. 

Another one is coding or other types of web development. There are loads of companies looking for digital products like applications and websites, so it can be quite a lucrative marketplace, and might even launch a new career for you. 

Steps to starting one up

There are a few steps that you’ll want to take when launching your side hustle. We’ve listed a few below.

Consider your skill set

For any business to succeed, it will need to offer value to its customers and clients. You’ll want to begin by brainstorming what your skill set is — and then put a plan in place as to how you can make the most of it. Write out a list of the things you’re good at – be sure to include hobbies and passions – and then really assess whether it’s something that you should try and monetise, or just keep doing for fun. 

Sort out your taxes

Like your full-time job, you’ll need to pay taxes on the income that you make through your side hustle. To ensure you have your tax forms, invoices and expenses organised, make sure to use a software or consider hiring an accountant. You don’t want to end up in a bad situation when tax season comes around, so get a system in place before you start to make any kind of sales.

Assess the marketplace

To do well in your business you need to know the marketplace. What kind of gaps are there and are you able to fill it with your service or product? Ensure that you’ve done your background research before launching your business to give you a great head start and ensure the biggest success. This research will prove valuable as your side hustle grows and will help you anticipate and make decisions in the future.