A side hustle is almost as common as having a hobby or a favourite pastime – nearly everyone has an interest in something. Side hustles are becoming more popular as people look to supplement their income, as well as pursue an interest outside of the 9-5.
So what happens when your side hustle starts becoming a credible venture? If you think you could turn your side hustle into your main income, then you’re going to need a good plan behind you to get things moving.
Take a look at the following tips to help you take your side hustle to the next level.
Ask yourself, ‘can I really do this?’
For many people, a side hustle is more interesting than their job. It can help you pursue your passions, make money from the things that you’re interested in and enable you to use skills and experience that you might not be able to use in your day job. Whether you’re into blogging, real estate, accounting or another type of side hustle – you need to make sure that it has real potential to succeed before you give up your job. Make a list of the pros and cons, make forecasts for your income and workload, and ask family and friends for their advice and opinions too. If, after everything, you think it’s an avenue worth pursuing, you can put plans in place to make your ambitions a reality.
Get a savings pot in place
Once you’ve decided to pursue your side hustle further, you’ll need to stop and think about the next steps before you go ahead and drop everything. You might need to take a few months to get some savings in place to help you get your business off the ground. Creating a budget is going to be the easiest way for you to get the savings you need, and there are simple steps you can take to budget better and stick to your goals. Make sure you save more than you need so that you’ve got a rainy day cushion and enough to keep your bills paid for a few months if business does begin to slow down.
Budgeting isn’t always easy, but there are ways to save on life’s essentials to help you out!
Do things by the book
Turning your side hustle into a legitimate business is going to take some work. You’ll need to start with a company formation – www.yourcompanyformations.co.uk is a good one to try, and make sure that your business is registered. You’ll also need to register for the necessary taxes to make sure that you pay for what you owe. Get yourself some business insurance to help cover you against different eventualities and make sure you separate your business accounts from your personal ones.
Make the most of free tools
It can be tricky to get your venture moving, but luckily there are some fantastic free online tools to help you with your side hustle. Whether you’re looking to make partnerships or source clients, build a website or blog – there are tools available that can help you reach your goals. Bear in mind that social media has many ways of helping you drum up interest in your business, as well as being a good promotional tool for any content you produce. Starting a business doesn’t have to require heavy investment to get it off the ground, you just need to make the most of the tools that are available to you.
Start treating it like a real job
When your side hustle was a side hustle, it was easy to switch off from it or not take it too seriously. Now that it’s your main source of income – you need to treat it that way. Get serious about your side hustle by giving yourself some set working hours, an office and a job title. When you become serious about your side hustle, you’ll start seeing it like a real job – so a routine and a good working environment will help to improve your focus and keep you motivated.
Side hustles are ideal for parents looking for a way to boost their income while also spending more time at home. As your kids get older and become less dependent on your time, you could find yourself looking for ways to get more out of your side hustle and turn it into a serious money maker. While it’s not an easy road, the path to working for yourself is an exciting one and can lead to an exciting new career. If your side hustle sounds like it could be your ideal career, it’s something that’s worth considering to help you build a brighter and better future for you and your family.