As the name suggests, a side hustle describes a part-time job or income stream that you maintain alongside your main career.
As you can imagine, the notion of a side hustle has become increasingly popular at a time when inflation has peaked above 11.1% in the UK, with the so-called “gig economy” seeing its workers contribute approximately £20 billion to the region’s economy per annum (the same value as the aerospace industry).
The stats also show that almost half (48%) of all UK gig workers simultaneously hold down a full-time job, but what steps can you take to identify your perfect side hustle in 2023? Let’s find out!
Step #1 – Find Your Passion
Most side hustles originate from a particular passion or skill, whether this is an ability to craft in-demand, bespoke items or create copy and graphics for a wide range of applications.
Having a passion or hobby of this type provides the ideal foundation for any side hustle, especially one that you can enthusiastically maintain alongside the demands of a full-time job.
However, it’s also important that you learn how to monetise your passion, as this ensures that your side hustle is commercially viable and successful over an extended period of time.
This can introduce additional stress over time, so it’s important that you love what you do and are willing to tackle this in order to unlock the potential rewards.
Step #2 – Start Small and Scale Your Efforts Organically
You should always approach your side hustle with a logical, business-like mindset, which initially means getting to grips with the legalities and administrative burden incurred by your side hustle.
Of course, any side hustle that generates income will potentially incur at least some form of tax or administrative burden, so organising this efficiently is highly recommended.
Because of this, it’s also important that you start small in relation to your side hustle and commit to scaling your efforts organically in line with demand and experience.
This ensures that you only increase your time and financial commitment when the demand justifies this course of action, while it also helps you to optimise your earnings by reducing unnecessary costs.
Step #3 – Promote Your Venture Both On and Offline
When you look to spread the word about your side hustle and initially generate demand, you won’t want to spend huge amounts on marketing or advertising channels.
Word of mouth is crucial in this respect, as you encourage customers or paying clients to share testimonials about their experience and become invaluable marketing tools over time.
Of course, you can still spend some money on promoting your goods, service or side hustle, with cost-effective flyers particularly suitable when looking to target potential customers in a catchment area.
Just try to cap this in line with your earnings and other goings, as you don’t want to find yourself out of pocket before you’ve had the opportunity to build earnings.
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