You aren't alone in wanting to start one, though. Over a third of people in the UK run their own side hustle. Whilst the COVID-19 pandemic kick-started many side hustles, a looming recession and increasing inflation rates have kept people motivated to maintain a second stream of income.
A lot of people wonder what the best side hustle is, but the answer isn't black and white. The answer is simply what works best for you. There are, however, a few things to consider when picking a side hustle.
If you're after specific examples, then read about 15 easy side hustle examples. Otherwise, here's what to keep in mind.👇
1. Pick something you enjoy doing
A side hustle isn't a main source of income. If you're studying at university or balancing a 9 to 5 job, it might not even be your main focus and so keeping motivated could prove difficult if it's something you view as work.
Not to burst your bubble so soon, but during the early stages some side hustles aren't profitable. For example, content creation is something many people do for two or three years before they see any return on their investment. If you can't imagine doing your potential side hustle for free to begin with, then it may not be the one for you.
I'm a sucker for starting something and not finishing it, as a lot of us are. But pick something you enjoy doing – you'll be far more likely to stick with it.
2. Think about your time
I'm not saying plan each day for the next six months, but do think about how you could integrate your new idea into your current lifestyle. If you work a 9 to 5, look at your mornings and evenings and think realistically.
How much time are you willing to give up, and how much could you get done in this time?
3. Set a small amount of money aside
Doing a side hustle properly often takes a small investment. This might be £100 to set up a website and domain, or £50 buying some basic equipment that you need.
Spending can quickly rack up. But plan ahead on your costs, set yourself a rough budget and think of it as an investment.
4. Make sure it's scaleable
Side hustles should be enjoyed, but remember to keep profit in mind too. We talk more about this in our article on how to turn a side hustle into a full-time job, but when starting out, make sure your idea has room to grow.
1. Firstly, would 10 people order a t-shirt? Would 100 people? And would 1,000 people? Of course! Billions of t-shirts are sold each year, there's no reason why you can't contribute to a tiny % of that number. If your idea is more niche, however, then perhaps do a little market research to ensure there's enough of a demand.
2. Secondly, if 10 people ordered your t-shirt in a week, could you fulfil this order? Now change that number to 100, and then to 1,000. Can you still keep up with the demand?
Growth is great, but your processes might need to change as you receive more orders – this is all part of scaling up.
You don't need all the answers now, but keeping this in mind will only help you later on.
5. You don't need to reinvent the wheel
You don't need to create the next Tesla. Playing to your own strengths is key and outsourcing (giving tasks you don't want to do) to other people is a great way to start.
For example, a personal trainer may have excellent knowledge of strength and conditioning, but lack the know-how on how to create a diet plan for someone on Excel. This is a job that can easily be outsourced through websites like Fiverr.
If you have an intricate and revolutionary idea, then by all means go for it! But don't sleep on the tried-and-tested models either.
6. Sell me this pen...
Wolf of Wall Street fans will know what I mean with this one.
The term 'supply and demand' gets chucked about a lot, often by people who don't truly understand its meaning.
But if you're struggling for ideas on a side hustle then think about what people require. What people need, people pay for.
You can split this into products and services, too. Do you want to offer customers a real, physical item? Or do you want to offer them some sort of service? Painting nails, cutting hair, teaching a language – you get the idea.
7. Consume content and jump into communities
We live in a world where we're not just bound to the people who are geographically close to us. Take advantage of this. Are there YouTubers documenting the journey you're about to embark upon? What can you learn from them?
Join Discord servers, Telegram chats and watch TikTok tutorials. All this content is free and I guarantee you wouldn't have learnt this stuff in school.
8. Set goals
The last, but by no means least, is setting goals. Whether it's starting that diet on Monday, or saying you'll spend less time on looking at the screen before bed, we all say things that we don't stick to.
Writing goals down and even sharing them with family and friends makes us a whole load more accountable.
So, what are you waiting for? If you're waiting for a sign to start your side hustle, this is it. Good luck and let us know how you get on by joining the Shares community.
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