A side hustle can help you feel more satisfied and fulfilled with your professional life. Many people started a side hustle in lockdown to fill their time and start something new. You could work a full-time job to pay the bills and develop your side hustle in the evening. You need to be truly passionate about your side hustle to dedicate enough time and energy to it. Some people take up a side hustle for extra money, while others focus on the sense of joy they receive from it.
Some of the most popular side hustles include baking, photography, blog writing and dog-walking. You don’t have to launch a hugely successful fashion brand to be a side hustler. You can work on anything you please.
However, some side hustles can become far more profitable than you first expected. You could give up your full-time job and commit to your side hustle on a full-time basis. If you are about to undergo that transition, here are a few helpful tips to bear in mind.
Create a budget
You no longer have a full-time job and a stable salary to rely on. You don’t have annual leave, sick pay or employee benefits to fall back on. You are responsible for your finances, and you need to create two budgets. Calculate your average monthly income from your side hustle and allocate yourself a salary. You need enough money to cover your rent, living expenses, savings and a few treats. The second budget is for your business.
You might need money to buy new equipment, marketing tools or office space. You could consider alternative financing options if you need an extra helping hand.
Build an emergency fund
You need an emergency fund for your new business. For example, many people rely on their laptops to work – but what happens if the device breaks. You need enough money in your emergency fund to cover repairs, maintenance and potentially a new laptop. You could have an older laptop on standby in case the worst happens. You need enough money to cover any accidents and emergency incidents.
Write a business plan
You are fully invested in your side hustle now, and you need to plan for the future. Write a business plan with your short and long term goals, projected growth and much more. You could start with a simple plan for the next year to get yourself started. You should adapt your business plan throughout the year as things grow and change. The best business plans have been revised time and time again.
Turning your side hustle into a full-time job takes a huge amount of time, effort and persistence. Don’t give up – you’ve got this.