Category: Money Matters
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Sub category: Spending
19 January 2023

Side hustle essentials

Starting your side hustle is exciting and you’ll be full of enthusiasm and ideas. Before you throw yourself into it, here are a few tips to help you start off on the right foot and get set for the journey ahead.

Work out what you want

Before you start, imagine what you want your side hustle to look like and be honest with yourself about why you’re doing it. Are you trying to make extra cash? If so, the gig economy is ready and waiting. Scratching a creative itch? Then work out how, when and if you expect to start seeing money come in. Do you want it to eventually become your main job? Decide what success looks like and what you need to achieve before you transition from your current job. It could be that your side hustle is a combination of these. Either way, once you’ve written down what you’re doing and why you’re doing it, it’ll be a lot easier to focus on your goals.

Create and follow a schedule

When you clock out of your main job at the end of the day, you’re on side-hustle time. It can be easy to let hours slip by and get discouraged because you’re not seeing the progress you were expecting. So sit down, look at the time you have available, decide which hours you’re going to work and stick to them – no excuses! Having set hours will help you get into a rhythm and make it easier to keep your normal job, your personal life and your hustle running together smoothly.

Get ready for a change in lifestyle

There are only so many hours in a day, so if you’re working a side hustle along with your regular job, something’s got to give. You’re going to see less of your friends and less of your favourite TV shows. But that doesn’t mean you have to become a hermit – it’s just about picking your moments and not giving into FOMO! Sure, you might miss a few fun nights out, but the more disciplined you can be, the more progress you’ll make. So keep your goal front of mind.

Avoid going into debt

It’s going to be tempting to view spending money as investment, but it’s also a risk. Try and get by with the tools and skills you already have and don’t be tempted to think spending money will help make money – especially if you’re following a passion. Try using a friend or partner as a sounding board to justify an expense. If they’re not buying it, neither should you.

Don’t be afraid to start again

Admitting you’ve given an idea everything and walking away isn’t a sign of failure – it’s smart and it frees you up to start something new. And you’ll have learnt so much along the way that you’ll be better prepared and more resilient next time around. Plus you get to enjoy the feeling of excitement and adventure that comes with starting a new project, all over again!

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