Are you interested in setting up a side hustle?
Side hustles have increased considerably in popularity over recent years, with one in five Brits having started one since March 2020.
Providing additional income from that of a main job, they provide many people with greater financial freedom. Not only that, but they also allow hobbies to generate income and provide many a positive focus outside of work.
Side hustles can be anything from selling handmade jewellery to providing freelance writing services.
If you are considering setting up a side hustle but don’t know where to get started, here are some tips:
Find your passion
As this is going to be taking place alongside your current career, it is important that it is something you are passionate about and enjoy, that way it is far less likely to feel as though you have taken on extra work.
Consider what you already enjoy in your spare time. Are you a keen photographer? Or maybe you have a particular interest in fashion? Are people always complimenting your baking skills?
It is also key to think about whether you want to generate income from something that you currently enjoy in your spare time. Whilst there are many perks to doing so, it can also remove the escapism that it may provide you with now. This isn’t to say it can’t work, just that it needs to be considered.
Once you have identified this, you can move on to some training.
Training is not essential for every side hustle, but it could be worth undertaking. The type of training you need will be dependent on what sort of side hustle you are going to be starting. Do some online research to determine the best training option for you.
As well as training, you should also consider any legalities involved in selling. For example, if you have decided to sell birthday cakes and you’re already a keen baker, you are unlikely to undertake any training but you may need to acquire a food hygiene certificate. Whilst it may be tempting to forego admin and legal responsibilities, this could cause you problems in the future so it is best to cover yourself with all necessary certifications and insurance.
Invest in equipment
Once you are trained and ready to start trading, it is time to invest in any equipment you may need. Similar to training, this will depend entirely on what business you are setting up. If you are going to be doing nails, invest in some acrylic nail sets; if you are planning on selling handmade cards, stock up on craft supplies.
As with any new project, don’t buy too much too soon. Unfortunately, you can’t predict how successful this venture is going to be so it isn’t wise to spend considerable amounts on equipment that you may not use in a few months. Start small and use future profits to make additional investments if your business is successful and you are still enjoying it.
You may likely start by selling to friends and family, to begin with, and doing so will help to encourage word of mouth marketing surrounding your business.
However, you shouldn’t rely entirely on this to gain new customers. Consider setting up business accounts on various social media platforms to promote your goods and services.
Don’t worry if you are a complete social media novice, there are plenty of great resources online to help you develop your skills and create relatable and effective content. You can also run successful social media pages with no investment, meaning there is nothing to lose by giving it a go.