Side Hustlers Fundamentals
Are you frustrated by the way in which your salary no longer seems to pay the bills as it once did? Are you increasingly bored and dissatisfied in your dayjob? Do you yearn for more control and autonomy over the way you make money? Does your creative mind pine for an opportunity to get some much needed exercise, before the skills you spent your education building begin to atrophy?
If so you are one of many of today’s workers who have found succour in a side hustle. Running your own side hustle can not only help you to make a little extra pin money, it can also provide a transition into full-time entrepreneurship releasing you from the constraints and frustrations of your day job. In an era of career stagnation and corporate wage repression, it’s the perfect antidote to the growing inequity of the world of work.
Yet while being your own boss can be remarkably rewarding, it can also be extremely challenging. If you’re thinking of setting up a side hustle of your very own, here are some things which you should never forget…
1. Your side hustle is a business and should be treated as such
If it’s to be successful, your side hustle cannot afford to be just a hobby that you have chosen to monetise. It must be a business and it should be treated like a business. You must keep set hours, have a daily schedule and adhere to both. You won’t be able to decide you can’t be bothered if you’ve had a bad day at work. Slacking off is a luxury you won’t be able to afford. You’ll need to adopt the same schedule and attitude as any other entrepreneur… Even when you’re knackered.
2. Your brand matters
If you’re taking your side hustle seriously, you’ll need to get others to take it seriously, too. And that means taking the time to build a brand. Whether you’re making and selling your own cosmetics or walking dogs in your neighbourhood, your brand matters. Whatever niche you’ve chosen to make your own you’ll face stiff competition from other side hustlers and more established businesses.
You’ll need to build a brand that earns the trust of your clientele and stands out amongst your competitors. This can be tricky to do alone. Consider enlisting the aid of brand building experts like this branding agency in Leeds. No business is too small to benefit from help in establishing its brand.
3. Your income is taxable (sorry)
It’s important to remember that whatever income you make from your business is taxable income and needs to be declared to HMRC. This means that you will need to set yourself up as a sole trader and register your business at company house as well as declaring your income. Don’t worry, though. This also means that any expenses you incur are tax deductible.
4. You need to be good to yourself
Finally, if you’re managing a side hustle alongside a day job it’s essential to be good to yourself. You’ll be facing an enormous workload on a daily basis and if you don’t take care of your mind and body you can risk burning out. Make sure you eat well, drink plenty of water, make time for those you love and take some time for yourself wherever you can.
After all, loving what you do is one of the best ways to be good at it!