The Side Hustle Strategy

Thursday, February 7th, 2019

It started out as a bit of a millennial thing, but now people of all ages are working on side hustles. A side hustle is side-line job or business that brings in cash in addition to your main source of income. People start side hustles for several reasons. The obvious one is to make more money so as to either spend more, save more or pay off debt. A side hustle can also be a way of trying out an idea for a business without having to give up a main job, or it may be oursimply a hobby or interest that brings in money as well as pleasure.

Before you start a side hustle it’s important to think about what it is you are trying to achieve. If the intention is to make some serious money, look at your expected return after deducting costs, so you know whether it is worth the effort and risk. If your intention is for your side hustle to eventually become your main source of income, it is even more important to do this. As a guide, look at how many other people have made a career out of it.

Balancing the time you spend on your side hustle with time spent on your main job, on your family and on enjoying life can be a struggle. Check that your side hustle is not a conflict of interest with your main job and that it fits with your employment contract.

There are lots of ways of making extra money on the side – for example blogging, coaching, tutoring, publishing ebooks, modelling, dog walking, selling things online, rubbish removal, home handyman services, crafts, party planning, photography, tour guiding, uber driving and upcycling furniture. The list is limited only by your imagination and motivation to get ahead.

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