According to Google trend data, the search term, how to start a side hustle has received a 4,700% uplift within the last 3 months. Such an uplift reflects much of the UK’s desire to top up their income by starting a business venture outside of their 9-5 job. As 1 in 4 Brits have a side hustle, it’s a crowded market. Here, the team at Simply Plastics reveal everything you need to know run a successful side hustle.
Before you decide on what your side hustle is, it’s vital that you determine the reason you want to adopt one and the overall objective. Whether it’s to pay off some debt, top up your disposable income, or even leave your full-time job altogether, knowing the reason why you want to take on a side hustle will aid in maintaining enthusiasm for the work that it requires.
Working on your side hustle will consume a lot of your free time, both after work and at the weekends. When choosing your side hustle, ensure that’s something that you enjoy and hold a passion for. Running a successful side hustle requires a lot of motivation that will only last if you enjoy it.
A common assumption is that no consideration needs to be made towards the practice of a side hustle, especially when it’s a small enterprise in the beginning. However, this is not the case; it’s vital that you read your employment contract to establish whether your current workplace allows work to take place outside of its employment. This is particularly crucial if your side hustle is within the same industry, as your current employer may perceive it as a conflict of interest. For more valuable information about employment, you may want to check out this URL here.
Health and safety laws apply to side hustles as well as well established enterprises. If your side hustle is selling baked goods, it’s likely that you will need to take health and safety training and almost every side hustle requires liability insurance in case of occurrences outside of your control.
Be prepared, it’s not all profit
Side hustlers are likely to meet a few surprises along the way, the biggest being that they don’t pocket all of the money made. If the essence of your side hustle is selling product, it’s likely that you will be using a marketing platform such as Etsy or eBay to distribute your goods. The platforms take a fee from every sale and depending on the banking service that you use for customer transactions, a further fee will occur. Additionally, you will be required to constantly invest in stock.
The luxury of a contracted 9-5 position is that your salary is the same month to month. It’s crucial to understand that it’s likely that the income of your side hustle will alter season to season; Christmas is likely to be busier than January, for example. Also, world events such as the cost-of-living crisis will impact your income, so if you are going to make the transition from full time to self-employed, it’s vital that forecast your finances accurately.
Buy cheap, lose twice
Repeat customers can fast become the bread and butter of any business. For repeat customers to exist, and to avoid returns due to poor quality, it’s crucial that you build your product from quality pieces. Starting out, it can be tempting to purchase goods that are the cheapest on the market, however this can prove to be a false economy as customer refunds are likely to incur. Furthermore, competitors may use the premium products leading your customer base to shop there.