How a ‘Side Hustle’ can de-risk Business Start-Up
If your business idea is unlikely to cover your salary needs straight away, you may want to consider launching it as a ‘Side Hustle’ at first. Side hustles have become increasingly popular in recent years, for both those already in business starting another one, and for those starting their first venture. Many sprang up during the pandemic as people found time to explore new careers. As we continue to rethink the way we do business and move away from the traditional 9 – 5, the side hustle receives increasing attention as a possible vehicle towards a more flexible career.
In a recent survey, as many as 1 in 4 adults in the UK reported having a side hustle, with people aged 25 to 34 the most likely to have one. A side hustle can provide a great secondary source of income and is an exciting opportunity to try and commercialise your hobby or interests.
So, what exactly is a ‘Side Hustle’?
A side hustle is any type of employment undertaken in addition to your full-time job. The advantage of starting a side hustle is that it allows you to try something new, and take a risk, with the security of falling back on your main income if things don’t go to plan. Whilst side gigs and second jobs have always been a popular method of supplementing income, they have recently become more mainstream and viewed less as ‘moonlighting’ by employers. That said, it is still advisable to check how your employer feels about your business, particularly as it starts to grow.
It is true that a side hustle can be an effective of way of earning extra income by doing something you already know how to do, and can be a great opportunity to try something new if you are exploring a change in career. When done right, it can be an incredibly fulfilling use of your time, however it is important not to overstretch yourself. There is a risk that finding time for your new venture may result in you sacrificing other important activities or pastimes that you enjoy. It is important that you remain organised and disciplined to ensure you always find time for rest and avoid ‘burn out’.
Whilst a side hustle can be an exciting project, it is important to remember that not every interest needs to make you money, and your hobbies aren’t less valid if you just do them for fun. You are allowed to enjoy things without considering the economic consequences and not every minute of your time has to surround making money.
Contact us for a chat about how we can support your business objectives by calling us on 0117 251 0189 or dropping us an email to [email protected].
